| Peer-to-Peer(P2P)network lending came into being with the development of the Internet and big data.Today,P2 P network lending has become an effective complement and an integral part of the traditional financial system,and is infiltrating into the lives of the general public.Borrowers and investors are the core components of P2 P lending transactions.Therefore,it is particularly important to study the behavior of both lenders and borrowers.Factors such as the borrower’s credit information have a significant impact on a transaction,and scholars have done a lot of research on this aspect.As an investor,behavior of the investor fundamentally determines whether the order can be fully fulfilled and whether the transaction can proceed smoothly.Therefore,based on the previous studies,this paper takes Renrendai as an example,and studies the behavior of investors in P2 P transactions through quantitative methods.First,this paper studies the impact of borrower and platform policies on investors’ willingness.The empirical results show that on the Renren loan platform,the borrowing interest rate,the borrowing period,the borrower’s gender,the borrower’s income,the number of historical successful borrowings,the number of information audited through the platform,and the platform’s risk guarantee policy for borrowing have significant influence on the borrower’ willingness to invest.Secondly,this paper analyzes whether there is a herd effect in investor’s investment behavior.The results show that investors have indeed seen herd behavior on the platform of Renren.After excluding the effects of externalities,the herd behavior is still significant.At the same time,it is verified that the pre-investment concentration of the borrowing has a positive adjustment effect on the investor’s herd behavior.These findings provide a decision-making reference for improving the platform credit and transaction mechanism,and form a deeper understanding of investor investment behavior on the P2P platform. |
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