Does Strong Regulation Improve the Validity of China's Online Lending Market?

Abstract

Abstract:

This paper uses 715 pieces of daily comprehensive interest rate data of the online lending market in the Wind database from April 1, 2016 to March 16, 2018 as the sample and we join two policy dummy variables into the GARCH model creatively to analyze the impact of government supervision on the validity of China's P2P online lending market. This research finds that the online lending market still fails to achieve weak-form efficiency and the current period return rate is still affected by lags order; after the regulatory policy is launched, the fluctuation of the online lending market has decreased while the persistence of it is still obvious; and the validity of the online lending market has improved over time with the gradually release of policies.

Key words: online lending, market regulation, validity of online lending market, GARCH model

Feng Suling, Liu Huimin, Yang Yang. Does Strong Regulation Improve the Validity of China's Online Lending Market?[J]. , 2019, 31(6): 60-67.

References

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