Empirical Analysis On The Factors Affecting The Interest Rate Of China's P2P Platform Based On New Rules For Online Loan

P2P(peer-to-peer lending),is essentially a mode of lending between individual capital needs and suppliers.With the development of information technology and the popularity of Internet finance,P2 P network lending as an emerging form of finance has become an important part of China's financial market in recent years.However,while the P2 P industry complements the traditional financial blind zone,it also brings a series of problems.The recent "violent thunder" incidents show that there are still a lot of imperfections in the P2 P industry and they are facing higher risks.Therefore,regulation of the industry is of paramount importance.For the first time,China has promulgated a relatively standardized regulation for online lending industry,The Interim Measures for the Management of Business Activities of Internet Lending Information Intermediaries,issued in August 2016,not only clarified the basic positioning of the P2 P network lending platform,but also P2 P from multiple perspectives.Obligations and prohibitions on the business scope and operation mode of the platform.At the same time,the number of platforms in China is very large at this stage.When investors choose the platform,interest rate is the most important factor.The characteristic information disclosed by the platform should be intrinsically linked to its interest rate.Through analysis of the provisions of the "Interim Measures for the Management of Business Activities of Internet Lending Information Intermediary Organizations",this paper discusses the impact of the new online loan regulation on the P2 P platform,and screens the most important influencing factors.Key indicators affecting P2 P platform interest rates.This paper adopts multiple platform time series dynamic data as the object to carry out cross-platform empirical research,selects "average borrowing period","repayment balance" and "new investment number",three indicators as the liquidity risk index and "average borrowing","relative borrowing amount" and "relative repayment amount",three indicators as the credit risk index.Besides,this paper added "Wenzhou private lending index" as a control variable representing market risk,using Panel data model,platform during sample period The important influencing factors of interest rate were tested,and the mechanism of the index selected by this paper on the platform interest rate was analyzed.Based on the results of the fixed effect model test of Panel data,from the perspective of the industry as a whole,the average borrowing period,the balance to be repaid,the number of new investors and the relative repayment amount can significantly affect the platform interest rate,of which the average borrowing period and relative The repayment amount is positively related to the interest rate,and the number of new investors is negatively correlated with the interest rate,which is consistent with the assumptions made in this paper.In addition,the balance of the balance to be paid is significantly negatively correlated with the platform interest rate,indicating that investors on the P2 P platform prefer platforms with larger scale and stronger financial strength.However,the correlation between the per capita borrowing amount and the relative borrowing amount and the platform interest rate is not significant,indicating that the platform does not consider the credit risk caused by large-value borrowing when the interest rate is priced during the sample period,and there are project term splits and mismatches.And other behaviors.This paper also conducts regression analysis on the interest rates of individual platforms.The empirical results show that for a platform with better compliance,the interest rate can fully reflect the risk of its existence,and investors are more rational when investing in these platforms,and can reasonably assess the possibility of loss of the principal and interest of the loan;and for platforms with poor compliance,There is a phenomenon of pricing distortion,and the risk cannot be properly reflected by interest rates.When investors invest in such platforms,they often have speculative and gambling psychology.Based on this,this paper proposes regulatory-related policy recommendations based on the existing problems of the P2 P platform,and points out the direction for the healthy development of the online lending industry.