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2015 | Buch

Introduction to Online Lending Kapitel lesen Erstes Kapitel lesen

Financing the Underfinanced

Online Lending in China

herausgegeben von: Jiazhuo G. Wang, Hongwei Xu, Jun Ma

Verlag: Springer Berlin Heidelberg

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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SUCHEN

Über dieses Buch

This book, as a comprehensive, in-depth analysis of one of the fastest-growing industries in China, covers all the most important areas and issues in the country’s online lending industry. It includes, but is not limited to, the history of online lending, the scale of the online lending market, the basic business models in and a risk analysis of online lending, the characteristics of typical online-lending borrowers and investors/lenders, the root causes of bankruptcy among failed online lending platforms, a comparative analysis of online lending platforms inside and outside China, the overall ranking of online lending platforms in China and finally, the outlook for the online lending industry in the future. The integration of Internet and finance has, in recent years, been among the most notable topics discussed in the media, the business community and academia, both in China and worldwide. The chapters are supplemented with detailed case studies, which include illustrations and tables and the book combines theoretical analysis with conceptual discussions of and best practices in the online lending industry. It will be of interest to a variety of readers worldwide, including: (1) existing and potential online borrowers; (2) existing and potential online lenders; (3) investors and professionals running online lending platforms; (4) traditional bankers and major shareholders in traditional financial institutions; (5) staff in regulatory government agencies; (6) academics; and (7) the general public.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction to Online Lending
Abstract
Online lending—also known as peer-to-peer lending, person-to-person lending, peer-to-peer investing, social lending or P2P lending—is generally defined as the practice of lending funds to unrelated individuals (‘peers’) without going through a traditional financial intermediary such as a commercial bank. This lending takes place online through various lending platforms and credit checking tools developed to P2P lending companies.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Chapter 2. A Statistical Analyses of the Online Lending Industry
Abstract
The statistical analysis conducted in this chapter attempts to present the online lending industry in China in a holistic, objective and accurate way. The data used came from the P2P online lending platforms which have interface with YesMyLoan or Wangdaizhijia, the China’s largest online lending portal web site, and account for 60–70 % of the total online lending platforms in China in 2013, the “Year One of Internet Finance Era” in China and the most recent year with full year annual data. The data collected includes, but not limited to, some basic operating information, scale of business, transaction volume, interest rate, loan terms, and the characteristics of borrowers and lenders of online lending platforms.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Chapter 3. The Business Model Analysis of Online Lending Platforms in China
Abstract
The development of credit rating system for both individuals and companies in China is still far behind compared with the developed countries. P2P online lending, as an imported financing way that was originally created in a society with well-developed credit-rating system, encountered a series of default and bankruptcy events in 2013, as a result of the risky loans to many low-credit-score borrowers and insufficient credit rating system. In China, it is difficult for P2P online lending platforms to maintain a low default rate by simply relying upon the time-consuming individual credit check for each borrower without a society-wise credit rating system. After some trial and error, the business models adopted by P2P online lending platforms in China have evolved over time, and some new business models that promise guarantee of the principals and interests emerged, such as advance payment, guarantee mechanism, and sunk fund provisions. So, in general, the P2P online lending business models can be classified into: no advance payment model, guarantee model, and sunk fund provision model, based on whether the principals of investors is protected.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Chapter 4. The Business Model Analysis of Online Lending Platforms Outside China
Abstract
As the online lending platforms started outside China, the development of online lending overseas brought China’s online lending platforms many valuable experience and enlightenment. As a result, a comparative analysis on online lending platforms inside and outside China seems imperative. At present, overseas platforms primarily provide personal loans and only little to SMEs. The interest rate, in general, is determined in two ways: one is purely auction type through bidding by lenders and borrowers. Another one is determined by platforms according to borrowers’ credit rating. However, in either way, all the platforms’ revenues come from the fees that the platforms charged when the loan transaction is completed through the platform. Online lending can significantly reduce the transaction cost comparing with the traditional lending channels, and allow higher interest rate and better returns for loans with higher risk of default.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Chapter 5. Risks in the Online Lending Industry
Abstract
The online lending industry emerges with the development of the internet, and is currently still in the early stage of its development in China without laws and regulations designed specifically for online lending industry. As a result, there are no entry barriers in online lending industry. Some platforms can get online hastily by simply purchasing and modifying some less expensive website templates. Lacking clear industrial standards, the fast development of P2P online lending industry in China cannot guarantee the quality of the platforms at the very beginning. At present, the high quality and low quality platforms co-exist, which highlights the risks involved day by day in the industry. This chapter will analyze several types of risks confronted by participants in online lending from the perspective of the whole industry.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Chapter 6. A Comprehensive Rating SystemComprehensive rating system of Online Lending Platforms
Abstract
Considering the current status of the online lending industry—fast growth without regulation, Wangdaizhijia (or YesMyLoan) compiled a platform rating system, aiming at providing the participants of the online lending activities with a comprehensive guidance with measurable indicators, and an important reference for the regulations on the development of the industry.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Chapter 7. Prospect of Online Lending Industry in China
Abstract
Personal credit check refers to a process that a qualified third party agency collects, processes, and stores all the personal credit information from financial institutions and other entities to build up a personal credit database for the purpose of personal credit report and personal credit rating. In a modern society, market, finance and credit are closely linked with each other. As a result, for the healthy growth of China’s financial market, in general, and online lending industry, in particular, it would be critical to establish a credit checking system nationwide in China. Since the 1980s, China has gradually built up a credit checking system. In September 2003, People’s Bank of China set up a Credit Check Bureau. In March 2007, State Council issued “Suggestions on Social Credit Checking System”. In March 2013, “Regulations on Credit Industry” was implemented, which set up a legal framework for the credit checking industry. In addition, by the end of December 2012, the financial credit information database has contained credit files for 820 million natural persons and 18.596 million enterprises.
Jiazhuo G. Wang, Hongwei Xu, Jun Ma
Backmatter
Metadaten
Titel
Financing the Underfinanced
herausgegeben von
Jiazhuo G. Wang
Hongwei Xu
Jun Ma
Copyright-Jahr
2015
Verlag
Springer Berlin Heidelberg
Electronic ISBN
978-3-662-46525-7
Print ISBN
978-3-662-46524-0
DOI
https://doi.org/10.1007/978-3-662-46525-7