Research On The Characteristics Of P2P Market

As an important part of Internet finance,P2 P market,which plays an important role inenriching the financial system and promoting the development of Inclusive Finance.P2 P market has become increasingly an important part of multi-level financing channels in China.The existing literatures mainly study the market from micro angle,which studies the characteristics of P2 P market based on the behavior and information of the investors and demanders.However,as an important complement of the traditional financial markets,P2 P market is affected by the formal financing channels.Therefore,this paper intends to explore the transmission mechanism and dynamic characteristics of the P2 P market influenced by the channel of commercial banks' assets and liabilities in the background of China's indirect financing.Based on the research of typical features in P2 P market and the transmission mechanism that the market is affected by commercial banks,this paper constructs a vector auto regression model to make the empirical analysis.The results show that P2 P market is affected by commercial banks through the money market,bond market and credit market with the pursuit of maximizing their profits for the investors and the "financing alternative" behavior caused by the funding needs of unsatisfiability for the borrowers.In the long run,P2 P rate is guided by the money market benchmark interest rate shibor,and it shows a reverse interaction with treasury bond interest rate and one-year LPR;the transaction scale is influenced by bank credit scale and there is a generally negative correlation between them,and the increase of the money supply will raise the capital scale in P2 P market.There are some policy suggestions put forward according to the empirical results in the end.