Research On The Influencing Factors Of P2P Investor Platform Selection Behavior

P2P online lending is a product integrating information technology and financial innovation.It's an important part of China's online finance market.It has perfectly catered to the uncovered demands of traditional finance market for its convenience of access and easy of operation.This business has benefited many borrowers and investors.Since the foundation of �PPDAI'in 2007 in China,the industry has flourished at an unstoppable speed.With the rapid increase in the number of online lending platforms,the market has gradually become fully competitive,joined with plenty of participants.After reviewing the studies related to P2 P lending,we have found that most research was focusing on the selection of borrowers made by investors and on the recognition of credit risk.However,according to Chinese actual situation,facing with the multiple options of platforms,the investors should pick a platform firstly,and then the borrowers secondly.This paper starts with the investor's selection of platforms,and studies the investor's intention towards the platforms;furthermore,facing the predicament that the platforms' difficulty of obtaining new customers and low rate of retainment,we in-depth study the influencing factors of investors to re-invest a platform.First of all,based on the relevant theories and literature such as 'rational behavior model',this paper cuts in from the point when the P2P-breaching-tides subsided and the prospects are clear.Using the sample data of 148 platforms collected from WDZJ-OFFICIAL,we construct a multiple linear regression model,which set 'deal amount in recent 30days' as an explanatory variable,with independent indicators in four dimensions,which respectively are 'platform trust','expected return','credit risk'and 'investment heat'.The model quantitatively study the investor's intention towards platforms when facing many choices.As a result,the study found that,compared with the previous conclusion,the platforms tend to be homogeneous after the environment is cleared,and investors show higher ability to identify the risk.Seen from the perspective of reference rate of return? investment period?and number of borrowers,we found rational characteristics when the investors choose a platform to take partin.Besides,consistent with the conclusions of the existing literature,the investment behavior has obvious herding effect,and the phenomenon of leader is found.Furthermore,the scale of business balance is a key indicator for building trust.Then,on the basis of the previous thesis,this article in-depth study the loyalty behavior of investors on the platform from the perspective of the platforms,who have to spend quite much on obtaining new customers while the retention rate is pretty low.After data processing,117 platform samples were retained.We collected the comment data,transaction data and overall-industry data from January 2018 to March2019.We define 're-investment percentage' as explanatory variables,and build an index system constructed from four dimensions,which respectively are 'customary inheritance','expectation confirmation','dynamic evaluation' and 'retention motivation'.In particular,referring to previous conclusion,the samples are clustered into two types of platforms,differing in scale,and the time is divided into two parts' before and after the breaching-tide' according to the sample time period.We built a dynamic panel model for empirical research and chose system-GMM to make an estimation.We also used the method of substitution variables and built a static panel model in order to ensure the robustness of the regression results.As a result,we found that the negative evaluation of investors in the P2 P lending will dampen user loyalty,which is more significant than positive evaluation;some platforms try to use counterfeit comment to praise public opinion,and investors have the wisdom to identify authenticity,this operation is sometimes counterproductive;there is also a herd phenomenon in the re-investment behavior,the former user-loyalty will have a positive effect in the current period;the positive growth of platform business scale helps to maintain user loyalty;the platform's subsidy activities for new users will negatively affect the loyalty of existed investors.Based on the conclusions all the above,the paper puts forward some reasonable operation suggestions for P2 P platforms.First,the loan business that correspond with the investor must be short-term and decentralized in order to meet the investor's requirements for liquidity and credit structure stability.Second,the head investor should be fully served,for the demonstration will lead to positive guidance for ordinary investors.Third,in respect of user evaluation,it is necessary to provideample feedback channels to enable investors to make negative comments and actively improve the proposed recommendations to maintain user loyalty.In addition,do not try to fake the public opinion,which may cause a reverse effect.Fourth,when obtaining customers,try not use the means of subsidizing new users and avoid hurting the loyalty of the old investors.Finally,the platform should abide by its duties and focus on the basic business of capital matching.The vitality of the continuous growth of the business scale is the foundation of sustainable development and the key method of maintaining user loyalty.