Peer-to-peer Network Loan "The remainder is king" era, the core competitiveness also see the risk pricing ability

Guide: For some time, not only Peer-to-peer network loan Xiaoping Run, closed; from this year onwards, such as Red Ridge, Copper Street, including Lu Jin, such as the big platform also began "accident."
Now, the stranger's loan game has become less fun, even some "dangerous".

For some time, not only peer-to-peer network loans to run and collapse, from the beginning of this year, such as Red Ridge, Copper Street, including Lu Jin, such as large platforms also began to "accident." Although afterwards Lu Jin clarified that its 250 million yuan bad debt department's factoring company for, but even the industry benchmark all stood "the gun", unavoidably lets the person sigh.

Do you dare lend money to strangers? In the spring of this cold spell, people began to wonder--is it not the best financial arrangement to reflect the financial democratization and the benefits of the Peer-to-peer network loan?

The original peer-to-peer can solve the information asymmetry, high transaction costs, and even predicted that, under a certain technical framework, Peer-to-peer will gradually replace the loan, because it can in 0.1 seconds to find the most needy borrowers.

But the ideal is very plump, the reality is too bone feeling. Peer-to-peer network lending cyclical "collapse tide" has erupted, only 2014 years of four seasons, there are 102 platforms are difficult to raise, the problem platform 170. The main obstacle is that the credit system is not perfect, which restricts the trust evaluation, loan pricing and risk management efficiency of peer-to-peer network loan, whereas the place where the basis of credit is better, the vitality of Peer-to-peer is manifested.

Some data show that the net loan is positively correlated with the level of economic development, and is now concentrated in the eastern region with more developed financial level. 2014 China Peer-to-peer Network lending Platform volume and end of the loan balance broke through 250 billion yuan and 100 billion yuan, the number of operating platforms reached 1575, the year a total of 1.16 million investors and 630,000 financiers use Peer-to-peer network loan platform transactions.

There are roughly six types of peer-to-peer: Lending after the collection of funds, information matchmaking, online combination mode, joining the main, outsourcing wind control, mixed mode and so on.

In the view of regulatory departments, Peer-to-peer network lending is the network of private lending and is unsuitable for administrative intervention. However, based on China's national conditions, it is necessary to "intervene" from the angle of standardizing "fundraising" behavior. At present, the policy department is mainly based on the prevention of private lending and the risk of illegal fund-raising to give a hint of risk, has not yet issued a peer-to-peer regulatory approach. It is said that the future peer-to-peer regulatory thinking is basically the establishment of industry self-regulation organizations, the implementation of record supervision.

There is a paradox here. One of the important dimensions of supervising the evaluation of Peer-to-peer service to the real economy is the cost of financing. Logically peer-to-peer should reduce the cost of financing, such as peer-to-peer without physical outlets, low transaction costs, can rebate to borrowers, but this is not the case. The opacity of credit leads to the high cost of comprehensive financing, in which the cost of non-interest-bearing is relatively high. According to Guotai chief economist Lintseyi estimates, platform fees, guarantee fees and other non-interest costs in the total financing costs accounted for more than 34%~70%.

"2014 China Network loan Industry Annual report" disclosed that in 2014 nearly half of Peer-to-peer platform actual financing cost is above 20%. and Peer-to-peer Network Loan main financing main body is small micro-enterprises, their net assets profit margin is generally 5%~8%, how to bear more than 20% of the financing cost?

In addition, Peer-to-peer network loan oversupply phenomenon is more common. Investors will recharge the funds to the Net Loan platform Investment Account, no bid can be cast or not meet customer requirements of the target, so that funds idle.

It is certain that the business model of Peer-to-peer network loan business is unsustainable at the current interest rate level. The process of peer-to-peer industry bubbles has begun. But the other side of the boom is that capital continues to be a peer-to-peer one. At the same time, there has never been a trade like today's peer-to-peer so that the regulatory layer so tangled, regulatory policy has not been long. But even if the compliance threshold is not lifted, the shuffle may still be on schedule. The industry's "ebb and Tide" may be the result that regulators want to see?

The core of internet finance lies in the credit system. Under current conditions, to make a stranger's loan game less dangerous, only the vertical subdivision area-the network loan platform is more unique, can be insight into the financing of the situation, so that the game of strangers become transparent. In the next Peer-to-peer network loan "The remainder is king" era, its core competitiveness is undoubtedly the platform asset side risk pricing ability.