关键词: P2P网络借贷 , 风险偏好 , 平台企业 , P2P监管

Abstract: By constructing a network lending model including lender, borrower and P2P platform, this paper analyses the influence of risk preference of lender and intermediary fee on the behavior of these three partiesWe clarified the conditions of successful finance on P2P platform and its stable operation.Meanwhile, we pointed the possibility of P2P platforms moral hazardOur conclusion is as follows: the risks of P2P finance not only come from borrower, but also have relationship with the risk preference of lender, so the platform and the regulators should screen the investors. Intermediary fee is an effective tool to balance the benefit of three parties, the regulators should give enough space for price setting. Establishing the asset isolation system, and strengthen the inspection and punishment are the fundamental way to reduce the P2P risk, however, the regulators should not put tight restrictions on pricing and model innovation.

Key words: P2P network lending , risk preference , platform enterprise , P2P lending regulation