Peer-to-peer platform should bid farewell to huge targets

&http://www.aliyun.com/zixun/aggregation/37954.html ">nbsp; In recent days, peer-to-peer areas have been plagued by negative news, with the previous exposure are some obscure small platform, the recent years in the domestic well-known large platform frequently in the gun, the first love investment is accused of using the Ministry of Civil Affairs for speculation, after the wealth of everyone alongside Bo when the capital was not, deeply immersed in the swirl of public opinion, Peer-to-peer platform over packaging caused doubt. However, the most alarming is still the old Peer-to-peer platform Red Ridge created by the exposure of 100 million yuan bad loans to record the industry, the platform wind control capacity encountered a big test.

One side is the negative news, one side is the big organization to dabble in, Ali, Sohu these former internet big guy has launched their own Peer-to-peer platform, trying to seize some market share. Peer-to-peer industry is the future or development twists and turns, causing great concern of the industry. Love money into CEO Yangfan in an interview with Sohu Internet finance, said that Peer-to-peer is defined as a supplement to the existing financial system, should adhere to the principle of small decentralization. The huge scale will let the risk become concentrated, the net loan platform itself does not have the ability to fallback this kind of risk. In addition, Peer-to-peer industry must follow the principle of decentralization, including geographical diversification and industry decentralization.

In my opinion, in the Peer-to-peer domain, the mortgage loan risk is higher than the pure credit loan risk, especially when the macro-economy or partial industry is in a recession, the collateral cannot realize the value.

For the recent call of the platform "to guarantee", even if the future of China's credit system is sound, the domestic peer-to-peer platform does not necessarily take the route of Lending Club, Peer-to-peer industry should not be "to guarantee", should not be some experts and the big Platform said, but to see the needs of users.

Peer-to-peer platform should bid farewell to huge targets

August 28, Red Ridge 100 million yuan to create a bad debt event has become a peer-to-peer focus of public opinion, the relevant information shows that the 4 of its loans to the financing side of the four paper companies in Guangzhou, respectively, through the Red Ridge venture capital 20 million yuan, 30 million yuan, 25 million yuan, 25 million yuan. From the number point of view, each single loan amount is very large, once the problem is very dangerous.

From the point of view of the regulatory layer, Peer-to-peer is defined as a supplement to the existing financial system and should adhere to the principle of small and convenient. As an effective supplement to the Bank, the Peer-to-peer role lies in the development of Pu-hui Finance, which serves the small and medium-sized enterprises which are difficult for banks to cover and even the individuals with financing needs. If it's a large borrowing target, this is the business of banks and guarantee companies, which have not been able to find banks to finance, probably because banks do not recognise the quality of their assets, or are very anxious to spend money, but in any case, there is no clear state level to support the P2B business model.

From a peer-to-peer point of view, adhere to the principle of small decentralization, a single loan limit of 50,000 yuan on average. The advantage of the small object is to be able to spread the risk, imagine, suppose 50,000 yuan a loan target, Bad 2000 standard can achieve 100 million bad debt level. The large scale will let the risk become concentrated, once a few bad debts, will have a great impact on the platform. From the current domestic network loan platform of registered capital, mostly in the millions of and tens of millions of, covered by billions of bad debt level is simply impossible thing. For the platforms that make huge bids, one or two of bad debts will have a huge impact on the platform.

So why is there a platform that is willing to give out so big a mark? The reason is very simple, because the small scale of the profit is not very substantial, large single mode to make more money. Since the balance treasure education of the vast number of national investment financial Wealth Awareness, Peer-to-peer industry has ushered in rapid development, many peer-to-peer enterprises only see the market is very good, but did not give high attention to risk. Unlike other commodity transactions, after the successful financing of the loan project, the lender is only the beginning, there are back, collection, compensation for investors and a series of actions, each link is critical, in general, the current industry many people are still relatively short-sighted.

Peer-to-peer industry must follow the principle of decentralization, including geographical decentralization and industry decentralization. Geographical decentralization can reduce the overall risk of local areas, avoid the concentrated loss caused by natural and man-made disasters, industry dispersed can avoid the cyclical risks and fluctuations in the industry.

Will peer-to-peer future go into some sectors and verticals? There may be such a platform. But if you want to focus on doing vertical segmentation industry peer-to-peer Platform, it must be better than others understand the industry, not only clear understanding of the industry in the specific situation, but also to clearly know the overall macro trend of the industry, the general trend, with a strong ability to pre-judgment. Not only is the peer-to-peer industry, including the real economy, as long as the entry into the subdivision industry will make the risk of concentration, similar to the nature of the betting, so the ability to judge is very strong.

At present, we just see the industry's good, how to scale bigger, but did not focus on risk. It should be noted that scale and glory can bring a lot of negative, blind pursuit of scale growth will only let the risk of speeding up, is definitely not a long-term platform for benign development.

Peer-to-peer industry is like sailing in the sea, many companies in order to run fast, the ship is broken will not care, but the test can reach the end is not a sunny day when your boat can run, but when the storm is coming, can withstand all external blow, so be sure to build a good ship's quality, in order to survive in the tide of sand.

Higher risk of mortgage loan than pure credit loan

Many people will think that mortgages must be better than pure credit loans, especially investors, that the collateral of the loan is more secure. But in fact, there are many problems in mortgage loan, first of all, the liquidity of mortgage-type assets is poor, slow to change, and cumbersome process. When the subprime crisis broke out in the US in 2008, the biggest blow to Lehman Brothers was the liquidity problems that had led to the collapse of the asset. But after three years, after clearing the company also has 5 billion dollar assets, but three years of assets can not save three years ago that fire.

Second, the collateral only in the economic trend of good, sunny circumstances, to have the ability to maintain value, and once the recession, the collateral is no longer protected. In addition, once the devaluation of the collateral is auctioned off, the creditor relationship is concluded. The risk-resistant ability of credit loans is very strong, as long as the debt relationship exists, in the economic upturn, borrowers will choose to continue to repay the debt.

Whether the future of Peer-to-peer industry "to guarantee" should be decided by the user

The core of internet finance is finance, the Internet is only the supplement of traditional financial field, the most important thing in the financial field is to control the risk and build the ability to identify the risk. Some platforms borrow a large amount of money, or simply lack the ability to identify risk, so a part of the wind-controlled transfer to the small loans and guarantee companies to do, it can also add a risk buffer for themselves.

From the international experience, people see the United States, the Peer-to-peer platform is to guarantee, which is also the basic national conditions of the United States decided. Based on the website's detailed disclosure of the loan information and the maturity of the credit system, most of the investors in the United States use the Lending Club as a stock exchange and bid with the mentality of speculation. But China does not have the capacity. Take a look at the British example, the global peer-to-peer industry originator Zopa, until now also provide principal and interest protection, therefore, not to say that all advanced countries have "to guarantee the".

Regulatory layer to deal with overdue rate stick mandatory platform disclosure

Monitoring Boots landing may not be too fast, which requires a complex process. As an insider, I hope that regulation through a series of actions to circumvent the possibility of illegal fund-raising, self-financing, Ponzi schemes and false bids, the regulatory layer must be severely punished for such events, raise the cost of illegal, to the industry a deterrent.

Transparency is critical to the healthy development of the industry as a whole, and I want regulators to set standards that will drive transparency in the industry. For now, most of the platform's disclosure of bad debt rate is 1–2%, the data is very suspicious. I hope that the country's calculation of the overdue rate of stick, mandatory disclosure, so that investors choose their own.