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The credit guarantee system factor

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Rongjing Zhen, Miao Hu, Hongyingzi Chen

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The financial institution factor

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Private P2P accounts for the highest proportion of problem platforms, with 4579, accounting for 97.6% of all problem platforms.

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The political factor

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Classified according to the safeguard mode

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Classified according to the safeguard mode

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Classified according to the degree of problem--5 types

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Classified according to the degree of problem--5 types

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(the most common 45.65%)

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Lack of collateral

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Poor credit

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Low comprehensive quality

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Main cause: The platform's business flaws and irregularities

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Main cause: The platform's business flaws and irregularities

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The contagion of market sentiment caused panic

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The contagion of market sentiment caused panic

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the economic downturn cycle isde-l everaged, which leads to accelerated exposure to wind risks

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The number of P2P platforms shows a rational growth trend

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China's online loan industry has entered the regulatory era. Under the strict supervision situation, the P2P industry is experiencing a "thunder storm", with frequent phenomena such as cash withdrawal difficulties, platform running, economic investigation intervention and suspension of operations.

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The Third Stage: Industry outbreak period(2013-2016)

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The Third Stage: Industry outbreak period(2013-2016)

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The number of platforms has surged and the business has expanded rapidly.

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The basic definition

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The Second Stage:Rapid development period (2012-2013)

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The Second Stage:Rapid development period (2012-2013)

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The first wave of default risk broke out in 2012 due to lack of experience, weak awareness of risk control and lack of supervision in the early stage of industry development.

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The UK P2P industry self-discipline organization has also made strict requirements on other aspects of the platform.

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The UK has introduced a targeted regulatory approaches.
The United States only regulates it by basic legislation, such as the Securities Act of 1993.

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P2P is regulated in the UK by the FCA.
The United States implements multi-agency supervision, mainly supervised by SEC.

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1.Industry self-discipline and government regulation go hand in hand.
2.The government sets the threshold for market access.
3.Establish an information disclosure system.
4.Improve the mechanism for protecting investors.

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Risk regulation measures in different countries

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Risk regulation measures in different countries

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The First Stage:Market introduction period (2007-2011)

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The First Stage:Market introduction period (2007-2011)

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At this stage, the development of the industry is slow, and most entrepreneurs have no experience in private lending and related financial operations, focusing on the original credit model.

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Development trend of P2P online lending in the future

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Operation mode

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The current state of P2P online lending

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With the development of the Internet, the financing difficulties of small and medium-sized enterprises have been improved. In 2007, Internet finance online loan was formally introduced into China, which accounted for an increased proportion of the total financial volume and expanded its business scope. There are many business models of Internet finance, among which commercial banks occupy the main position.

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External environmental factors

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The factors of Enterprise own

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The Development of P2P Platforms in China

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The Development of P2P Platforms in China

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(bar chart)

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Policy support

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Convenient operation process.

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Difficulties of SMEs financing under traditional financing mode

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Difficulties of SMEs financing under traditional financing mode

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Borrowing costs are lower.

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Loan information is visible and clear.

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The target range of services is expanded.

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Contributions and Risks of P2P Online Lending for SMEs Financing

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Taking P2P as the research object, this paper analyzes the improvement of P2P online lending through data collection and literature sorting. We also puts forward some feasible suggestions on the healthy development of P2P network lending industry and the better service for the financing of SMEs enterprises.