| Online lending which refers to the lending behavior between the borrower and the lender through the online lending platform rather than the traditional bank and other financial institutions.As a new financing mode,online lending can not only provide investors and financiers with trading information and trading scenarios,but also combine the Internet and big data technology to optimize the information radius of the credit market,improve the matching efficiency of resources,so as to better meet the needs of social financing.With the help of the Internet,online lending in China has seen a blowout growth and rapid cliff like decline.The development of online lending has indeed solved the short-term capital needs of some small and medium-sized micro capital demanders in China,and also provided new investment points for those with redundant capital.Since 2018,the frequent occurrence of platform running events has hit the confidence of investor's in the online lending market and intensified their worries about the market.Online lending platform relies on the development of the Internet.The most important way for investor's to obtain information is to obtain information related to the platform and investors through the Internet and make investment judgments and decisions.In the environment of China's online lending platform participating in credit transactions and credit creation,and under the call of regulatory authorities and industry organizations,the principle of small amount decentralization has become the principle of stable operation and reducing its own risk of online lending platform.The hierarchical decentralization characteristics of online lending platform are particularly important in the online lending market,which should be paid attention to by investor's.This paper collects and collates the domestic and foreign literature on online lending industry,investor's transaction decision-making,investor's transaction behavior,and summarizes the research points.On the basis of literature research,this paper analyzes the relationship between the investor's transaction decision-making in online lending and the decentralization degree of online lending platform,analyzes the information asymmetry theory in the process of investor's transaction decision-making,and summarizes the mechanism of how the decentralization degree of online lending platform affects the investor's transaction decision-making.According to the influence mechanism,the paper qualitatively analyzes how the decentralization of online lending platform affects the investor's transaction decision.Due to the high interest rate of online lending,the risk is ignored and only the profit is sought.In order to enhance the investor's sense of trust and cultivate the investor's sense of scientific investment,the decentralization of online lending platform can resolve the risk of concentration,and encouraging small amount decentralization has always been a signal of policy level.Small amount decentralization can make the investor's assets and credit situation easier to review,so the risk is more controllable.Therefore,it is necessary for investor's to pay attention to the characteristics of online lending platform,that is,the decentralization of online lending platform.Finally,based on the theoretical analysis,this paper puts forward the hypothesis that the decentralization of online lending platform affects the investor's transaction decision-making,and then grabs the seven kinds of monthly information of each online lending platform on the "home of online lending" platform through the"Crawler" program as a sample,constructs the measurement model according to the hypothesis,uses the fixed effect model of robust standard error to conduct multiple linear regression research on online lending platform How the degree of decentralization affects the investor's transaction decision.By improving the decentralization,reducing the operational risk,reducing the information asymmetry between the online lending platform and the investor,reducing the uncertainty of the investor's cognition of the platform,and enhancing the investor's trust,the online lending platform can enhance the platform's popularity,increase the possibility of obtaining the investor's "vote",and improve the platform's operation and value.Through the research and conclusion of this paper,all participants in network online market can understand how the decentralization of online lending platform affects the transaction decision-making of investor's and the effectiveness of the decentralization of online lending platform,which can play a certain role in enlightening the behaviors of investor's,lenders,platforms and regulators in the industry.With reference to the research in this paper,the investor can re-examine the use of online lending platform decentralization in transaction decision-making,and judge whether its decision-making is scientific;the platform can strengthen the development and use of existing information and make efforts to improve the decentralization,and enhance the effectiveness of decentralization;the regulator can promote and encourage online lending platform to actively improve its decentralization resolution Centralized risk,and promote the sharing of information within the industry. |
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