| The development direction of Chinese Internet finance is not determined. At the beginning, the Internet finance has a tremendous vitality. Its scale is increasing rapidly, extending to the traditional financial sector. No matter in the field of payment or in the field of finance, Internet finance is active. Online lending is one of the higher degree of concern and the faster development model of Internet finance. On the one hand, its rapid development shows that Chinese financial system control strictly. On the other hand, Chinese people’s financial needs are not met. The online lending contains a huge market. However, the rapid development of P2P online lending has gradually exposes the imperfections of China’s financial supervision. The regulation is not clear in regard of accessing threshold, operational supervision and protection to users’right. In addition, Chinese credit system, especially the personal credit system, is not maturity. Personal credit record is imperfect, and cannot be used as a method of evaluating credit of the borrower. Investors face greater risk and dare not invest.American is the pioneer of online lending, which has been developed very well in this area. Accessing threshold, supervising in operation, and protecting user rights are more perfect. Credit system is perfect; the online lending can depend on the system to evaluate credit of the borrower. Of course, the development of online lending in the United States is not always well-off, and there is a similar dilemma like China when it emergences. Now its supervision is much better. At the first, in the credit system, online lending credit and traditional personal credit cannot be integrated well. However, with the development of online personal credit rating system researched by lending platform, like Lending Club and Prosper. Online credit and traditional personal credit has been integrated, effectively reducing the risk of online lending. With the competition and development, the traditional and online lending become gradually stable, and complements each other. Therefore, the experience of the United States Online lending is worth learning for China. This paper is divided into six parts to carry on the comparison between the two countries in the online lending:The first chapter is the introduction. The research background and significance, research methods, framework and content of this paper are described and the domestic and foreign related literature review and the innovation. The insufficiency are also elaborated;The second chapter analyzes the related concepts of the online lending, including the type characteristics, and the theoretical basis of the network;In the third chapter, the development trend, mode, credit rating and supervision of Chinese and American Online lending are compared. To find out the difference between them, to make the bedding for the following difference analysis;In the fourth chapter, we make an empirical analysis of the P2P online lending platform in China, Taking "renrendai" as an example, in order to study the influencing factors of the success of the loan, and to compare with the influence of foreign literature;In the fifth chapter, the reasons of the differences between China and America in online lending are set out and analyzed;The sixth chapter puts forward relevant policy suggestions on the development of online lending in China.However, compared with the fiery of online lending in China, online lending is cold in United States. On the one hand, online lending has gradually integrated into the traditional finance. There is no need to pay too much attention to it. On the other hand, the financial system in US is more perfect, and people have many different channels to meet their various needs. Online lending is distributed and integrated in each financial area. The Internet in the United States is more as a technology using in finance, rather than derived out an independent financial form.After comparing online lending in China and the US, it shows that China should improve credit system, repair the defects of financial markets. The new credit and regulatory policies will have great influence on the online lending there may be a great change in its development direction. For example, in 2013 and 2014, the number of P2P lending increased rapidly, but their quality is poor. A large number of P2P lending platforms were closed in China in the second half of 2013. In July and August,2015, China authorities continuously introduced a series of policies. They imposed tighter regulatory on online lending than before. Although it will have a negative impact on the quantity, but it will make the whole industry develop better by the Law of Survival of the Fittest, promoting Chinese online lending to develop healthy. In addition, the factors affecting the success rate of P2P lending are reached, finding that this area is high similarity between China and the West, such as credit level, interest rate, age and income.About the inadequacies of this article, I just select one online lending platform for data collection. Because it isn’t easy to get the online lending platform transaction data, there is a certain degree of deviation on the effectiveness in the results of empirical research. This empirical result is more convincing, if research and comparison can through more online lending platforms, so as to find out the shortage of the online lending market and the future development direction. |
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