关键词: 新金融业态 , 风险传染 , 典型事实 , 特征

Abstract: Based on the data of 718 normal platforms and 129 risky platforms collected from the P2P market, this paper analyses the changes of market funds before and after the occurrence of a typical risk contagion event and constructs a model to study the features of risk contagion in new financial industry from monthly and weekly dimensions. This paper finds that the risk is more significantly transmitted to platforms with larger scales and lower investment per capita. During the period of risk contagion, the larger the scale of the platform is, the greater the negative effect on the transaction volume will be. The higher the per capita investment amount of the platform is, and the closer the relationship between the platform and investors is, the greater the positive effect on the volume change will be. As time goes on, the impact of the scale and the amount of investment per capita on the change of the trading volume of the platform weakens. During the period of risk contagion, there is a significant difference in the postcrisis transaction volume between risky platforms and normal platforms. In addition, the flow of capital in the market presents a certain substitution effect.

Key words:  new financial industry , risk contagion , typical facts , features