| The P2 P network lending platform is one of the modes of Internet finance development,which has alleviated the problem of “funding difficulties and financing expensive” for small and micro enterprises and individuals.However,in response to the “fast development,partial,and disorder” problems in the P2 P network lending industry,the programmatic regulatory policy “Interim Measures for the Management of Online Lending Information Intermediary Business Activities(Draft for Comment)” was released on December 28,2015.P2 P online lending platform intermediary positioning,also initially determined the network lending industry to implement fund custody,filing,information disclosure,effectively solve the "fast development,partial,and disorder" problem.This paper is based on the regulatory policy “Interim Measures for the Management of Business Activities of Internet Lending Information Intermediaries(Draft for Comment)”,which theoretically analyzes the impact of regulatory policies and borrowing rates on the successful borrowing rate,and whether regulatory policies change the interest rate of borrowing on the successful borrowing rate.and develops three hypotheses.Finally,this paper selects all the borrower information released by the Renren Lending Company from January 1,2014 to December 31,2017 as the research object,and uses the empirical analysis to verify the hypothesis.Through empirical analysis,it is concluded that under other conditions,the regulatory policy has a positive impact on the successful borrowing rate,that is,the regulatory policy can effectively improve the successful borrowing rate of the platform;secondly,the borrowing rate is the same under other conditions.Negative impact on successful borrowing rate,that is,the increase in borrowing interest rate will reduce successful borrowing rate on the P2 P online lending platform;finally,in the absence of other factors,regulatory policies mitigate the negative impact of borrowing rates on successful borrowing rate. |
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