This article was published in Tsinghua Financial Review from 2065438 to July 2006.
P2P online lending has developed rapidly in China in recent years, but it also exposes many problems. This paper analyzes the six risks faced by P2P, and puts forward the corresponding prevention and control countermeasures.
P2P lending, as the main form of Internet finance, still has the characteristics of concealment, contagiousness, extensiveness and suddenness of financial risks. Most of the existing personal peer-to-peer lending (P2P) platforms were hastily established to seize the Internet financial market. In the early stage, they mainly focused on technology development, function realization and user experience, often ignoring the "risk" of financial partner 3354, and risk control is the core of credit business. However, with the increase of users and loan balance, a series of risk problems are gradually exposed, and strong risk control measures are urgently needed. Compared with traditional banks, P2P platform companies have low risk control level, loopholes in internal management and imperfect relevant legal systems, which makes this industry very risky.
The main risks of P2P online lending
As early as August 20 1 1, China Banking Regulatory Commission issued relevant risk warnings, saying that there were a lot of hidden risks in credit service intermediary companies, requiring banking financial institutions to take effective measures to do a good job in risk early warning, monitoring and prevention. On July 20 13, the People's Bank of China issued "Payment Business Risk Tips, Strengthening Audit, Improving Management Level, and Preventing Network Credit Platform Risks" to warn the risks of P2P lending platforms. At present, the rapid development of P2P lending in China has risks that cannot be ignored. It is urgent for relevant departments and operating platforms to do a good job in risk management. The main risks of P2P include the following six categories.
Operational mode risk
credit risk
liquidity risk
Money laundering risk
Information security risk
The P2P platform in P2P lending will generate a lot of personal information during user registration and transaction, such as name, ID number, mobile phone number, home address, income level, work unit and so on. If the online lending platform is poorly managed, it will lead to the disclosure of customers' personal information. First, it is not excluded that a few peer-to-peer lending platforms or individual employees may sell customers' personal information to other institutions for illegal interests, which seriously infringes the privacy of platform users. Secondly, in order to reach a loan transaction, investors can usually browse the relevant information of borrowers. If it is not properly managed, there is a certain risk of information leakage. Thirdly, because the peer-to-peer lending platform has not yet launched the industry threshold, some platform websites have a rough production level and many system security loopholes, which are vulnerable to cyber attacks by criminals. In short, P2P peer-to-peer lending platform exposes the personal privacy of both borrowers and borrowers on the Internet, so it is necessary to protect customer information by improving relevant regulatory policies and raising industry threshold standards.
legal risk
Countermeasures and Suggestions on Preventing and Controlling P2P Online Loan Risks
On the basis of P2P risk analysis, this paper puts forward corresponding risk prevention and control countermeasures from five aspects: establishing risk control system, establishing internal credit rating, perfecting credit information system, developing industry self-regulatory organizations and strengthening investor protection mechanism.
Establish a risk control system.
There is a mismatch between current profits and lagging risks in the financial market, and establishing an effective risk control system is an important link in financial business. First, establish a capital account supervision system. P2P platform in peer-to-peer lending can accumulate a large amount of deposited funds through maturity mismatch. If the online lending platform uses these funds for high-risk investment activities, once losses occur, it will affect the payment of loans, which will lead to bad debt risk and credit crisis. 1030 10 has stipulated that internet financial institutions should choose qualified banking financial institutions as fund depository institutions to realize separate account management of customer funds and institutions' own funds. Client funds are subject to independent audit, and the audit results are made public to clients. Second, establish a deposit system. In order to ensure that investors can recover the principal and interest on time when the loan expires, we can refer to the deposit reserve model of commercial banks, with the People's Bank of China as the custodian department, and force the P2P online lending platform to withdraw a certain proportion from its own funds and depository funds as the deposit. When there is a risk event or cash flow break in the online lending platform, investors can get the corresponding deposit from the People's Bank of China as certain compensation. Third, establish a risk reserve system. It is suggested to refer to the bank risk reserve system, extract the risk reserve according to a certain proportion of the overall financing scale of P2P peer-to-peer lending platform, and deposit it in the custodian bank. The cost of the risk reserve shall be borne by the borrower, and shall not be used for the daily operation of the platform, but only for the debt settlement in bankruptcy liquidation. When the borrower defaults, the borrower can use the risk reserve of the online lending platform to repay part of the loan, and then the online lending platform can obtain the creditor's rights of this part of the loan and pay it to the investor to make up for the loss of the loan principal.
Establish internal credit rating
For the internationally accepted risk management paradigm of P2P industry, credit rating with the help of rating scale is a common market-oriented risk control method. The risk rating models adopted by different institutions are slightly different. Specific evaluation factors include personal information of social financiers, financial status information, public and third-party credit records, risks of the industry to which the project belongs, social network behavior information, fund use, repayment willingness, credit structure, collateral, account capital flow, etc. In fact, the industry has not yet established a risk assessment model that can truly adapt to the independent decision-making of future social investors. P2P platform often plays the role of decision-maker in risk control management while serving as an intermediary for information and transaction matching. Therefore, in the environment of big data transformation, it will be an important driving force to develop an open credit rating model suitable for social investors to make independent risk assessment decisions on P2P projects and fully tap the historical data accumulated by borrowers on the platform.
Improve the construction of credit information system
The western social credit system is relatively perfect, with strict personal credit file registration system, formal personal credit scoring mechanism and sound credit laws and regulations system, which provides great convenience for the identity verification and credit evaluation of borrowers on P2P peer-to-peer lending platform. At present, China's personal credit information system (personal credit information basic database) is a credit information sharing platform built by commercial banks under the organization of the People's Bank of China. The system was founded in 2004 and officially connected in 2006, which established credit files for individuals and recorded past credit behaviors. With the rapid development of Internet finance, it is suggested that P2P peer-to-peer lending industry should refer to personal credit information system in the future, based on big data, network and information.
Security maintenance and other technologies, build a credit information sharing platform, and connect with the basic database of financial credit information, allow qualified P2P online lending platforms to apply for credit business licenses, and support third-party intermediary service institutions to carry out credit rating of Internet enterprises. At the same time, the central and local governments should actively establish a social credit system and use the public information of government departments to establish a shared credit platform. In this regard, the Shanghai Municipal Government has tried to establish a credit center ("Shanghai Credit Network") in the whole city, which has a good exemplary role.
Develop industry self-regulatory organizations
China's P2P industry can learn from foreign practices in peer-to-peer lending. By establishing industry self-regulatory organizations, standardizing industry thresholds and charging standards, preventing vicious competition, promoting benign development, establishing information sharing mechanisms between platforms, safeguarding the rights and interests of stakeholders such as platforms and lenders, we can prevent and resolve emergencies that affect social and financial order. At present, the self-regulatory organizations of P2P online lending industry in China mainly include China Microfinance Service Intermediaries Association, P2P Professional Committee established by China Microfinance Association, Shanghai Internet Credit Service Enterprise Alliance, Internet Finance Thousand Talents Association (IFC 1000), Internet Association of China Internet Finance Working Committee, Zhongguancun Internet Finance Industry Association and Internet Finance Professional Committee. In particular, the China Internet Finance Association, led by the People's Bank of China, was listed in late March. The sponsors of the association are traditional financial institutions, such as banks, brokers, insurance companies and asset management companies. There are also some large internet finance companies involved.
Strengthen the investor protection mechanism
With the explosive growth of P2P platform in peer-to-peer lending, the number of problem platforms is also increasing sharply, resulting in huge losses for many investors. As a new internet financial model, P2P online lending also faces many difficulties for investors to defend their rights and litigate when losses occur. In the protection of investors' rights and interests, it is suggested to start from the following three aspects. First, establish a complaint channel for P2P online loan consumers and improve the complaint acceptance mechanism. For example, the P2P online loan industry association is responsible for formulating complaint norms, building complaint channels, daily complaint handling and regular industry notification, establishing blacklist mechanism, and regularly disclosing audited annual reports. Second, carry out consumer and investor education in the field of P2P online lending finance. Through the Internet, paper media, radio and other forms, publicize P2P online lending knowledge and common risks, strengthen the disclosure of P2P contract content, exemption clauses and other information, and improve consumers' risk awareness and self-protection ability. Third, cooperate with government departments to introduce relevant laws and regulations to ensure that there are laws to follow and rules to follow in the process of consumer complaints and litigation. The People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission shall, jointly with the relevant administrative law enforcement departments, carry out the protection of consumers' and investors' rights and interests in the field of Internet finance in accordance with the division of responsibilities.
Related Q&A: Let's report the fraud on p2p platform to the police. Generally, the Economic Investigation Brigade is responsible for this matter. . . Or you can go to the forum of the online loan home to expose it. Related Q&A: Experts predict that 90% of P2P platforms will withdraw from the market in 20 19. Do you think it is risky to invest in P2P now? Why? Thanks for inviting me.
Why did PTP withdraw from the market? Why is the risk high? I don't think this is PTP mode, but the quality of people who operate PTP platform and the national macro support system.
1.PTP was originally an intermediary. It goes to find people (including legal persons) who need funds to invest in the plan, and then describes the situation to investors. Investors decide whether to invest according to their own judgment, and the investment risk assessment is undertaken by investors. Because most fund suppliers are retail investors, individual investors do not have the ability to identify and analyze risks, which leads investors to rely on PTP platform to identify risks and check for investors. The platform needs its own profit. At the same time, the platform employees are also poorly managed, and their ability to identify and analyze risks is low, and the set risk compensation scheme is backward. In addition, China's credit environment and law enforcement environment are not perfect, the cost of breach of contract is low, and the punishment for dishonesty is not in place. Therefore, the risks originally borne by investors are borne by PTP platform.
Second, PTP management has deteriorated, failing to abide by the professional ethics of intermediaries, bridging the gap between investors and project parties, blindly taking investment risks or simply absorbing funds, and the platform invests on its own, which exceeds the risk responsibility that intermediaries should bear. Once you make a mistake, you will rob Peter to pay Paul, and the loopholes will be filled one by one. When the capital finally can't be absorbed, the capital chain breaks, investors have no return, the platform closes down, and the platform operators run away, which affects the whole social credit environment. When investors can't find a platform or can't bear the responsibility, investors gather to find the government, causing social disputes and social contradictions.
Third, the punishment for dishonest people is not in place, and some scammers will take the opportunity to scratch the ball and damage the reputation of PTP platform. PTP platforms are mixed, and so are fish. It can also be said that the PTP platform lacks supervision and there is basically no entry threshold. In addition, some people with ulterior motives used the platform to make money, regardless of investors' life and death, and messed up the whole PTP market, forming today's situation.
Fourth, we must affirm the important supplementary role of PTP platform in social financing. The key points are how to improve the entry threshold, how to improve the level of supervision, how to increase the cost of breach of contract, how to severely punish those who break promises, how to create a good legal environment, and how to make scammers have nowhere to hide. It is believed that with the construction of legal system and a new round of rectification, PTP will become an effective supplementary form for social financing to serve economic development. The key lies in people, and the key lies in management and standardization.
Personal opinion, for reference only, welcome to discuss or pay attention!