Research On The Function Dissimilation Of P2P Network Loan And Its Influence On Inclusive Finance

As an innovative Internet financial model,P2 P online loans,with the advantage of information technology,breaks through the limitations of time and space,expands the coverage and enhances the efficiency of financial services,and becomes an effective supplement to traditional finance.It has inclusive characteristics.However,while the industry is developing rapidly,P2 P online lending functions have undergone various forms of alienation.It deviates from the nature of information intermediaries,transfers to credit intermediaries,forms a pool of funds,participates in transactions between borrowers and lenders,and provides guarantees,resulting in difficulties of withdrawing money from platforms and close-down of companies frequently.From the rapid development in the early stage to the current large-scale retreat and transformation,the operation of P2 P online lending has gradually deviated from the purpose of facilitating small and micro companies,and high lending rates and large loan alienation have emerged,which deviate from the demands of inclusive finance and seriously affect financial stability.Therefore,it is of far-reaching significance to explore the alienation of P2 P online lending functions and its impact on inclusive finance,and to provide suggestions for government policy making,industry self-regulation management,and platform transformation and upgrading.This paper takes the alienation of P2 P online loan platform functions as the research object,and analyzes the risks brought by the alienation to the platform operation and its impact on the development of inclusive finance.First,we explain the current situation and the reasons for the alienation of P2 P online lending functions.The alienation of functions is embodied in high lending rates,information intermediary to credit intermediary,the formation of capital pools,shareholder collusion,and large loans.The reasons includes financial market environment not in place,main body of online lending not balanced,the absence of a supervisory system,an imperfect social credit reporting system,opaque information disclosure,and a lack of capital depository systems.Afterwards,we make assumptions and empirical tests on the alienation of P2 P online lending functions.We use platform lending rates and bank deposits as explanatory variables,platform operating conditions as explainedvariables,and use Logistic model to study the alienation of P2 P online lending functions on platform operations.It is found that high loan interest rates and lack of bank fund deposits are harmful to the normal operation of online loan platforms.It is also found that lack of financial industry experience and participation in industry associations also have bad impact on platform operations.Finally,we explore the impact of the alienation of P2 P online lending functions on inclusive finance from a theoretical and empirical level.The alienation of online lending functions can easily lead to high-risk features,make funds unrealistic,reduce financial service coverage,and increase the cost of using financial services,which are harmful to the development of inclusive finance.We also use the variation coefficient method to construct the inclusive finance development index as the explained variable,and empirically test the degree of impact of P2 P lending interest rate alienation on the level of inclusive finance development,and find that interest rate alienation will hinder the development of inclusive finance.The higher the interest rate,the more serious the alienation,and the greater the harm to inclusive finance.We also provides a viable path for eliminating the alienation of P2 P online lending functions,regulating industry development and transformation.With these suggestions,P2 P is hopeful to return to the nature of inclusive finance as soon as possible.