Lending Behavior Research On P2P Platform Based On Game Theory

With the continuous development of economy, people have increasingly strongdemand for financing. However, the traditional financing model can not meet thegrowing financing needs. In this case, P2P platform, a kind of Internet-basedthird-party financing platform connecting with the borrowers and the lenders,emerged as a new type of financial services model. At present, different types of P2Pplatform have appeared around the world successively, such as Prosper in the UnitedStates, Zopa in Britain, PPDAI and CreditEase in China and so on. By earning agencyfees P2P platform not only provides financing facilities for the borrowers, but alsocreates lucrative returns for lenders. Therefore, P2P platform has got much attentionsince it appeared.After seeing the booming development of P2P platform, it should also be alert tothe risks inherent in. Because P2P platform entirely dependents on the Internet, theinvestment and financing transactions can only occur on a virtual network lendingplatform. Moreover, the borrowers and lenders do not know each other, as aconsequence, merely according to the limited information borrowers provided lenderscan not make a comprehensive and reliable risk judgment. However, whether theasymmetry of information will affect the behavior selection of borrowers and lendersor not. From the perspective of game theory, the different influence of informationasymmetry on borrowers and lenders is researched. Under four different conditions—complete information static game, complete information dynamic game, incompleteinformation static game and incomplete information dynamic game, the relationshipsamong borrowers, lenders and P2P platform are investigated. It is found that theasymmetric information will lead to distinct behavior choices for these three sides,specifically speaking the borrower default behaviors will have serious consequencesfor P2P platform and society. In addition, the case of Haha Credit collapse isintroduced to illustrate this result.At last, for the information asymmetric problem of P2P platform existing in ourcountry currently, the corresponding countermeasures are put forward, hoping topromote the steady and healthy development of P2P this new financing mode andcontributing to the prosperity of financial market in China.