The Theoretical And Empirical Study On Financial Efficiency Of Peer-to-Peer Online Lending

P2P online lending(referred to as P2P)is one of the important forms of Internet finance in China.During the development process of more than 12 years,P2 P has experienced the embryonic period,brutal growth period,and risk remediation period successively.In the early years,P2 P online lending was highly sought after by investment and financing investors due to its long-tail advantage,but its development value was gradually questioned due to the exposure of risks.Especially in the current regulatory environment that stress "promoting the benign exit of most institutions and guiding the transformation of some institutions",it is particularly important to objectively evaluate the value of P2 P online lending.Obviously,financial innovation is not a reason for deregulation at any time,and the purpose of strengthening supervision has never been to crack down on financial innovation,but to regulate its development and make it sustainable and healthy.As a new financing model,P2 P network lending provides the possibility to alleviate information asymmetry and reduce transaction costs.Therefore,the evaluation of P2 P network lending based on the efficiency dimension has strong practical significance for the development of P2 P network lending and improving the efficiency of the real economy of financial service.Firstly,based on a review of the literature,this paper analyzes the internal and external conditions that affect the efficiency of the real economy of financial service.And uses the internal conditions as a conducting medium to theoretically explore the internal logic between the development of online lending and the efficiency of the real economy of financial service.It is found that P2 P online lending can improve financial efficiency by alleviating information asymmetry,reducing transaction costs,and serving long-tail groups.Secondly,combined with the development history of P2 P online lending,the practical status of online lending not effectively serving the real economy and the inherent reasons for its financial function being blocked are discussed.Thirdly this paper conducts two empirical studies.On the one hand,a hybrid panel Tobit model is established to analyze the direction and extent of the impact of P2 P on financial efficiency.Quantitative research has found that during the first quarter of 2014 to the third quarter of 2019,China's P2 P online lending inhibited the efficiency of the real economy of financial service.On the other hand,using the DEA-BCC method and the DEA-Malmquist method to measure the efficiency of P2 P online lending service to the real economy in China,the evaluation results show that online lending financial efficiency in China was low during the sample period,and the overall trend was downward,verifying the actual state that the online lending has not effectively served the real economy;at the same time,it was found that the decline in the financial efficiency of online lending in the late period of risk supervision period was significantly lower than the previous period,indicating that regulatory policies are conducive to the improvement of its efficiency value.For this reason,this paper puts forward some suggestions in respect of external supervision,credit information construction,platform self-construction and investor education to promote P2 P network lending to better utilize financial functions to serve the real economy and promote the sustainable and healthy development of P2P network lending.