The Research On The Risk Management Of The P2P Online Lending Platform In China

With the development of economy, the improvement of the traditional financial market and the emergence and development of Internet technology, relying on the Internet technology to achieve a new form of financial intermediation and payment functions, Internet banking came into being, and its main model includes the P2P network lending, the third party payment, crowd-funding, big data and so on. The emergence of Internet finance has accelerated the capital market, broken through the limitation of traditional finance, provided a solution to the difficulties of small and medium-sized enterprises, accelerated the pace of "inclusive" finance, promoted the matching of demand and supply of capital market funds.The P2P online lending is a prominent development of Internet finance, which is the direct debit and credit between the individuals through the Internet. From the intermediary nature of the platform, the P2P network lending platform is not as creditors and debtors, but as intermediate service providers. It mainly supports the supply and demand information, provides the value of the information and promotes deals for the lenders to facilitate transactions. The P2P network lending platform achieves direct lending between the individual and the individual’s, and provides more efficient, fast and convenient network financial service for the small amount of funds to borrowers through the Internet.The first P2P online lending platform of the world-Zopa generated in 2005 in the United Kingdom, has developed very well in Europe and the United States, and makes a certain degree of impact on the traditional finandal indusiry. The domestic P2P online lending industry started later than foreign area, the first domestic the P2P online lending platform-ppdai was established in Shanghai in 2007. Although the domestic P2P online lending industry started later than foreign area, at present the development trend of the domestic P2P online lending industry is no less than foreign regions. The establishment of ppdai has brought the dawn for the domestic financial innovation. In 2013, the domestic the P2P online lending industry has begun a substantial growth. With the emergence and development of the domestic the P2P online lending industry, there are some good platforms such as renrendai, yirendai, hongling capital, lufax and so on. With the development of the P2P online lending, and the further established and perfected platform, the P2P online lending development is becoming faster and faster, at the same time, the domestic capital market is more volatile, so as to further promote the development of the P2P online lending industry. However, with the further development of the platform, the risk is becoming increasingly prominent, the problem of how to measure, reduce, avoid and manage risk becomes one of the most concerned problems in the P2P online lending platforms. How to manage the risk has become a direction of domestic scholars’ research.The research on the P2P online lending platforms and its risk management is not much, especially the empirical research on the risk of the P2P online lending platform. With regard to research significance, this paper analyzes the risk of the P2P online lending platforms by using qualitative and quantitative analysis, and analyzes the risk of the P2P online lending platforms by establishing a regression model to find out the risk factors and their influence. With regard to practical significance, according to the empirical analysis results, we can reduce the risk and increase the stability of the Internet finance, so as to provide some suggestions and opinions to the P2P online lending platforms, regulatory authorities, and to achieve the "inclusive" finance safely and healthily.This paper describes and analyzes the risk of the P2P online lending platforms in five aspects:the introduction, the status of the P2P online lending platforms, risk analysis, empirical analysis and providing the policy suggestion. Based on data availability and reliability considerations, this paper selects 14 indicators from May 201-4 to April 2015 of the 20 platforms to analyze the impact factors of empirical analysis, and put forward relevant policies and suggestions based on the description and empirical results. The results show that the relationship of the number of borrowers, investment and the risk of the platform is negative correlation, and the average loan period, the cumulative amount of the loan amount and the amount of the loan is positively related to the risk.