Research On The Impact Of Information Disclosure On P2P Investor Behavior

In the context of the rapid development of the Internet,the financial industry has continuously improved its innovation and produced many financial innovation products.P2 P online lending is one of the most representative types.P2 P online lending has entered China since 2007.Relying on its own high-profit,low-threshold and high-convenience features,especially the momentum of rapid development,it has now become an important part of China's Internet financial system.This new lending model not only effectively alleviates the problem that small and medium-sized enterprises lack funds,but also provides a new investment path for a large amount of idle funds.In this blue ocean field,innovation has brought unlimited vitality and created huge benefits.On the other hand,due to fierce competition and the lack of effective supervision,many uncertainties have been generated.The image of the industry has brought a huge negative impact.For investors,this series of problems on P2 P online lending platforms have seriously damaged their interests,especially individual investors bear the brunt.One of the important root causes of these problems is information asymmetry.Online loan platforms may only disclose information that is beneficial to themselves,tend to hide negative information,such as the true financial situation and risk level.Investors cannot accurately obtain such information,lack objective judgment on the strength of the platform,and they are at a disadvantage in terms of information acquisition.Unless the online loan platform proactively discloses it to the public,investors will have no way of knowing it,whichwill result in the loss of interest.This shows that in the process of solving the problems of information imbalance,improving the quality of information disclosure on the online loan platforms is one of the most effective methods.In order to regulate China's online lending market,the government has also made information disclosure a priority of supervision.In this context,research on the impact of information disclosure on P2 P investor behavior is very important.This article combines theoretical analysis and empirical research,systematically illustrates the impact of information disclosure of P2 P online lending platforms on investor behavior.As far as P2 P online lending is concerned,investment behavior is essentially behavioral decision-making.First,based on the information asymmetry theory,signal transmission theory and behavioral finance related theories,describe the path through which information disclosure affects investors 'behavior decisions.In addition,it analyzes various factors that affect investors' behavior decisions and behavior feedback in a qualitative way;Secondly,by combing the status of information disclosure in the online loan industry and the actual situation of investor behavior,we can understand and master the background of investor behavior decision;Then use Python software to crawl the relevant platform data from the "Online Loan Home" website,and select the panel data of 75 platforms from the last 3 months for quantitative analysis.In terms of investor behavior decision,this article focuses on the analysis of investors' investment willingness.In order to discuss the investors' willingness to invest influenced by the amount of information disclosure,this paper selects the investment amount per capital and the number of investors as a measureof investors' willingness to invest in modeling,and uses the GMM model for regression estimation;Finally,in order to explore the impact of information disclosure quality on investor behavior,a questionnaire survey was used to obtain relevant data,construct a structural equation model,and use mediation effects.Research and analysis can draw the following conclusions:First,with the increase in the amount of information disclosure,the per capital investment amount and number of investors will increase accordingly.This is in line with people's common sense.As the amount of information disclosure increases,individuals' grasp of the market becomes more and more accurate.More information disclosure is beneficial to solicit investors who are hesitant,give them a good signal,get investors "votes",and solicit more investment funds for the platform;Second,the quality of information disclosure will also have an impact on investor behavior.From the indirect effect,brand awareness can effectively increase investors 'investment willingness,but the quality of the platform information and the degree of risk have little effect on investors' investment behavior.Therefore,the degree of information disclosure can reduce the impact of information asymmetry and attract more investors to participate in investment.According to the research conclusion of this article,the policy recommendations that contribute to the healthy development of the P2 P online loan industry are proposed from the following angles.These are: standardizing information disclosure to promote industry self-discipline,improving platform construction and playing a major role,clarifying the regulatory mechanism to regain industry confidence,and popularizing financialknowledge to promote rational investment.