Analysis On Financing Efficiency And Influencing Factors Of P2P-Lending Platforms

P2P-Lending originated from the traditional micro-borrowing.Through the Internet,it helps the idle funds in the society to find borrowers and realize the financing of micro-economy.As the innovation and development of traditional financial intermediaries in the Internet era,P2 P can not only broaden the financing channels for individuals and SMEs,but also meet the investment needs of public investors.This paper combs and summarizes the main development history,development status and main problems of the domestic P2P-Lending industry,measures and analyzes the financing efficiency of the domestic P2P-Lending platform,and empirically tests the factors affecting the financing efficiency.This paper studies through the DEA-Tobit two-step method.First of all,it is clear that the research subject is the financing efficiency of the P2P-Lending platform as a financial intermediary,representing its resource allocation capability.Next,according to the essential characteristics of P2 P platform “information mediation”,the resource allocation capability is decomposed into fund allocation and Analysis on financing efficiency and influencing factors of P2P-Lending platformsinformation allocation.The capital allocation aspect draws on the “intermediary law” of commercial bank efficiency evaluation,and the information configuration represents the information with effective participants.Based on the scale,the input-output indicator system conforming to the characteristics of “information mediation” was constructed,and the financing efficiency of 119 P2 P platforms in China from March 2017 to February 2018 was measured by DEA-BCC model.The research results show that the financing efficiency of China’s online lending industry is insufficient,most of the platform financing efficiency is low,and there is much room for improvement;the pure technical efficiency of P2 P industry is continuously improved,but the overall level is still not high,and the platform scale efficiency is low,for this reason there are significant restrictions on the development of the platform;in the current industry policy adjustment period,non-compliance business is banned,which makes the industry’s total factor productivity decline slightly;small and medium-sized platforms with low financing efficiency are facing increasing pressure on industry reshuffle,in the “explosion boom” in June 2018,platforms which liquidity risk broke out were mainly platforms with low financing efficiency.Secondly,this paper analyzes the factors that may affect the financing efficiency of the platform from the microscopic point of view,and uses the panel data to empirically test the relevant influencing factors by using the Toben model of the random dependent variable.The empirical results show that factors such as bank depository,platform leverage,automatic bidding,listing or venture capital background,accession to Internet finance associations,and registered first-tier cities have a significant positive impact on platform financing efficiency,while claims Factors such as transfer model,platform average interest rate and average borrowing period have a significant negative impact on platform financing efficiency.Third-party guarantees and state-owned assets or bank backgrounds have no significant impact on platform financing efficiency.Referring to the above empirical results,platform operators can formulate more effective business strategies and improve platform financing efficiency;P2P online loan users have clearer standards when choosing trading platforms,and reasonable risk avoidance.