Research On The Risk Generation And Infection Mechanism Of P2P Online Lending In China

As a new financial format,P2P online lending has attracted increasing attention.However,while providing investment and financing facilities and making up for the gap in traditional financial supply,China's P2P online lending has become an important area of financial risk accumulation due to a large number of financial chaos.Preventing and resolving risks in P2P online lending has become one of the important contents of financial risk prevention and control.Clarifying the risk generation and infection mechanism in P2P online lending has become a new topic under the background of financial risk prevention and control and promoting the healthy development of Internet finance.Based on the risk situation of P2P online lending in China,this paper summarizes that its risk generation is affected by many factors,and its risk infection is multi-layered.Then,based on financial instability theory,information asymmetry theory and financial asset price fluctuation theory,the risk causes of P2P online lending in China are analyzed respectively.And from the micro-level contact infection mechanism between subjects,the meso-level non-contact infection mechanism between regions and the macro-level mixed infection mechanism between markets,the risk infection mechanism in P2P online lending is analyzed respectively.Based on the theoretical analysis conclusion,this paper analyzes the risk generation mechanism and the inter-subject infection mechanism of risks in P2P online lending of China based on "Ezubao" and other cases,and uses VAR model and Copula model to test the inter-regional infection and inter-market infection mechanism of risks respectively.The results show that the inter-provincial transmission of risks is obviously asymmetric: compared with the central and western regions,the risks in the eastern region are more easily transmitted to other regions;Risk infection and risk infection effects in some provinces and cities are asymmetric.After the outbreak of risks,the cross-infection of risks among provinces is more significant,and the concentration of risk outbreaks is prominent.P2P online lending has a strong financial compliance with Periodicity.When systemic risks rise,P2P online lending risks rise.China's P2P online lending and "Internet plus" are born together.They are the products of the combination of repressed private finance and Internet technology in a specific environment.Their essence is private lending under the Internet.Therefore,it not only has the risk of traditional private lending,but also shows a stronger risk infection effect due to the intervention of information technology.Based on the conclusion of theoretical and empirical analysis,this paper puts forward specific countermeasures and suggestions to curb the risk generation in P2P online lending from 4 angles of strengthening policy supervision,industry self-discipline,credit investigation system construction and investor education.From the perspectives of cutting off the illegal debt chain,shortening the formal debt chain and strengthening information disclosure,this paper puts forward specific policy suggestions to prevent and control risk transmission in P2P online lending.