Efficiency and Effect of Regulatory Policies on the Online Peer-to-peer (P2P) Lending Industry

Yu Wang, Xin Han, Yixuan Li and Furui Liu

Emerging Markets Finance and Trade, 2021, vol. 57, issue 15, 4272-4285

Abstract: We investigated the influential power of regulatory policies on 463 peer-to-peer lending platforms in China to understand the effectiveness of their regulatory policies. Our results showed that the influence of regulatory policies varies across platforms. Notably, 1) the platforms controlled by the listed firms face more difficulties than others with strict supervision; 2) the platforms with little registered capital and a shorter period of establishment are more susceptible to regulatory policies; and 3) the platforms with a short duration of debt transfer have a greater risk of bank runs and serious fluctuations in trading volume due to the policy release.

Date: 2021
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DOI: 10.1080/1540496X.2021.1882987

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