Research On Platform Information Disclosure And Platform Model Alienation

P2P online lending is an important part of Internet finance.On the one hand,it can reduce the transaction cost of lending and improve the efficiency of capital allocation.Therefore,it is a supplement to traditional financial intermediaries such as banks.After P2P online lending first entered China,it did not directly copy the typical foreign models(such as Zopa and lending Club),but evolved into a platform operation mode with Chinese characteristics in the development process.At the theoretical level,this paper refers to the theoretical model proposed in the existing literature,and combs the logic of platform mode alienation.If the relationship between investors and the platform is a principal-agent relationship,investors can reasonably allocate their time and energy to analyze and screen the information disclosed by the platform,so as to maximize their own income.The platform only plays the role of intermediary bridge in the transaction.At this time,the operation mode of the platform is a standard information intermediary.However,in the signal game model,the problem of information asymmetry is serious,which makes investors unable to make a reasonable investment decision through their own efforts.The platform will provide guarantee to the borrower as a signal to the investors.In this case,the platform directly participates in the transaction and bears the risk,and the platform operation mode deviates from the information intermediary mode and changes into the credit intermediary mode.In terms of empirical analysis,this paper collects and sorts out the borrower data from 2013 to 2016 of renrendai platform,and makes an empirical analysis on the relationship between credit disclosure and loan success rate and default rate of completed transactions with the help of logistic model.The results show that investors can not form a consistent understanding of the information disclosed by the platform,and the effectiveness of information disclosure is insufficient.When investors are unable to make investment judgments through the analysis of the information disclosed by the platform,investors tend to rely on the guarantee signals issued by the platform.When the platform finds that investors' decision-making dependence changes,it will increase the subject of guaranteed signals to improve the trading volume.The main work of this paper is to clarify the internal logic of online lending platform model alienation,and strengthen the verification logic through empirical analysis.In addition,considering the development status of P2P online lending platform,this paper also puts forward relevant improvement suggestions from the regulatory authorities,the platform itself and investors.Under the background of the current industry cleaning up,the regulatory authorities should implement strict supervision system on the platform,enforce the information disclosure system for the remaining compliance platforms,and standardize the information disclosure projects;the platform itself should strengthen the internal information audit mechanism and conduct compliance disclosure within the scope of permission;investors should improve their own risk awareness and actively accept investor education.