An Empirical Study On The Impact Of Borrowers' Basic Characteristics On Financing Efficiency In P2P Lending Platform

In China,traditional banks have always been in a collective monopoly.Although they are huge,they are inefficient.For a long time,due to the high cost of traditional banking and the low efficiency of service models,they have been criticized by the public.The difficulty of borrowing money and the high cost of borrowing money are problems that have long puzzled businesses and individuals.In recent years,with the innovation of information technology,Internet finance,represented by P2 P online loan platforms,has developed rapidly.It enables both lenders and borrowers to directly trade online without intermediaries,greatly reducing the cost and time for borrowing,and is favored by the general public..Internet finance,especially the P2 P online loan platform,has established an effective bridge between public finance and financing for high-growth companies,greatly reducing the increase in transaction costs caused by information asymmetry,and making China's private financing channels more diversified.Although the P2 P lending platform is developing rapidly,for the entire platform,the borrower's financing efficiency is still very low,showing a low loan success rate and a high borrowing rate.Therefore,it is very necessary to improve the financing efficiency of the borrower and to ease the difficulties of “borrowing money” and “borrowing money” to some extent.The purpose of this paper is to try to analyze this problem and propose solutions.This paper selects the most representative P2 P lending platform in China as a research object,and obtains the actual transaction data of the Renren Credit Platform from 2015 through the design process.In this paper,three indicators of loan success rate,borrowing interest rate and number of investors are used as proxy variables for financing efficiency.Logistic regression and multiple linear regression are used respectively to empirically examine the factors that have an important influence on the financing efficiency of borrowers.Focused on the analysis of the effect of borrower's personal characteristics on financing efficiency under different credit ratings.The empirical results show that among the 12 impact variables selected in this paper,the borrower's credit rating has the most significant effect on the financing efficiency.The borrower's academic qualifications,real estate,gender,working years,age and other variables are related to the loan success rate,borrowing interest rate and number of investors.All have different degrees of influence.And the investor's preference for the borrower's credit rating is quite different: investors prefer borrowers with higher credit ratings.The higher the borrower's credit rating,the more variable the influence of variables such as gender and marital status on the success rate of borrowings,interest rates on borrowings,and the number of investors.Finally,based on the research results and research purposes of this paper,from the perspectives of borrowers,P2 P lending platform and government level,we will improve the efficiency of P2 P lending platforms and put forward suggestions,so as to improve the financing efficiency of borrowers and enhance the risk of investors.Identify the ability to strengthen the government's regulatory capabilities,so as to promote the healthy and stable development of the P2 P lending industry.