中國P2P網(wǎng)絡(luò)借貸平臺(tái)違約影響因素研究
發(fā)布時(shí)間：2018-09-18 18:12
【摘要】：中國第一家正規(guī)意義上的P2P網(wǎng)絡(luò)借貸平臺(tái)(以下簡稱“P2P平臺(tái)”)“拍拍貸”成立于2007年6月距今已有將近9年多的時(shí)間,累積完成230萬筆借款,1300萬筆有效投資。然而P2P整體市場發(fā)展并不像“拍拍貸”這樣一帆風(fēng)順,據(jù)第三方平臺(tái)數(shù)據(jù)顯示,P2P平臺(tái)發(fā)展10年間累積出現(xiàn)P2P平臺(tái)6000余家其中問題平臺(tái)累計(jì)出現(xiàn)達(dá)60%。問題平臺(tái)出現(xiàn)的總體原因包括自身經(jīng)營不善、資金鏈斷裂、惡意競爭、惡意詐騙等�！癊租寶”事件影響之廣、范圍之大給人們敲響了警鐘。2016年涉嫌“裸貸”的“借貸寶”平臺(tái)又牽涉出了很多P2P平臺(tái)從事違法活動(dòng)的地下灰色鏈條。這無疑加快了國家對于P2P平臺(tái)的監(jiān)管力度和對涉嫌違法平臺(tái)的打擊力度。國務(wù)院辦公廳、工信部、工商局、教育部、銀監(jiān)會(huì)、公安部在2016年印發(fā)了《網(wǎng)絡(luò)借貸信息中介機(jī)構(gòu)業(yè)務(wù)活動(dòng)管理暫行辦法》等9條相關(guān)文件,加大對互聯(lián)網(wǎng)金融行業(yè)的監(jiān)管力度。2016年下旬,P2P平臺(tái)的專項(xiàng)整治已經(jīng)有序進(jìn)行,良性退出的平臺(tái)占比逐漸增多,然而平臺(tái)違約事件依舊時(shí)有發(fā)生,在行業(yè)徹底規(guī)范前,對于投資者而言如何選擇投資平臺(tái)顯得尤為重要。因此本文希望通過對P2P平臺(tái)相關(guān)數(shù)據(jù)的分析從而找到P2P平臺(tái)違約的相關(guān)影響因素。本人通過第三方平臺(tái)、領(lǐng)英、國家工商局全國企業(yè)信用信息公示系統(tǒng)搜集到相關(guān)平臺(tái)3015家,有效數(shù)據(jù)33165個(gè),通過描述性特征確立變量,運(yùn)用Logit模型對數(shù)據(jù)進(jìn)行回歸分析,最終得出結(jié)論:違約平臺(tái)的信息披露制度并不完善,平均預(yù)期收益率高于存續(xù)平臺(tái)。支持債權(quán)轉(zhuǎn)讓、擁有資金托管、存續(xù)時(shí)間長、實(shí)繳注冊資本高的平臺(tái)相對不容易發(fā)生違約,創(chuàng)始人擁有金融相關(guān)從業(yè)經(jīng)驗(yàn)會(huì)在企業(yè)整體方向上做出更好的掌控,使得平臺(tái)運(yùn)營更加平穩(wěn)不易發(fā)生違約。希望可以為投資者選取P2P平臺(tái)時(shí)提供幫助,并對監(jiān)管政策提出建議,為之后的研究者做鋪墊。
[Abstract]:PPDAI, the first formal P2P network lending platform (hereinafter referred to as "P2P platform") in China, has been established for more than nine years since June 2007. It has accumulated 2.3 million loans and 13 million effective investments. However, the overall market development of P2P is not as smooth as PPDAI. According to third-party platform data, there are more than 6000 P2P platforms in the past 10 years. The overall reasons for the emergence of the problem platform include poor management of their own, capital chain break, malicious competition, malicious fraud, etc. The "E Rent Treasure" incident has a wide impact. The scope is a wake-up call. The 2016 "Lending Treasure" platform, which is suspected of being "naked", also involves a number of underground grey chains of peer-to-peer platforms engaged in illegal activities. This undoubtedly accelerates the state to the P2P platform's supervision and the attack on the suspected illegal platform. The General Office of the State Council, the Ministry of Industry and Information Technology, the Industry and Commerce Bureau, the Ministry of Education, the Banking Regulatory Commission, and the Ministry of Public Security issued in 2016 the interim measures for the Administration of the Business activities of Network Lending Information intermediaries, and other relevant documents. Step up the supervision of the Internet financial industry. The special regulation of P2P platforms in late 2016 has been carried out in an orderly manner, and the proportion of benign exiting platforms has gradually increased. However, incidents of platform default still occur from time to time, before the industry is completely standardized. For investors how to choose investment platform is particularly important. Therefore, this paper hopes to find the relevant factors of P2P platform default through the analysis of P2P platform related data. Through the third-party platform, LinkedIn, the State Administration of Industry and Commerce, the national enterprise credit information publicity system collected 3015 related platforms, effective data 33165, through descriptive characteristics to establish variables, using the Logit model to carry out regression analysis of the data, The conclusion is that the information disclosure system of default platform is not perfect and the average expected return rate is higher than that of survival platform. Supporting the transfer of creditor's rights, having funds in custody, having a long life span, and having a high paid-in registered capital platform are relatively less prone to default, and founders who have experience in financial related work will have better control over the overall direction of the enterprise. Make platform operation more stable not easy to default. Hope to help investors choose P2P platform, and make recommendations on regulatory policy, for future researchers to prepare the ground.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.282;F724.6;F832.4
本文編號(hào)：2248711
[Abstract]:PPDAI, the first formal P2P network lending platform (hereinafter referred to as "P2P platform") in China, has been established for more than nine years since June 2007. It has accumulated 2.3 million loans and 13 million effective investments. However, the overall market development of P2P is not as smooth as PPDAI. According to third-party platform data, there are more than 6000 P2P platforms in the past 10 years. The overall reasons for the emergence of the problem platform include poor management of their own, capital chain break, malicious competition, malicious fraud, etc. The "E Rent Treasure" incident has a wide impact. The scope is a wake-up call. The 2016 "Lending Treasure" platform, which is suspected of being "naked", also involves a number of underground grey chains of peer-to-peer platforms engaged in illegal activities. This undoubtedly accelerates the state to the P2P platform's supervision and the attack on the suspected illegal platform. The General Office of the State Council, the Ministry of Industry and Information Technology, the Industry and Commerce Bureau, the Ministry of Education, the Banking Regulatory Commission, and the Ministry of Public Security issued in 2016 the interim measures for the Administration of the Business activities of Network Lending Information intermediaries, and other relevant documents. Step up the supervision of the Internet financial industry. The special regulation of P2P platforms in late 2016 has been carried out in an orderly manner, and the proportion of benign exiting platforms has gradually increased. However, incidents of platform default still occur from time to time, before the industry is completely standardized. For investors how to choose investment platform is particularly important. Therefore, this paper hopes to find the relevant factors of P2P platform default through the analysis of P2P platform related data. Through the third-party platform, LinkedIn, the State Administration of Industry and Commerce, the national enterprise credit information publicity system collected 3015 related platforms, effective data 33165, through descriptive characteristics to establish variables, using the Logit model to carry out regression analysis of the data, The conclusion is that the information disclosure system of default platform is not perfect and the average expected return rate is higher than that of survival platform. Supporting the transfer of creditor's rights, having funds in custody, having a long life span, and having a high paid-in registered capital platform are relatively less prone to default, and founders who have experience in financial related work will have better control over the overall direction of the enterprise. Make platform operation more stable not easy to default. Hope to help investors choose P2P platform, and make recommendations on regulatory policy, for future researchers to prepare the ground.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.282;F724.6;F832.4
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