| Peer-to-Peer(P2P)lending was a kind of Internet-based financial mode for configuration of small scattered funds.Since 2013,China's P2 P lending industry had grown rapidly.The other side of the rapid development was many P2 P lending platform closed.The stability of the platform operation related to the principal security.How to use the platform of public credit and business information to determine the operating conditions of the platform was of great importance to investors.The empirical research of this paper aimed to quantify the effect of the platform credit factors on its stable operation,and to provide the method frame for the investor selection platform.China's P2 P lending industry development process was a micro-financial innovation history.However,the shortcomings of these independent innovations lied in the lack of correct guidance,which caused the loopholes in the actual operation.The loopholes changed into a threat to the stability of the operation of the platform,and even alienation into a tool for illegal fund-raising activities for the industry to bring devastating impact.Under the vigorous regulation of the regulatory authorities,P2 P lending industry was expected to operate much more stably.In this paper,the data of 4527 P2 P lending platforms was used to establish the LOGIT model to quantitatively analyze the influence of the credit factors on the stability of P2 P credit platform,and then the model was used to forecast.The two-stage data of 2036 platforms was used to establish difference-in-difference model.The model was used to analyze the influence of credit factors on the stability of P2 P lending platform.The empirical results showed that the registered capital,the establishment time,most of the principal security systemss,system of assignment of creditor's rights in high liquidity are conducive to improving the stability of the platform operation.The change of some credit factors had significant effects on the stability of the platform operation. |
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