P2P Industry'S Operational Risk

< p > recently, Zhou Shiping, chairman of Hongling venture capital, said in an exclusive interview that the two major "minefields" facing the P2P industry in the future lie in moral hazard, such as false targets and operational risks, such as full payment mode.

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< p > < strong > "equity + creditor" mode complementation < /strong > < /p >

< p > First Financial Daily: at present, domestic P2P lending platforms are springing up like mushrooms, but there really seems to be little profit.

As one of the earliest P2P companies in China, there have been some changes in the business models of Hongling venture capital in recent years. Does this also illustrate the poor prospects of the P2P lending platform's business model in China? < /p >

< p > Zhou Shiping: at present, there are two hundred or three hundred loan service platforms in China's < a href= "http://www.91se91.com/news/index_p.asp" > P2P < /a >, the statistics of P2P online business borrowing balance exceeds 10 billion yuan, and the annual paction volume exceeds 20 billion yuan.

In addition to pat lending, other P2P platforms basically promise to "reveal the bottom" and pay for the 100% sites.

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< p > but advance payment is a double-edged sword, which has a guaranteed capital for investors, but a great risk to P2P platform.

Hongling ventures has been operating for more than four years, and has brought about 96000000 yuan interest income to investors. However, we have paid about 40000000 yuan, and the advance funds are deducted from the company's profits.

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< p > the domestic P2P mode is not mature enough. The profit of original lending and matching business is limited. If we want to consider the payment, it will be very difficult to achieve business sustainability.

As for compensation, we also tried to introduce external guarantees or insurance companies, but none of them succeeded.

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< p > a lot of guarantees are just a name. When they have interests, they want to share. When they are at risk, they are basically unwilling to undertake.

Therefore, the risk is not completely isolated from the P2P platform. If problems arise, they will usually be borne by the platform itself.

Therefore, the core of P2P lending industry is risk management. Only when risk control is good will there be profit.

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< p > from the development of the industry, the P2P platform will have some differentiation in the future, because the profit margin of the website alone is limited.

Now many P2P platforms are exploring new business models according to their own circumstances and characteristics. Hongling venture capital is also trying to invest in debt and equity.

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< p > Daily: what is the equity equity claim model you mentioned just now? < /p >

< p > Zhou Shiping: as I mentioned just now, there is a great risk of advance payment for the creditor's rights invested by the P2P platform.

We must not only gain income, but also ensure its stability and safety.

Therefore, we should first invest in creditor's rights, and then follow up for a long time. If we find potential enterprises, we will focus on training and invest in equity.

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< p > "equity + creditor" mode began in the second half of 2010, and now it has invested 12 or 3 enterprises.

Equity investment is the company's own funds, the general scale will not be too large, are in the hundreds of thousands of yuan, millions of yuan, similar to the early angel investment.

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< p > this is mainly based on two purposes: first, to reduce risks and two to increase returns.

We are willing to invest in our own money. We must know more about cooperative enterprises. There is basically no risk of running away. As shareholders, we can keep an in-depth understanding of the company's business.

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< p > on this basis, we will give it some creditor's rights investment and the risk is relatively low.

In terms of income, the return of equity investment is relatively slow, so the two forms should be complementary.

With the increase of equity investment, the company can also get some fixed dividends to increase profits.

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< p > the amount of equity investment is relatively small, and then add some loans to it through the platform.

The cost of debt investment is higher, but the cost of equity investment is low.

So for borrowing companies, the cost of such comprehensive borrowing has also dropped.

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P > < strong > increase industry threshold and reduce risk < /strong > < /p >

< p > Daily: the rapid development of P2P industry has been controversial for many years. Recently, many P2P companies have exposed risks, such as Shenzhen's net win world and Oriental venture capital.

What do you think of the P2P industry's characteristics of "low threshold and high risk"? {page_break} < /p >

< p > Zhou Shiping: the scale of P2P lending industry is still very small, but there may be explosive growth next year.

Because investors and government attention is high, user groups may increase in large areas.

In addition, the threshold of registered P2P is very low, and more and more people will enter the industry.

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< p > the main risk of the industry will come from the moral hazard and operational risk of the false target.

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< p > operating cost of a P2P platform is not low, front-end market development, business < a href= "http://www.91se91.com/news/index_p.asp" > marketing personnel < /a >, wind control, financial and administrative personnel at the back and back need cost, and rent and IT maintenance are also a lot of expenses.

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< p > we can basically cover this cost with a large volume of pactions, but some P2P platforms have only a few million pactions, making it difficult to make profits and difficult to cover costs.

In addition, if it provides guarantees, it will also pay for bad debts.

Business risks should not be underestimated.

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< p > in addition, in terms of moral hazard, many P2P platforms now have false targets. Some people do not really want to do the website well, but open websites to create false targets and scale up.

The purpose is to "self melt", that is, those who have financial needs set up a network loan platform to finance themselves.

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< p > Daily: industry regulation has not yet been determined. Some people think that the P2P organization is still in the exploratory stage, and the regulatory authorities can not define its business mode. What do you think is the common point of the domestic P2P lending business mode? Can we establish some core regulatory principles based on these common points? < /p >

< p > Zhou Shiping: first of all, we can improve the threshold for entering the industry.

Some people spend tens of thousands of dollars to build a P2P platform, but he has no operational capability and no ability to pay.

The second is to conduct a sampling check on the operation of the P2P platform to eliminate false targets and self financing platforms.

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< p > in addition, if we can solve the problem of capital settlement and trusteeship, it will be very useful for regulating and supervising the P2P industry.

However, because the industry is small in scale, less capital and risky, commercial banks are reluctant to step in.

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< p > at present, China's P2P institutions try to distinguish proprietary account and investment account by "a" href= "http://www.91se91.com/news/index_z.asp" > third party payment /a system, hoping to reduce disputes and standardize business.

But in fact, the security of the third party payment is also hard to guarantee. If 1.5 official agencies do such a payment platform, the effect will be even greater.

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< p > on the one hand, the official institutions are more credible and the P2P platform is willing to join.

On the other hand, the government can look at the data through this platform and see the direction of the data.

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