The Impact Of Perceived Risk On Lending Willingness In P2P Network Loan Platform

With the rapid development of the Internet and the concept of “Internet Plus”,the integration of the Internet and traditional industries has further intensified.P2 P network lending is a product of the combination of the Internet and the financial industry.It is also the most characteristic,most influential,and most popular type of Internet finance model.On the one hand,P2 P network lending has solved the financial needs of some small micro-borrowers,and on the other hand it has satisfied the lender’s desire for financial management,which is one of the ways to achieve inclusive finance.The operating model of P2 P online lending platform in China has also evolved from the original pure intermediary information provision model to the creditor rights transfer model and third-party guarantee model,which has also led to more and more problems in the development of P2 P online loan platform.Such as the borrower’s credit rating issues,the platform’s risk management and control issues,as well as the national level of supervision and management issues.According to statistics,as of the end of December 2017,the number of lenders in the online loan industry reached 17.13 million.However,existing research shows that the herd effect in the lender group is obvious,the follow-up phenomenon is serious,and the risk awareness needs to be improved,so the study of the behavior of the lenders is indispensable.This study takes the lender of the P2 P network lending platform as the research object,fully draws on the existing research results of scholars at home and abroad,and classifies the perceived risk of the lender.The main dimensions include financial risk,service risk,operational risk,psychological risk and privacy risks.Previous studies have shown that perceived risk is often related to trust.Therefore,this paper will study the role of trust in the mechanism of lending intention and divide trust into two dimensions: emotional trust and cognitive trust.The theoretical model of perceived risk for lending intention in P2 P online loan platform was established through literature research method,and four groups of research hypotheses were proposed.Through the use of many mature scales developed by scholars in the past,a questionnaire was designed for the objectives of this study.SPSS software was used for confirmatory factor analysis and reliability test.A structural equation model was established and hypothesis testing was performed using AMOS data analysis software.The research shows that perceived financial risk,service risk,psychological risk and privacy risk all have a significant negative impact on lending intention and trust.Among them,perceived financial risk has the greatest impact on lending intention and trust;Emotional trust and cognitive trust have a significant positive effect on lending intention and the impact of emotional trust is greater than that of cognitive trust.;trust plays an intermediary role in the process of perceived risk impact on lending intention.The theoretical models and test results proposed in this paper enrich theoretically the application scope of related theories and have implications for the extension of the research on the factors affecting the success of lending in the Internet lending sector.In practice,it can help lenders identify different types of perceived risks in the online lending platform and increase their risk awareness.It can help the online lending platform understand the impact of different risks on the lenders,and then target them,strengthen risk control and improve service quality.Improve lending willingness.It can also help the supervision departments to analyze the types of risk and the mechanism of risk in the network loan platform,and can play a certain reference role in the formulation of policies and regulations.