What are the risks faced by domestic P2P online lending? P2P is a kind of lending behavior in form, but it is essentially a kind of direct financing because there is no intermediary like a bank. Let me share the risks faced by domestic P2P online lending. Let's have a look.
Domestic P2P online lending faces risks. 1 platform, as an information platform for both borrowers and lenders, is an intermediary in contract law. Ideally, P2P peer-to-peer lending platform should be regarded as an intermediary in the financing intermediary contract, only as an information intermediary, and not participate in the transaction between the two parties. However, in practice, many platforms have deviated from the role of pure intermediary, so platforms are facing huge legal risks.
The year is approaching, and the P2P running crisis is concentrated. According to statistics, in February, 2065438+2004, there were 92 problem platforms in a single month, and the monthly occurrence rate of problem platforms increased from 1.36% at the beginning of the year to 5.65%. Some platforms have been brewing into a running situation, and platforms with "fraud or running" problems account for 25%.
P2P business is still in the early stage of development in China, and its nature is still lack of accurate definition in the existing legal system. P2P is a kind of lending behavior in form, but it is essentially a kind of direct financing because there is no intermediary like a bank. In the absence of legal basis, it is easy to blur the boundary between P2P online lending and illegal fund-raising in practice, and some platforms have stepped on the red line of illegal fund-raising.
As an information platform for both borrowers and lenders, the legal status of the platform is an intermediary in contract law. Ideally, P2P peer-to-peer lending platform should be regarded as an intermediary in the financing intermediary contract, only as an information intermediary, and not participate in the transaction between the two parties. However, in practice, many platforms have deviated from the role of pure intermediary, so platforms are facing huge legal risks.
Judging from the way of creditor's rights transfer, the business scope of P2P online lending platforms registered in the Industrial and Commercial Bureau and the Telecommunications Bureau is mostly "financial consultation" and "information service", and they have not obtained the qualification to raise funds from the public. In addition, when the first lender transfers the creditor's rights to other lenders, it transfers not only the principal but also the interest, which is a disguised return to other lenders. The online lending platform publicly transfers creditor's rights to its lenders and customers, and the transfer target is unspecified public.
According to the definition of public offering in Article 10 of China's Securities Law, public offering refers to the widespread sale of securities to an unspecified public. Public offering needs to be approved by the CSRC, otherwise it is an illegal public offering of securities.
Due to the "one loan and many loans" mode of peer-to-peer lending and the community management of members, the peer-to-peer lending platform is required to "persuade the lender to withdraw the account". Most of these accounts are corporate accounts opened by online lending platforms on third-party payment platforms. Therefore, these corporate accounts have accumulated public funds. Under the legal system of financial management in China, only banks and other financial institutions can absorb public funds. Furthermore, if these funds enter the personal accounts of platform companies or companies, it may be illegal fund-raising or disguised absorption of public deposits. If the platform is identified as illegal fund-raising for the purpose of illegal possession, it may constitute the crime of fund-raising fraud.
In addition to the legal risks mentioned above, in practice, the intermediate account risk can not be ignored. Intermediate account refers to the escrow account opened in a third party institution to deposit the trading funds of both parties in order to reduce the trading risks of both parties. P2P peer-to-peer lending intermediate fund account is opened to facilitate transaction verification and posting, and its establishment is a necessary part of online lending platform. Intermediary fund accounts monitor the "earmarking" of intermediary fund accounts by monitoring the flow of funds, analyzing the roles of all parties involved in credit activities.
At present, domestic P2P online lending platforms generally open intermediate fund accounts in banks and third-party payment platforms to realize intermediate transfer settlement. The general attitude of fund custodians is to allow accounts to be opened, but not to allow supervision. This reality makes the funds and liquidity of intermediate accounts in a regulatory vacuum. Banks often refuse to provide third-party supervision for the online loan industry, because they can't assess whether the online loan risk will impact the banking system. Therefore, even if it is an account paid by a third party, the right to allocate funds (the right to use) is still in the hands of the online lending platform.
The lack of supervision over intermediary accounts makes P2P industry in peer-to-peer lending face serious intermediary account risks, and platform institutions can freely control funds, making the establishment of intermediary accounts their own fund pool. In the absence of supervision by regulators, platform institutions rely entirely on their own credit in the control of funds.
However, the frequent delayed payment crisis of P2P online loans shows that P2P online loans still face liquidity risks. In China, most P2P lending industries are advanced by the platform. Liquidity risk refers to the risk that the transaction cannot be completed in the ideal time due to insufficient market turnover or lack of willing opponents.
When the liquidity of online lending platform is insufficient, it is impossible to quickly reduce liabilities or realize assets at a reasonable cost to obtain sufficient funds, thus affecting its profitability. As an intermediary between borrowers and lenders, the online lending platform only holds a small part of the total liabilities at any time to meet the demand. If a large number of creditors in peer-to-peer lending demand to cash their claims at the same time, for example, a large number of lenders run away, the online lending platform may face a liquidity crisis, leading to delayed payment or even bankruptcy.
Risk 2 of domestic P2P online lending is difficult to control. The P2P online loan secondary market has encountered bottlenecks.
Market activity needs to be improved.
Practitioners said that at present, P2P industry needs a secondary market with price discovery function, which can provide pricing mechanism, provide liquidity for related assets and increase the circulation (speed) of assets. At present, many P2P platforms in the industry have launched the re-transfer of investors' rights and interests on their own platforms. It is worth mentioning that the platform that has launched the above business is not active, because the business is still in the early stage of development.
The support mechanism needs to be improved.
If you only rely on retail investors, the trading market can't do anything, and you need market makers and brokers to do it. With this role, the market will become more active. And now the regulatory authorities prohibit companies from lending, so ordinary institutions cannot participate in P2P secondary market transactions as institutions. However, some insiders believe that the P2P secondary market is also constantly innovating and developing. Whether some qualified factoring companies or asset management companies can participate in this transaction is also a direction worthy of consideration.
In addition to the gradual cultivation of market makers, the P2P secondary market also needs to establish a creditor's rights registration institution, and only such an institution can confirm the right, which is very important. Because the participants in the secondary market, if not registered, may face the situation that a creditor's right is sold twice or more, and confirmation can guarantee the authenticity of the project and will not be sold to many people at the same time.
The importance of risk control is highlighted.
In the eyes of the industry, risk control is still crucial for the P2P secondary market to achieve greater development. If it is a real secondary market, it requires (trading platform) to have a high risk control ability for a single P2P platform and a certain understanding of the project. There are still many risks in the P2P secondary market, so it is still difficult to be a trading market.