Research On Information Disclosure And Collaborative Management Of Network Lending Platforms

With the rapid development of the Internet,information technology has been widely used in the field of finance,network lending came to China with the trend of global financial innovation,with its low threshold,convenience and inclusiveness,it has gradually developed into an important part of China's financial system.However,with the short term “spurt-like” development of the network lending market,the hidden risks of the network lending platforms themselves are gradually exposed.In recent years,network lending risk incidents have occurred frequently.From 2016 to the end of 2018,the cumulative number of the closed and problematic network lending platforms is 3273,involving a total loan balance of 159.9 billion yuan.A series of “bombing” incidents in 2018 caused great concern in the whole society.Information asymmetry is the key factor which causes frequent problems in the network lending market,improving information disclosure is the most effective way to reduce the risk of network lending platforms and standardize the operation of network lending platforms.It is profitable for lenders to make reasonable investment decisions,improve the operation of the network lending platforms and promote the sustainable development of the network lending market to study the influence of the information disclosure of the network lending platforms on the behavior of both lenders and borrowers.This study introduces a method of combining qualitative and quantitative.Firstly,the operation modes of domestic and foreign network lending platforms are compared and analyzed,the development characteristics of China's network lending platforms.Secondly,based on the mechanism of information disclosure of online lending platforms,this study proposes research hypothesis by examining the information screening ability of lenders on the network lending platforms from two aspects: lenders' investment decision and borrowers' default risk.Finally,based on the research hypothesis,an empirical model is constructed.In basis of the 141,616 transaction data of “Renrendai”,a leading network platforms in China,the empirical analysis of the impact of online lending platforms information disclosure on the behavior of both lenders and borrowers is conducted.The conclusions of the study indicate that:(1)The credit rating and loan history information disclosed by the online lending platforms have important decision value for the lenders,exposing the potential default risk of the borrowers and improving the market efficiency of the network lending;(2)The existence of the borrowers adverse selection or moral hazard behavior will hide or even disclose false information to cover the risk of default,but authentication information(such as degree)can predict its default risk better;(3)Lenders show information screening ability certainly,but there is a bias in the behavior of identifying the credit risk of the borrowers by judging their financial status.According to the research results,combined with the operation mode and development status of the network lending platforms,the collaborative management plan of China's network lending platforms is designed,and the countermeasures for the sustainable development of network lending are proposed.