Research On Credit Risk Evaluation Of Third-party Payment

With the rapid development of the Internet,we have ushered in the era of "Internet +".Among all kinds of new Internet financial models,the third-party payment is the most closely connected with us and plays an important role in changing our lifestyle and influencing our consumption concept.In previous studies,scholars argue endlessly about the definition of third-party payment.Until 2010,the official definition of third-party payment in the measures for the management of payment service of non-financial institutions is that third-party payment institutions are non-financial institutions,serving as intermediaries between buyers and sellers to provide capital transactions and credit guarantee services for each other.In 1998,China's first third-party payment platform,“Payease” was established.In the 21 years since the development of third-party payment,its initial function is just to transmit instructions and conduct the simplest fund settlement.Now,it has covered all aspects of our life,such as inquiry,education and fund investment,all of which have changed our life.The development of e-commerce promotes the market volume of Internet payment to increase year by year.In recent years,the popularization of mobile terminals and the globalization of transnational business have promoted the rapid development of mobile payment and cross-border payment,and the pace of the payment industry has greatly affected the bearing role of other industries and even social development.In 2017,the transaction volume of non-bank payment platforms exceeded 100 billion Yuan.According to the data analysis of Iresearch consulting,the overall high growth inertia of third-party payment will continue in the future,but its market share will still be concentrated in the two giants,namely alipay and tenpay.Problems in various aspects are exposed with the expansion of the market scale and business scope of third-party payment,such as the change of payment risk,the imperfect operation and supervision mechanism of the platform,imperfect system operation,imperfect control of laws and regulations and so on.While simplifying the business operation process,these loopholes are accompanied by a series of risk problems such as legal risk,precipitation capital risk,technical risk,market risk and credit risk.These problems have limited the development of the whole industry and affected the stability of financial markets.Therefore,how to effectively control the risks of third-party payment and play its leading role in the economy is particularly important.In the context of the bar code payment business standard(trial)issued by the people's bank of China in 2017,although some risks of third-party payment have been reduced,the above problems still exist.In the existing studies,the theoretical level and the government regulatory level are the two main focuses of third-party payment risk.As for the causes of risks arising from third-party payment,a deeper perspective includes the systematicness of the credit risk of third-party payment,type and identification of risks of third-party payment.From the perspective of methodology,strengthening empirical analysis is an important research approach.This paper uses literature research method,qualitative analysis method and quantitative analysis method.Firstly,this paper analyzes the reasons for the emergence and advantages and disadvantages of third-party payment in China,and discusses the credit risks of third-party payment based on precipitation funds,network security and legal supervision from the perspective of theoretical understanding.Secondly,based on the above analysis,it further analyzes the reasons for the formation of third-party payment credit risks,including the types and characteristics of risks.Thirdly,by summarizing different credit risk analysis methods,this paper chooses 9 third-party payment companies as samples to make an empirical evaluation of their credit risks by using the fuzzy comprehensive evaluation method,classifies the evaluation results,and obtains meaningful results through analysis.Finally,this paper discusses the specific measures of third-party payment risk management from the perspective of external laws and regulations supervision and internal platform control,and puts forward relevant policy Suggestions.The following conclusions are obtained through this study.Firstly,the application of fuzzy comprehensive evaluation empirical evidence shows that the credit evaluation of 9 platforms are all better.Second,the internal control of third-party payment platforms directly affects the degree of credit risk.Third,from the comprehensive view of the nine platforms,the third-party payment,whether internal or external,has shortcomings and needs to be improved.This paper has the following characteristics.First,combined with the reality,the third-party payment focuses on the analysis of credit risks from the four aspects of buyer,seller,third-party payment platform and bank,and the research perspective is in-depth.The second is to use the fuzzy comprehensive evaluation method to make an empirical evaluation of the credit risk of the selected 9 payment platforms,and to make a positive exploration on the selection of stratified indicators.Due to the wide scope of the paper,many aspects need to be added.For example,in the aspect of risk assessment credit risk is only evaluated,while other aspects of risk analysis and understanding are insufficient.And the accuracy of survey data and the comprehensiveness of selected indicators in comprehensive fuzzy evaluation,these are the areas that need to be improved and strengthened in the follow-up research.