Research On Risk And Risk Prevention Mechanism Of The Mode Of Assignment Of Debt Of Online Peer-to-peer Lending Platform

In2007，the first P2P network lending platform of our country emerged. Then,The domestic P2P network lending platform such as bamboo shoots after a spring rainas developed on a large scale, and innovate a lot of P2P network lending model to suitour country national condition. One of the most famous and controversial is the modeof assignment of creditor’s right. This paper will take the company of Creditease as anexample to introduce the mode of assignment of creditor’s right of the domestic P2Pnetwork lending platform. By analysis of the legal relationship between the parties,we will reveal the essence of law and analyze the risk of the mode of assignment ofcreditor’s right. Then，put forward to risk prevention mechanism of the mode ofassignment of creditor’s right of P2P network lending platform to make the mode ofnetwork securitization orderly and healthy development.This paper mainly has three parts. In the first part, the author will take thecompany of Creditease as an example to analyze the mode of assignment of creditor’sright of P2P network lending platform from all aspects of transaction mode, legalrelation and the essence of law. By such introduction, readers will have a profoundand comprehensive understanding of the mode of assignment creditor’s right. Theauthor will analyze the legal relation between Tang Ning, Creditease, lender andborrower. Through the above analysis, the author point out that the essence of the mode of assignment of creditor’s right is asset securitization. On the basis of thetheory of asset securitization, analyze the specific operation of asset securitization inthe mode of assignment of creditor’s right.In the section two, analysis of the possible risk of the mode of assignment ofcreditor’s right. The risk may exist as follows: firstly, the source of funds in TangNing’s account is a lack of supervision, which exist a risk of money laundering.Secondly, as for the lack of effective information disclosure system, there is risk ofinformation asymmetry between borrowers and lenders. The mode of assignment ofcreditor’s right cuts off exchange of information between borrowers and lenders,which leads to lenders’ difficulty to understand the borrower’s credit rating, the use offunds and other detail things. Generally the borrowers of the P2P network lendingplatform are private business owners which use funds for business. However, thelenders do not know about the state of borrowers’ business, which make the risk oflenders increasing. Thirdly, the safety of the lenders’ capital is not well. On the onehand, due to a lack of understanding to the borrowers, the lenders may be fraud byborrowers. On the other hand, under the mode of assignment of creditor’s right,because of the lack of escrow of funds of lenders, the credit risk of company of P2Pnetwork platform has been increased. Fourthly, the company of Creditease evades thelaw to asset securitization, which easily causes systemic risk. Finally, riskmanagement of the company of Creditease exist problem.In the section three, on the basis of the above and foreign supervision to P2Pnetwork lending, the author put forward as follows proposal to perfect the legalsupervision and management of the mode of assignment of creditor’s right of P2Pnetwork lending platform: firstly, determine the legal nature of the mode ofassignment of creditor’s right of P2P network lending platform; secondly, establishthe legal system which fit with the mode of assignment of creditor’s right; legislateLenders’ ordinance quickly to manage those lending company which walk on theedge of the policy; establish the system of qualified investors of the mode ofassignment of creditor’s right of P2P network lending platform; set up a third-partyescrow system; perfect personal credit system of our country.