Research On Selection Method Of P2P Net Loan Platform Based On Investor's Perspective

P2P net loan originated in western countries.It is well suited to the needs of many individual investors and small capital demanders in China because of the characteristics of low investment threshold,convenience and high yield.Therefore,the number of P2 P net loan platforms has increased dramatically.Following the “thunderstorms” of e-zuobao,Qianbao,Shanlinjinrong and other P2 P net loan platforms,which have a wide audience and involve huge amounts of money,great losses have been caused to P2 P net loan investors,resulting in unprecedented attention to the security of P2 P net loan platforms.However,most of the current studies on platform risk assessment of P2 P net loan are based on platform's perspective,failing to take into account investors' preferences for indicators,which makes it difficult to effectively guarantee the safety of investors' investment.Moreover,when studying the role of herding effect in P2 P net loan,the researchers fail to consider the impact of herding effect on the risk of P2 P net loan platform.Firstly,aiming at the first problem,on the premise of focusing on the operating indicators of P2 P net loan platforms that investors pay attention to,this paper puts forward the evaluation method of the competitiveness of P2 P net loan platforms by constructing the evaluation index system of P2 P net loan platforms competitiveness and using the theory of dominance-based rough set approach.This method can get decision rule sets,investors can select attractive platforms according to decision rules,which can help reduce investment risk,and the platforms can also enhance competitiveness and attract investors.The simulation results show that the shorter the average borrowing period of the platform and the fewer types of intermediate fees charged,the more attractive the platform is to investors,and the more competitive the platform is;the higher classification accuracy proves the validity and feasibility of the evaluation method.Subsequently,the validity of the conclusion is verified by the data of the Wangdaizhijia.Secondly,aiming at the second problem,based on the principal-agent relationship among the participants of P2 P net loan,this paper analyses the impact of various factors on the interest rate of P2 P net loan when the expected net income of investors,borrowers and online lending platforms is zero,and elaborates the mechanism of the impact.The study finds that borrowers can influence investors' judgment by concealing their own investment success rate,thus exerting a negative impact on interest rate;there is an optimal number of investors in the P2 P net loan platform to maximize the possibility of sustainable operation of the platform.According to the rationality of interest rate provided by the platform,it can provide guidance for investors to identify potential "runway" platform.On this basis,it further analyses the contradictions between investors and borrowers in three aspects: the probability of long-term development of P2 P net loan platform,the rate of return of investors(borrower's cost),and the rate of return of borrowers' investment.It is easy to cause the principal-agent problem and gives a foothold for the design of the contract mechanism to solve the principal-agent problem.Finally,according to the conclusions of this study and other types of risks in the P2 P net loan,this paper puts forward policy recommendations on how to promote the healthy development of the P2 P net loan industry from the four dimensions of regulators,investors,borrowers and P2 P net loan platform.