Research On Risk Early Warning Systerm And Industry Supervision Of P2P Network Lending Platforms

P2P network lending originated in the United Kingdom.Since its entry into China in 2007,P2 P has successfully broadened the financing channels of SMEs and individuals,and has maintained rapid growth.Since June this year,a new round of "thunderstorm" has erupted in China's P2 P.But in recent years,P2 P platformss have often been plagued with illegal fundraising,volume-running,and Ponzi schemes.Cases such as “e-rental treasure”,“shanlin finance” and “Tang Xiaoying” involv8 ed a large number of victims and a large amount of losses,which seriously affected the stability of China's financial order.Within a month,nearly 200 platformss have encountered problems such as difficulty in cash withdrawal,deferred payment and economic investigation intervention.How to speed up the improvement of the supervision system of the P2 P network lending industry and establish the industry risk early warning system has become a top priority.This paper builds a risk warning system of P2 P network lending platforms with five first-level indicators and 38 second-level indicators,which integrates government regulatory requirements,third-party rating system and academic research literature.Based on the research sample of 184 P2 P platformss in China in June 2018,the correlation analysis is used to eliminate the homogenous variables.And the single factor analysis is used to eliminate the indicators that have less influence on the early warning results,and then the extracted variables are substituted into the logistic regression for verification and the accuracy of the early warning of the system.Through the analysis of the regulatory overview of the P2 P network lending industry in the United States,the United Kingdom and France,this paper finds that the main reasons for the relatively stable development of the P2 P industry in the three countries.It is that they high entry threshold and high compliance cost,introduction of qualified investor system.They emphasis on education and protection of investors.Their credit information system is complete.They have strict,continuous and dynamic information disclosure.And the regulatory legal system is perfect,there are laws to follow,and law enforcement is strict.According to the above research findings,this paper proposes several policy recommendations for the current supervision of China's P2 P network lending industry.