| In recent years,the rapid development of China’s online lending market has attracted the attention of many investors and financiers.Due to the opaque information in the online lending market,many problems arose during its development.In order to improve the current situation of the online lending market,the authorities attached great importance on the supervision of information disclosure.However,the information disclosure of the online lending platform has not been as smooth as expected,and there are still problems such as untimely,inaccurate and incomplete with information disclosure during the disclosure process.Therefore,an in-depth analysis of the motivation of information disclosure behaviors and the dynamic mechanism of the information disclosure on the online lending platforms have important reference value for improving the level of information disclosure to the online lending platform and alleviating the problem of asymmetry in the online lending market.This paper took the online lending platform established before January 2015 and still operating in June 2018 as the research object,revealed the current status of information disclosure of online lending market,and analyzed the factors affecting the information disclosure of online lending platforms.Furthermore,the interaction effects between the various factors was explored.Specifically,firstly,based on the principal-agent theory,signaling theory,demonstration effect theory,organizational legality theory,and stakeholder theory,we combed the theoretical basis of the information disclosure behavior of the online lending platform systematically;Secondly,it mainly introduced the current status of online lending industry operation and information disclosure,and analyzed the agent of information disclosure anomie in the online lending industry;Thirdly,according to the relative theories and researches,we analyzed the influencing factors of information disclosure of online lending platform from four dimensions: regulatory factors,market environment factors,platform growth factors and social concern factors,and put forward corresponding research hypothesis;Fourthly,the method of mixed OLS panel regression has been used and the empirical test may been conducted to explore the influences of the possible factors on the information disclosure of online lending platforms,and examined the interaction of each factor to improve the information disclosure level of platforms.The research found that the level of information disclosure between platforms is significantly different,and the overall level of information disclosure in the online lending market is low;regulatory pressure has a significant positive impact on the improvement of platform information disclosure level;market environmental pressure has no significant impact on platform information disclosure behaviors;in the platform’s own growth momentum,the pressure of reputation has a significant positive impact on its information disclosure level;the third-party audit supervision in social concern dimension has significantly improve the level of platform information disclosure,but network attention has no obvious impact on the information disclosure level.In addition,there is a complementary relationship between regulatory pressure and the market environment,but there is an alternative relationship between the platform’s own growth momentum and social concern and platform supervision and the market environment respectively,which weakened the regulatory pressure or market environment’s impacts on the level of platform information disclosure.Finally,according to the research conclusions,we proposed the way to improve the level of information disclosure:Firstly,implement the mandatory information disclosure institution of the online lending industry;improve the competitive environment of the online lending market;prompt the public’s attention to the online lending industry;strengthen the supervision and requirement of the third-party audits of platforms,and make an outlook for the development of the online lending industry and future research. |
