% %

2014 4 133 1674-5205 2014 04-0133- 011 410082 Abstract Network credit has changed the cycle mode of financial resources and functions as the power of balance and remedial to the conventional finance but the inner feature worsens the risk in the demand and supply. Simultaneously the forbidden or restrictive legal rules or the unclear provision has become the barrier hard to surpass. It is the key issue to recognize the risks from network credit systematically so that the due legal attitude and the scope of network credit activities may be decided. Key Words network credit risk regulation DF438. 1 A 2 2009 5 1 1% 3% 1 P2P Peer to Peer Person to Person P2P B2C C2C 2014-03 - 20 NCET120175 P2P 13JZD012 2 1972 2013

134 1 2007 8 20 2 2007 3000 10% 1 22-23 30% 3 2006 1 2 12 100 18 65 1 3 2009 2012 50

2014 4 135 5 1. 6 4-7 2012 12 17 12 21 2 Lauri Puro 2. 3 Prabhala 4 Herzen- stein Prosper

136 192 2011 11 2 3. 1 176 1998 4 5. 2001 20 100 30 3 150 10 50 47 100 500 4. 2006 2 2007 2007 2007 2011 2010 9 8 5 4 1

2014 4 137 1 1991 6. 6 1. 116 2 7. Freedman 8 7 128-129 2. 36 13 1 2 15-30%

138 2010 2 9 80-81 3. 3. 1. 1. 1% 6 2% 6 4% 26% 2. 2. e 365 808 P2P

2014 4 139 2011 8 254 1. 1 2012 12 21 2. 10 2 1 2

140 2013 12 18 2013 10 4. 1. 2. 90 90 /120 5. 3.

2014 4 141 10 44-48 P2P 11 61-62 12 95-103 1 1 2008

142 1 2006 2 P2P 11-13 13 29-37 2 2006 15 59-63 2013 1 16 2 14 45-46 47 QQ 1

2014 4 143 17 Prosper 19 AA 760 900 A 720 759 B 680 719 C 640 679 D 600 639 E 560 599 HR 520 559 18-60. 1. J. 2010 4 22-23. 2. P2P N. 2013-01 - 18 A006. 3 Lauri Puro etc.. Borrower Decision Aid for People - to - People Lending J. Decision Support Systems 49 1 2010 pp. 52 4 Prabhala and S. Viswanathan. Judging Borrowers by the Company They Keep Friendship Networks and Information Asymmetry in Online Peer - to - Peer Lending J. Management Science 59 1 2013 pp. 17-35. 5 M. Herzenstein R. Andrews etc.. The Democratization of Personal Consumer Loans Determinants of Success in Online Peer - to - Peer Lending Communities R. SSRN Working Paper June 2008. 6. J. 2013 8 4-7. 7. P2P J. 2010 9 128-129. 8 Freedman S. and Ginger Zhe Jin. Learning by doing with Asymmetric Information Evidence from Prosper R. NBER Working Paper No. 16855 March 2011. 63. 9. AB J. 2010 10 80-81. 10. J. 2010 10 44-48. 11. J. 2011 1 61-62. 12. J. 2012 1 95-103. 13. P2P J. 2013 5 29-37. 14. J. 2013 6 45-46. 15. J. 2013 10 59-16. M.. 2007. 17 Andrew Verstein. The Misregulation of Person - to - Person Lending J. U. C. Davis Law Review December 2011. 18 Rajkamal Iyer etc.. Screening in New Credit Markets Can Individual Lenders Infer Borrower Creditworthiness In Peer - to - Peer Lending R. NBER Working Paper No. 15242 August 2009. 19. J. 2012 2 106-110.