Operation Mechanism And Its Effectiveness Of The P2P

Since 2007,the first P2P platform on loan in China had been established,the promotion of the Internet technique makes the P2P network credit industry got rapid development in our country.P2P network credit as an innovative financing tool,its low threshold and the characteristics of low cost effective complementary for traditional commercial bank financing.But because of the lacking of the government's regulation of P2P network credit industry operating mechanism is imperfect in platform and platform itself appeared a lot of failures and run phenomenon.Since 2016 the government introduced the P2P network to borrow the relevant laws and standards of the industry,strengthened the network lending,equity and the raise in the areas of purification.Under the background of Internet purification,P2P network credit platform is an urgent need to strengthen the development of their own business operation and improve the financing efficiency.Platform based on economic theory,information asymmetry theory,risk management theory and the theory of financial intermediation running mechanism of the platform and its financing effectiveness in theory and empirical analysis.(1)theoretical research results show that:under the background of Internet purification,operating mechanism and effectiveness of financing is one of the important factors affecting the healthy and stable development of P2P platform.At present,the P2P platform consists of pricing mechanism,information disclosure mechanism,the borrower review mechanism and risk security mechanism.Platform should according to oneself circumstance of the big four mechanism for scientific and reasonable combination,establish a set of perfect operation mechanism.This paper found that at present our country network credit operation mechanism,the effectiveness of financing and external supervision there are operation mechanism is not perfect,financing efficiency is low and the external regulatory deficiencies.(2)by the United States,Britain and China typical P2P platform's annual data on operational mechanism and the case of the financing effectiveness of comparative analysis.The results show that with foreign P2P perfect credit system and science,the cost of financing platform pricing compared to low and low rate of bad debts,lack of P2P platform credit reporting systems in our country,the platform pricing is not scientific,high financing costs and bad debt rate is too high.Caused by the results of the main reason is that our country's platform pricing mechanism and risk safeguard mechanism is not sound,and that's what our country P2P platform financing mode and the root cause of the gap between us and UK.Clap(3)gather information website borrower loan and loan target,by using the Logit model affecting the P2P network platform operating mechanism and its loan financing effectiveness factors of the empirical analysis.The results showed that gender,credit rating,loan term and loan amount,loan number,security standard,overdue will accompany standard,through investigating the financing effectiveness significantly correlated,but because our country P2P platform information disclosure mechanism and the lack of review mechanism,the relevant certification presented was not significant.Finally,this paper put forward by improving the personal credit rating system,properly raise the threshold of borrowers financing,strengthen the information disclosure P2P platform itself to improve the operating mechanism of P2P network credit platform.Through perfecting the borrower of personal information disclosure,increased lending both sides platform activity,improve the ability of borrowing on the financial investment and establish credit maintain awareness to improve the financing efficiency of P2P network credit platform.And through perfecting the related P2P industry law and reduce the cost of financing to strengthen external supervision.In this paper,the operating mechanism of P2P network credit and financing effectiveness theory and empirical research conclusion,to purify the Internet under the background of promoting the healthy and orderly development of the P2P network credit industry,provide new theoretical basis and policy implications.