摘要摘要
互联网金融抓住了传统金融信息不对称和借贷供求关系不平衡的盲区，
为中国金融业注入了新鲜血液，同时也为中国的金融生态带来了积极的改
变。近年来，互联网金融 P2P（Peer to Peer）热度空前高涨，但也争议不断

支持者认为，P2P 不仅加速了“金融脱媒”的步伐，打破了金融市场信息不
对称的壁垒，有效降低了企业的融资成本，提高了人们融资的便捷性；P2P
作为传统金融借贷的补充，还促进了普惠金融体系的发展，推动了金融市场
创新。但是不少批评者认为，中国式的 P2P 只不过是传统民间借贷借助互联
网的外衣改头换面的结果；由于缺乏相关部门的有效监管和指导，导致 P2P
平台野蛮生长,其风险也不断累积，加之高利率的诱惑和暗箱操作的不透明
性，扰乱了金融市场的规范，加大了投资者的资金风险隐患；目前乱象丛生
的互联网金融行业，亟待强有力的规范和整治

无论是支持者还是反对者，大家关注的重点都是 P2P 平台的风险控制和
安全保障。由于我国信用体系和监管的不完备，各类风险问题层出不穷，造
成了不少负面影响；脆弱的风控能力是国内大多数 P2P 网络借贷平台的通
病，极大地阻碍了该行业的健康发展。对于快速发展的 P2P 网络信贷平台来
讲，资金安全至关重要。P2P 网络借贷行业要想走向成熟必须提高自身的风
控能力，除了单纯依靠相关部门的监管和约束外，平台本身更需要建立有效
的风控预警机制，做到及时发现风险、认真分析风险和严格控制风险

针对互联网金融 P2P 平台风险控制这一核心问题，本文对比分析了国内
和国外 P2P 平台特征和风险管理问题、互联网金融 P2P 和传统金融借贷的特
征和风险问题、中国四大 P2P 平台模式特征和风险问题以及近年来 P2P 平台
发生的风险问题及特征，然后以中国 P2P 行业的代表宜信公司的“宜人贷”
为案例进行深入研究，重点对宜人贷平台的风险问题和控制方法进行案例分
析，从而总结出 P2P 行业的风险原因，如：中国信用体系不够健全、P2P 行中国互联网 P2P 平台风险控制——基于宜信的案例研究业应用技术不完善、P2P 行业专业人才匮乏、P2P 行业监管不健全、P2P 行
业优质资产稀缺、P2P 行业竞争压力巨大、P2P 平台贷款期限错配和 P2P 平
台增信能力弱化等，并在此基础上针对宜人贷平台的风险问题提出控制杠杆
倍数，平衡风险与收益；优化流程设计，降低运营成本；遵纪守法，避免建
立资金池；建立社会网络关系，遏制信息不对称；信息透明化运营，发挥利
率市场化功能；居安思危，修炼平台内功的控制建议

希望通过本论文的研究探讨，能够有助于进一步丰富 P2P 平台风险控制
的研究内容，为平台风险控制建言献策；促进互联网金融平台提高自身的风
险控制能力，在提高资金使用效率的同时降低坏账率，从而提高投资者信心，
促进中国互联网金融朝着更好、更快的方向发展

关键词： P2P 宜人贷 互联网金融 风险控制AbstractAbstract
Internet finance is focused on the market information asymmetry and
supply-demand asymmetry, taking the fresh vitality and the active change to
Chinese financial industry. In recent years, P2P (peer to peer lending) has been
attracted great attention, meanwhile the controversies are keep moving. Supporters
hold that P2P not only speeds up the financial disintermediation, breaks the barrier
of market information asymmetry and reduces the cost of financing, but also
enhances the convenience of fund-raising, improves the development of inclusive
finance and pushes the innovation of financial market. However many critics
believe that the Chinese-style P2P is just the traditional private lending with the
Internet coat face-lift. For lacking of the relative government management and
supervision, the risk of the P2P has been raised a lot, as well as the attractive from
the high interest rate and the black box operation, all of this increased the risk of
investors at present; the confusing market is calling for a standard management.
No matter supporters or critics, the focus is how to control the risk of P2P and
ensure the security of capital. At present, the credit system and supervision is
uncompleted; all kinds of problems come in to light, which produce a lot of
negative effects. Bad risk control ability is a common problem of the P2P internet
lending platform, which hinders the health development of financial industrial. To
a fast development P2P lending platform, credit and safety are of great importance,
just to depend on relevant department’s supervision and restriction is not enough,
P2P lending platform itself need to detect the risk, analyze the risk and control the
risk in time.
In order to control the financial risk of the Internet P2P platform, this paper
comparatively analyzes the characteristics and risks between domestic and foreign
P2P platform, characteristics and risks between the Internet finance and traditional
finance, and characteristics and risks between China four P2P platform model,
then takes YRD as a case study, focuses on risk issues and risk managementRisk Management Study of China’s Online P2P Lending Platform----Based on the Creditease Co., Ltdmethods, summarizes the several reasons of P2P risk, including the in-completion
of Chinese credit system, the in-completion of application technology, the shortage
of P2P professional talents, the in-completion of P2P industry supervision, the
shortage of high quality assets, the fierce competition of P2P industry, as well as
P2P load mismatched and P2P increasing credit degeneration, then this paper
offers many suggestions on management, such as reducing the leverage ratio and
balancing income and risk, optimizing the process of lending process and lower
operating costs, following the laws and disciplines and avoiding the establishment
of the capital pool, establishing social network and controlling information
asymmetry, keeping information transparent and playing a role of interest rate
liberalization, as well as being conscious and enhancing the capabilities of itself.
This thesis writing is hoped to further enrich the risk management research,
and by putting forward some practical solutions, this paper aims to help Internet
financial platform to enhance the ability to control their risk, improve the
efficiency of funds using meanwhile lower the rate of bad debts, thus enhancing
the confidence of investors, promoting Chinese internet financial developing in a
better and faster direction.
Keywords: P2P；YRD；Internet Finance；Risk Management目录目录
1 绪论.......... 1
1.1 研究背景及意义 ........ 1
1.1.1 研究背景 ........... 1
1.1.2 研究意义 .......... 4
1.2 研究内容及方法 ........ 5
1.2.1 研究内容 ........... 5
1.2.2 研究方法 .......... 6
1.3 研究思路与研究框架 .... 7
1.3.1 研究思路 ........... 7
1.3.2 研究框架 .......... 8
1.4 创新与局限9
2 国内外文献综述 ........... 10
2.1 互联网金融借贷定义和特点 ......... 10
2.2 互联网金融借贷风险分类和特点 ..... 11
2.3 互联网金融借贷行为影响因素 ....... 12
2.4 互联网金融借贷风险管理方法 ....... 14
2.5 本章小结 . 16
3 互联网金融发展历程和风险问题 ......... 18
3.1 国内外互联网金融 P2P 发展历程 ..... 18
3.1.1 国内 P2P 网贷发展历程.......... 18
3.1.2 国外 P2P 网贷发展历程 ......... 20
3.2 国内外 P2P 特征和风控比较 ......... 21中国互联网 P2P 平台风险控制——基于宜信的案例研究3.2.1 国内外 P2P 特征比较 21
3.2.2 国内外 P2P 风控比较 ........... 22
3.3 P2P 网络借贷和传统信贷特征和风险比较 .......... 23
3.3.1 P2P 网络借贷和传统信贷特征比较23
3.3.2 P2P 网络借贷平台和传统金融信贷风控比较 .... 24
3.4 国内四大 P2P 平台模式和风险比较 ... 25
3.4.1 国内四大 P2P 平台模式特征比较 . 25
3.4.2 国内不同类型 P2P 平台风险控制比较 .......... 26
3.5 风险事件梳理及特征分析 ........... 28
3.5.1 风险事件梳理 ...... 28
3.5.2 风险特征归集 ..... 29
3.6 本章小结 . 31
4 宜信“宜人贷”风险管理案例分析 ....... 33
4.1 宜信公司概况 .......... 33
4.2 宜人贷（P2P）介绍 ...
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