| In recently years, P2P lending, as a great innovation in micro finance, is booming all around the world. P2P lending is short for peer to peer lending. It is a financial model that allows individuals to lend to and borrow from each other on an Internet-based platform operated by an electronic business company.1called it "renrendai" in a risk tips document about P2P lending. According to incomplete statistics, there were61P2P lending companies in China until January2013which was doubled compared to April2012, and the turnover reached20billion in the year2012. With the expanding public awareness, the number of P2P lending company and its turnover would grow rapidly.Credit risk is a main risk and a serious problem to entire P2P lending developmental. Credit risk management plays a vital role in the development of P2P lending. However, the current credit risk management technology of P2P lending in China is relatively backward. In particular, the credit risk evaluation, which is the core of the credit risk assessment, is in a simple imitation that apes traditional personal credit risk assessment method, and it falls short in loans security to the P2P lend transaction participants. Therefore, how to establish a scientific and effective method of credit risk evaluation of P2P lending to improve the risk managing is extremely urgent.This paper intends to research credit risk evaluation of P2P lending in China from following four parts. Firstly, based on the fundamental theory of Information Economics and personal credit risk theory, starting from the operation mechanism of P2P lendig, we analyzes credit risks characteristics of P2P lending in China and reveals creating mechanism of P2P lending credit risk. Secondly, by comprehensively analyzing of typical personal credit risk evaluation methods, considering the application to the credit risk evaluation of P2P lending in China, and with the situation of our country, personal credit rating of China Construction Bank has been preliminarily determined and improved for credit risk evaluation of P2P lending in China. Meanwhile, we adopte the method of the German IPC micro credit technology that evaluate debtor’s though their repayment willingness. Further more, we analyzes defects of the method, puts forward the content and framework for improvement. Thirdly, this paper gives improvement content and the framework about the evaluation method above. On the one hand, it adds analyze about payments system of P2P lending company and investment dispersion of creditor into the evaluation content. On the other hand, it constructs the assessment index system of debtor credit rating, uses Analytical Hierarchy Process (AHP) to calculate the weight of indicators and does an application analysis of the model with practical case. Finally, based on the theory and practice research above, we make some suggestions for the P2P lending companies, creditors and debtors to improve P2P lending credit risk evaluation. |
