Study On Investors' Preference For Choosing P2P Platform And Its Rationality

It has been 12 years since the first P2 P platform was announced in Shanghai.A sudden cycle,with the continuous development of the online loan market,China's trillions of private financial market demand has been stimulated,resulting in more and more P2 P online loan platforms flooding into the market.At the same time,the proportion of problem platforms is also rising.It was not until 2016 that the introduction of the Interim Measures for the Management of Business Activities of Internet Lending Information Intermediaries meant the beginning of the rectification of industry supervision.In 2018,the supervision of the industry was further strengthened.After comparing with the corresponding rectification plan,many platforms failed to reach the expected target of compliance and wound up and withdrew,causing panic among investors.Since June,P2 P platforms began to explode mines in a large area across the country.This thunder tide not only makes the online loan platform in hot water,but also causes heavy losses to investors.Investors' risk identification ability to P2 P platform has begun to attract our attention.In order to explore the risk identification of Chinese investors on P2 P platforms,this paper will use this tide as a criterion for judging whether investors' preference for platforms is rational: if the platform preferred by investors is more likely to have no problem in this tide,it will be regarded as rational,otherwise it will be regarded as irrational.Therefore,based on the popularity data and platform characteristics of 400P2 P platforms before the thunderstorms,this paper firstly identifies the real preferences of investors in choosing platforms through multiple linear regression on the basis of preference hypothesis.Then,based on the data of whether the 400 platforms have problems during the thunderstorms and the platform characteristics,the prominent characteristics of the problem platform are identified through Logit regression,and the prominent characteristics of the problem platform are compared with the preference characteristics of investors.The rationality of investors in choosing the platform is tested by judging whether the platform preferred by investors is more likely to fail.The empirical results show that investors obviously prefer a platform that is located in Beijing,Shanghai,Guangdong and Zhejiang,has a background,is connected with bank custody,has long operation time,long average loan term,highregistered capital,low annual return rate and supports the transfer of creditor's rights.Among them,the preference for platforms with bank custody,long average loan term and low annualized return rate is rational,while the preference for platforms located in Beijing,Shanghai,Guangdong and Zhejiang,with background,long operation time,high registered capital and support for creditor's rights transfer is irrational.Therefore,investors' preference for P2 P platforms is not rational enough.In order to prevent more investors from becoming cannon fodder during the reshuffle of the online loan industry,this paper puts forward eight suggestions to investors based on the conclusion of empirical research: First,don't stick to the platform in Beijing,Shanghai,Guangdong,Zhejiang region;Second,do not blindly chase after platforms with strong backgrounds;Third,remember that bank deposit is not safe and non-bank deposit must be unsafe;Fourth,it is not easy to trust the old platform.Fifth,don't invest in Short Bid for Safety;Sixth,do not place too much emphasis on the registered capital of the platform;Seventh,it does not blindly pursue high-income platforms.It is not easy to choose a platform to support the transfer of creditor's rights.