Most Of The P2P Has Deviated From The Main Road.

In western countries such as the United Kingdom and other western countries, P2P is the pure intermediary agency that takes away the function of credit intermediary and undertakes the intermediary function of information. P2P is a service platform focusing on information matching.

But most of P2P in China has deviated from this direction and developed into credit intermediaries.

The advantage of P2P and other net loan lies in its information intermediary function.

P2P makes use of its advantages of big data and network platform to directly connect the two sides of capital supply and demand, which can reduce intermediate links, improve efficiency and reduce costs, thus making up for the shortage of traditional finance.

But in terms of credit intermediary functions, P2P is far less than traditional finance.

First, the risk information is incomplete.

At present, the most typical example of the relationship between financial inheritance and financial innovation is P2P and other Internet lending.

For P2P, it has been controversial for a long time.

Some commentators believe that the P2P platform can identify customers' risks by using advanced data and other advanced means, so as to realize inclusive finance and replace traditional credit. The number of platforms will be more and more, and there is a possibility of subverting traditional finance.

There are also comments that the cost of P2P platform and the cost of wind control are much higher than those of traditional financial institutions. The profit model is not sustainable, and 99% of P2P financial platform will die.

I think these two views are biased.

Let's look at the nature of finance.

The essence of finance is financing and financial institutions play an intermediary role in it.

This intermediary function can be divided into two categories: one is information intermediary, the other two is credit intermediary.

Information intermediary is to provide information for both sides of the supply and demand of funds to solve the problem of asymmetric information.

It is easy to understand the intermediary role of finance, and we can see that there is not much controversy, and the credit intermediary role of finance is not necessarily well understood. Many people do not even fully realize that this is precisely the core of modern finance.

The so-called credit intermediary is the financial intermediaries in the process of financing, with their own as a guarantee of credit, to ensure the safety of investors' capital and interest, and assume the responsibility of controlling loan risks.

From the very beginning, traditional finance has two functions: information intermediary and credit intermediary, and its credit intermediary function is more important.

Therefore, modern banks have developed a series of risk management capabilities, including risk identification, risk assessment, pricing, risk control and risk compensation. They also require borrowers to meet certain loan conditions such as mortgage and guarantee. After lending, there are also loan monitoring measures. When there are bad debts, there are risk compensation measures such as provision and capital compensation.

You may have noticed that the focus of modern banks lies in their credit intermediary functions.

The results of bank operations are mainly reflected in credit intermediaries.

Big data only covers online data, and the acquisition of offline data relies mainly on traditional means. The lender of P2P is often a small or micro enterprise or individual. The credit system for this group is far from perfect, and the key information such as business efficiency and credit risk is hard to obtain.

Second, risk control is not as good as traditional finance.

At present, most P2P risk control relies on the means of real estate mortgage, risk investigation and so on, which are similar to those adopted by traditional finance, but the degree of risk control is far less than that of traditional finance. Some platforms even outsource risk investigation, which undoubtedly increases the operation cost.

Besides, the risk compensation capability of the P2P platform is seriously insufficient.

At present, the loan provision rate of commercial banks in China is higher than 3%, and the provision coverage rate is higher than 150%. These reserves come from the long-term pre tax profit accumulation of banks.

At present, the risk margin set up by some P2P platforms is generally 1% of the loan amount, while the credit risk of the platform's customer base is much higher than that of the traditional financial customers. The risk guarantee is far from enough to cover the risk.

Moreover, there is still a lack of supervision in the situation of margin.

It can be seen that a large number of P2P platforms are difficult to have credit intermediary functions, but their advantages in information intermediaries can make up for the shortage of traditional finance.

In the origin of P2P, Britain and the United States and other western countries,

It is a purely intermediary agency that takes away the function of credit intermediary, and only undertakes the intermediary function of information. It is a service platform focused on information matching.

But most of P2P in China has deviated from this direction and developed into credit intermediaries.

Many platforms promise to protect investors' principal and interest, which means that the platform will bear the risk of investors.

At present, many platforms are in disguised form of illegal fund-raising, capital pool business, self financing and guarantee, etc., and some platforms will mismatch the financing project term or package assets, and directly use the pool of funds to directly carry out credit and financial management and other financial businesses. These are easy to cause platform risk accumulation and eventually lead to capital chain breakage.

These are also the main reasons for the massive shutdown of the P2P platform over the past year.

Although net loan statistics and application statistics are very important and urgent, it is very difficult to carry out the statistical monitoring work in the net loan industry.

At present, some agencies are conducting statistics on the net loan industry. These statistics are mainly from the source end statistics, for example, the statistical information released by the net loan home and the first net loan has been widely used.

Due to obtaining the application end

The difficulties are great. These institutions can only be counted from the source of funds.

Because Internet finance, investors are investing through the network, so the source side is more pparent, it is easier to get source end data from the platform website.

The people's Bank of China has established the total statistics based on the source end with the China Internet Finance Association. The individual information is related to the application end. We intend to start the statistics from the Association member units in batches, until all members are allowed to expand to all the lending platforms.

At the same time, from the statistics of law, we will issue a joint document with the National Bureau of statistics as soon as possible, and get the legal right to collect data from all Internet companies.

In short, finance is not only an information intermediary, but also a credit intermediary. Traditional finance and Internet finance are not mutually exclusive, but the relationship between inheritance and innovation.

Through the rapid development of the previous stage, under the background of frequent risk and tighter regulation, the net loan industry will face a new round of shuffling.

The number of platforms will be greatly reduced, but some quality platforms will stand out.

Some platforms will return to the function of information intermediaries, and seek survival space in more niche markets, such as small consumer credit, which is similar to the lending club mode in Europe and America.

At present, most platforms that undertake credit intermediary functions will be eliminated. Only a small number of advantageous platforms that undertake certain credit intermediary functions can survive.

This advantage platform will innovate in product design and risk control measures, not only to efficiently acquire secure customers, but also to have a relatively stable source of capital with relatively low cost.

The scale of these platforms will gradually grow, and the operation will be gradually standardized, and the reputation of the platform will continue to improve.

With the improvement of platform value,

The self-consciousness and ability of control will be enhanced.

It should be pointed out that the size of the platform is not necessarily related to its service objects.

Big platforms can do small businesses as well as small businesses and weak links in the national economy.

In the aspect of risk monitoring, the focus of P2P risk monitoring should be the end of capital operation besides the platform itself.

The source of P2P funds is pparent, and the risk is small. Most of the risk comes from the capital end.

At present, the use of terminal innovation is very rich, and information is not pparent. Investors often do not know where their money has gone and how they are at risk.

To monitor P2P risk effectively, we should focus on monitoring platform risks, borrowers and loan project risks.