中国小型线下P2P公司的投资风险研究(2)
P2P industry (peer-to-peer lending) refers to the intermediary service industry which assists investors and borrowers to achieve direct lending. In the financial sector, China's official explanation for P2P lending is that wealthy people in middle class who have some extra funds look for borrowers through P2P lending companies. P2P lending companies serve just as the intermediary service organizations, and charge for themselves from both investors and borrowers. At the same time they have the obligation to supervise the use of funds by the borrowers. The lenders enjoy high interest returns. This lending model is in line with China's current “contract law”. As long as the borrowing rate is not higher than 4 times of the bank’s lending rates over the same period, it will be protected by law. P2P lending discussed in this paper is a kind of lending behavior between inpidual and inpidual or inpidual and companies in the folk finance through offline P2P companies.
After P2P was introduced to China，it gradually ran more in an offline way and it spreads at a high speed because of the defective credit system in central bank and more outputs than online P2P with the same inputs. Offline P2P refers to turning all the business procedures net loan from online to offline, especially the link of credit review which will be done by specific expertise through responsible investigation. The credit review is similar with loan approval of banks in traditional financial audit companies which needs some collateral in principle. Usually P2P platform uses its own funds to lend to the borrowers and then get the creditor’s rights (loan agreement) of the borrowers. While on the other side, the P2P lending companies will design and launch financial products with high income (contract of creditor’s rights transfer). Those investors who have wealth-management needs will buy the company’s wealth-management products and the company transfer the creditor’s rights obtaining from the borrowers to the investors with the form of bond. This kind of offline mode will make lenders feel more assuring. They will think that they are holding the borrower's debt, while knowing where their money goes and its usage.
The entering threshold of P2P industry is very low. Generally any companies or inpiduals that are willing to enter this industry can easily get into it. With the wave of pP2P development, a large number of small-sized offline P2P companies with geographical features began to develop rapidly. This kind of offline P2P lending companies are usually named as “XXX Asset Management Institution” or “XXX Investment Guarantee Corporation”. Most of the small-sized offline P2P companies choose the business mode of credit assignment. According to the borrower's application, the personal loaning department of company first checks the credit of the borrower's and most companies will require the borrower to provide correspondent collateral. In specific aspects of the credit approval, four cards, an account and a report of the borrower need to be reviewed, which are identity card, residence booklet, real estate license, marriage certificate, half year of the bank account flow and the credit report of the people's Bank of China. On the other hand, in order to achieve wealth and curb inflation, the lenders then buy the company’s wealth-management products with high income and put the money in the bank account of the corporate representative, concluding and signing the bond transfer contract and independent third party Guarantee corporation contract
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