中国网络借贷行业：零售融资模式的转型｜数据报告PDF下载-镝数聚dydata

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中国网络借贷行业：零售融资模式的转型

纠错

价格免费

年份2019

来源瑞士信达

数据类型数据报告

关键字网络借贷, 金融, 零售融资, 模式转型

店铺镝数进入店铺

发布时间2020-07-08

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数据简介

刚性兑付益智是中国金融行业的“传统”，连接资金端和资产端的P2P网贷自然也躲不开刚性兑付的争议。中国金融市场隐形担保已成常态，投资者难改保本信息的习惯性思维，坚信赔付机制应为投资风险买单。投资者对违约风险和流动风险的错误预期，将会导致更多的刚性泡沫，使优劣标的的博弈更加复杂化。打破刚性兑付，加强风险教育，提高金融素养，中国的网贷参与者就是在这样一种氛围中砥砺前行。

详情描述

中国网络借贷行业：零售融资模式的转型

Bracing for an intensifying P2P clean-up. We see two fundamental conflicts at the core of the P2P model： （1） risk appetite mismatch between investors and borrowers， and （2） high regulatory cost VS small systemic impact. We expect accelerated P2P platform clean-up heading into 4Q， with continued roll-out of high regulatory hurdles while the 'triple-reductions' （i.e.， reduction in the number of platforms， outstanding balance， and number of investors） remain in force for an extended period of time-likely through 1H 2020. A majority （~98%） of the currently 708 operating platforms is likely shut down during this process.
Picking the best-positioned players in transforming towards institutional funding. With limited licensing options available for now， loan fcilitation （or 'assisted lending'） model is the most viable exit strategy for existing P2Ps. Despite a generally negative impact on take rate （higher funding cost and potentially lower APR） and operating margin （higher sales & marketing expense）， a faster progress in transformation towards the loan facilitation model will be a key differentiation in loan origination volume growth. In this report， we identify three areas of the online lending business most valued by the licensed financial institutions： （1） customers， （2） asset quality， and （3） regulatory compliance. Lexin and Qudian rank among the best-positioned for transforming towards a 2B model. Yiren Digital ranks last. We adjust the WACC to reflect higher exposure to P2P-related regulatory uncertainty.

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