The Impact Of P2P Regulation Policy On Lending Behavior

The behavioral characteristics and behavioral patterns of market participants are important factors that can't be ignored in the operation of the market.As an emerging private investment and financing method,the P2 P online loan market has always attracted the attention of scholars all over the world.But the study of lending behavior is based on the information identification perspective,and pays less attention to the impact of the external institutional environment on lending behavior.In addition,from the perspective of policy formulation,government regulation not only needs to regulate the market order,but also has to pay attention to the behavior and experience of participants to adapt to market changes and consolidate innovation results.Therefore,when assessing the effectiveness of policy implementation,it is necessary to consider the impact of individual participant lending behavior.In view of this,this paper takes the borrowing interest rate as the proxy variable,comprehensively adopts OLS regression and regression discontinuity design to study the impact of the “Reference of Interim Measures of Business Activity Management for Internet Loan Information Intermediaries” on August 24,2016,and makes further analysis of policy effect through the moderating effect between policy and borrowers' soft and hard information indicators.Empirical results show that the introduction of regulatory policies has a significant negative impact on borrowing interest rates.OLS regression and regression discontinuity design's results are consistent,which proves that the construction of institutional environment improves the trust of investors in online lending and further realizes the market value of inclusive finance.From the moderating effect of regulatory policies,the introduction of regulatory policies has significantly changed investors' risk perception of borrowers' hard information disclosure,enabling which to play an effective role in alleviating information asymmetry and reducing the cost of borrowing in the process of online lending transactions.At the same time,the introduction of regulatory policies has also enabled borrowers' soft information to further play its restraint and incentive function in the process of online lending transactions,making the soft information disclosing further reduce the cost of borrowing on the original basis.This result further illustrates that the construction of institutional environment improves the trust of investors in online credit,makes the platform play a further role as an information intermediary,and proves the importance of establishing industry regulatory system from the side.The results of this study not only provide important evidence for policy making and market management,but also enrich and expand the study of online lending market lending behavior,which has positive theoretical and practical significance.