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| Information Verification Cost and Third-party Guarantee Contract of P2P Finance： A Study Based on Comparative Financial Organization |
| Wang Jianfeng |
| School of Finance， University of International Business and Economics， Beijing 100029 |
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Abstract On the basis of economic historic analysis revealing the meaning of the credit contract， we ascribe the difference on the P2P contract choice to the information verification cost， which is under the framework of comparative financial organization with three order transaction cost. The paper has three main findings. Firstly， due to the imperfect credit system of China， in order to meet the participation constraints of investors， the platform not only produces more information， but also has to solve the issue of commitment credibility. Secondly， there are two kinds of P2P contracts based on investor self-verification and professional organization verification respectively. Professional organization has cost advantage in the case of higher information production. It not only has the theoretical meaning of the localization of innovation， but also may be the transition form toward the pure information intermediary model. Thirdly， both theoretical analysis and results of numerical simulation show， as Chinese-style P2P operates， the guarantee rate will decline or even disappear completely.
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Received: 20 November 2018
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2018, Vol. 57 
