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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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缺少抵押品

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Poor credit

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综合质量低

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主要原因-该平台的业务缺陷和违规行为

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主要原因-该平台的业务缺陷和违规行为

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市场情绪的蔓延造成了恐慌

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市场情绪的蔓延造成了恐慌

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经济衰退的周期是去杠杆化的，这导致了风控风险的加速暴露

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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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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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随着互联网的发展，中小企业的融资难问题得到了改善。2007年，互联网金融网贷正式进入中国，在金融总量中的占比提高，业务范围扩大。互联网金融的业务模式有很多，其中商业银行占据了主要地位。

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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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本文以P2P为研究对象，通过数据收集和文献梳理，分析了P2P网络借贷的完善情况。并对P2P网络借贷行业的健康发展和更好地服务于中小企业融资提出了一些可行的建议。