Influencing Factors Of Internet Financial Products Selling Platforms' Performance

Recently,Chinese Internet financial products selling platforms develop fast.For example,the trading volume of Chinese P2P financial products has surged to 105.8 billion yuan in 2013,252.8 billion yuan in 2014,and 982.3 billion yuan in 2015;the amount of Chinese P2P Platforms has surged to 800 at the end of 2013,1575 at the end of 2014,2595 at the end of 2015.Although,Chinese Internet financial products selling platforms develop fast,relative researches are insufficiency.The former researches of Internet finance selling platforms were mostly set in developed countries,took single platform(such as Prosper.com,Smava and LendingClub et al.)as the object of the research.The former researches stood on consumers? or borrowers' point to consider the relationship between consumers and borrowers,such as mechanism of consumers believe in borrowers.But it is hard for the former researches results to apply to Chinese market,because of the limitation of the former researches' background.And the former researches are lack of standing on Internet financial selling platforms' point to consider how platforms'factors influences platforms'performance.The former researches discussed borrowers and platforms' influence,which were isolated by the former researches,to consumers' perceived risk and purchasing decisions.The rises of Chinese Internet finance lead Chinese Internet financial products selling platforms arise compete more and more fiercely.How Internet financial selling platforms enhance performance through influencing factors is an important research topic.This paper is set in Chinese market,take Chinese Internet financial platforms as the object of the research,and combine consumers,borrowers and platforms together under a same frame in order to discuss how Internet financial selling platforms enhance performance through several factors.According to information framework theory,this paper subdivide information framework into advertisement regulatory focus type and out of stock.According to marketing risk,credit risk,operational risk and other risk in finance theory(BIS),this paper subdivide financial risk information into borrowers' risk information(including the amount of borrowers' risk)(corresponding to credit risk)and platforms' risk information(including transparency,liquidity,technology and leverage)(corresponding to marketing risk,operational risk and other risk).This paper use P2P platform panel data,and get the empirical conclusions:the quantity of borrowers' information significant positive effect the volume;the safeguard policy from the platform's assets significant positive effect the amount of trading persons,and the safeguard policy from the third party significant positive effect the volume and the amount of trading persons;personal projects significant negative effect the volume,and significant positive effect the amount of trading persons;non-personal projects significant positive effect the volume;the third party rating have not significant effect on the performance,technology have not significant effect on performance,liquidity and leverage significant negative effect the performance,and transparency significant positive effect the volume;promotion focused advertising and out of stocks information are suitable for the platform with perfect security policy;promotion focused advertising and prevention focused advertising both have small effect for the platform with imperfect security policy.The results offer reference for Internet financial products selling platform marketing strategy choice.