Empirical Analysis Of Factors Affecting P2P Online Loan Interest Rate Pricing

The P2 P online lending platform is essentially an information intermediary.The platform itself does not participate in lending,and only provides lending services to both lenders and borrowers.In the European and American countries where the credit information system and the Internet are relatively developed,the emergence of online lending platforms provides a financing channel for small and micro enterprises and individual borrowers who need funds urgently,plus credit enhancements such as loan insurance and funds.Borrowers can often borrow funds at a lower interest rate than bank borrowings.On the other hand,for individual investors,they can lend idle small funds through the platform and get higher returns than bank deposits.In order to adapt to China's special financial market and social and human environment,P2 P network lending has been introduced into China,and some changes have taken place.At present,there are two main modes of domestic online lending.One is a pure intermediary model similar to Europe and the United States.Borrowers who pass the platform review are released on the platform,which is called the borrowing target,and then voted by investors.After the full bid,the platform will then transfer the funds into the borrower's account,and the borrower will return the principal and interest within the specified time limit.The other is that the online lending platform introduces a guarantee company or an insurance company.The transactions on the platform are guaranteed by the guarantee company or the insurance company.Since the investor's funds are guaranteed,the borrower can obtain the loan at a relatively low cost.First of all,this paper,through reading and collating relevant literature materials,briefly sorts out the generation,development and status quo of P2 P network lending,has a clear understanding of P2 P online lending and makes a brief explanation.Secondly,combined with the transaction data on the auction platform.Analysis,preliminary understanding of the characteristics of the platform borrowers and borrowing related information.In order to find out more comprehensive factors affecting the interest rate of online lending,the empirical analysis is mainly divided into two parts.The first part is the analysis of time series data,and the Granger causality test is performed on the online lending rate and Shibor.The test results show that Shibor is the Granger cause of the online lending rate,that is,Shibor will affect the interest rate of the online lending platform;the second part is the cross-sectional data analysis,which mainly selects the actual transaction data of the auctioning platform,and the dependent variable is the borrowing rate.The variable selects the information of the borrowing target and the borrower-related information,and then establishes a multiple linear regression model to perform regression analysis on the actual transaction data obtained on the platform to find out the variables affecting the borrowing interest rate and the degree of influence.The final regression results show that the registration time,borrowing amount,loan term,borrowing times,borrower's mirror level,monthly income,online loan platform balance,age and gender have significant effects on the borrowing rate.Combined with time series Granger causality test and cross-section multiple linear regression analysis,it is concluded that the borrowing rate is not only affected by many micro factors of the platform itself,but also by the macro factors outside the platform.