The Study Of P2P Lending Behavior And Its Impact On Financing Efficiency

P2P lending not only meets the financial needs of individuals and medium enterprises,but also revitalizes the social idle funds effectively,and opens up a good solution to the problem for china’s small and medium enterprises “financing difficulties,financing expensive”.P2 P platform "information intermediary" orientation reduces the cost of capital,promote the financial disintermediation process.Overall,the development of China’s P2 P lending is not yet fully mature.In particular,the lack of a good platform for P2 P risk control technology,the vast majority of platforms because of the bad debt rate is too high to assume a greater operational risk.P2 P participates in lending,lending behavior is directly related to the lending process,determines the P2 P financing efficiency breach the decision-making behavior of investors and borrowers,the borrowers default behavior related to the platform for stable operation of the rights and interests of investors.Study on using "as the sample factors of investors’ decision-making behavior and the influence of the 4500 transaction data pat loan;the 1769 transaction data Hongling venture as a sample to establish two Yuan choice model to analyze the borrower default behavior;the use of micro transaction data and DEA-Tobit model to measure the efficiency of P2 P financing loan from financing from the angle of efficiency,the decision-making behavior of investors and borrowers default behavior point of view,analysis of factors affecting the efficiency of financing.The study results indicate that the loan P2 P lending in the information(hard and soft information)more investors more willing to lend,but when the lack of hard information on borrowers,investors’ decision-making behavior to a certain extent will depend on the borrower soft information;analysis of breach of contract for borrowers,loan interest rate,term,use the number of early repayment,and overdue repayment times of borrower default behavior(default rate)have significant positive effects;the amount of borrowing,credit score,Hukou and normal repayment times on loan default(default rate)has a negative impact.Influence of borrowing behavior on the financing efficiency,P2 P financing efficiency level is generally low;there is a big difference between the different standard loan financing efficiency;platform registered capital,operation time,the total number of investment and borrowing,borrowing,credit rating,normal repayment times these factors have positive impact on P2 P efficiency of financing and loan period;and the overdue repayment times and P2 P financing efficiency has a negative relationship.Finally,the paper puts forward the following suggestions: first,the P2 P platform to develop a reasonable range of interest rates based on the level of the borrower’s credit.The second is to accelerate the realization of the P2 P industry internal data Unicom,and gradually docking with the national credit system.Third,P2 P platform completes the information disclosure system,the establishment of information disclosure hierarchy.The fourth is to enhance the brand awareness of the P2 P platform to improve the platform user activity.Fifth,P2 P platform should pay attention to big data research,the use of large data mining technology to improve risk control.