Professional Documents
Culture Documents
2016 4 20
10532
S1218W147
2016 4 20
2016 5 30
Research on the Credit Risk Pre-warnings of Ali Small Loan
By
CHEN Xiaohui
Master of Economics
in
Finance
in the
Graduate School
of
Hunan University
Supervisor
April, 2016
II
Abstract
With the informational technology currently booming in a increasing pace and the
national economy steadily soaring, internet technology faces application in wider
realms, and various sorts of economic and social innovations dependent on the rise of
the informational technology have been a frequent occurrence. Among them, finance,
lying in the heart of the economic growth, has been in the combination with the
internet, nurturing the novel developing pattern of internet finance, in turn spurring
traditional finance on to further reforms and business upgrades. As internet finance
goes through several years of practice and improving, multiple risks associated with
finance and especially credits unveiled in the process have attracted more recognition.
In this article, we pick Ali small loan, representative of the patterns of internet
finance, for example analysis, based on theoretical directions against todays
background. We first categorize multiple views from experts at home and abroad on
internet finance with its risks, defining the concepts, characteristics and primary
patterns of internet finance.
Secondly, we take a further step exploring the credit risks in internet finance,
seeking its main cause and primary affecting factors, as well as listing out business
patterns and procedures of Ali small loan, in the meantime discussing its controlling
mechanisms of credit risks in three dimensions of time, namely before-credit, in-credit
and after-credit.
Moreover, based on the introduced necessity and practicing procedures of credit
risk alerts, we theoretically discuss the practicing principles of blurred gray integrated
assessment and practically make concrete calculations and example-based analytical
verifications on multiple cases of Ali small loan, eventually reaching according
conclusions.
Finally, with preliminary results as researching foundations, we introduce several
countermeasures and advise on the credit risk alerts of internet finance.
III
.................................................... I
........................................................................................................................ II
Abstract .....................................................................................................................III
.................................................................................................................. VI
................................................................................................................. VII
1 .......................................................................................................... 1
1.1 ................................................................................................ 1
1.2 ............................................................................................................ 2
1.2.1 .............................................................................................. 2
1.2.2 .............................................................................................. 3
1.3 ................................................................................................ 5
1.3.1 .............................................................................................. 5
1.3.2 .............................................................................................. 5
1.4 ........................................................................................................ 7
2 ....................................................................... 8
2.1 ............................................................................................................ 8
2.1.1 .................................................................................. 8
2.1.2 ......................................................... 10
2.2 ................................................................................... 13
2.2.1 ................................................................. 13
2.2.2 ............................................................. 14
2.2.3 ..................................................................... 16
3 .......................................................... 18
3.1 .......................................................................................... 18
3.1.1 ................................................................................................... 18
3.1.2 ............................................................. 19
3.1.3 ......................................................... 19
3.2 ............................................................ 21
3.2.1 .................................................................................... 21
3.2.2 ..................................................... 21
3.2.3 AHP ................................................................. 22
IV
3.3 ............................................................ 25
3.3.1 ..................................................................... 25
3.3.2 ......................................................... 26
4 .............................................................. 30
4.1 .......................................................................................................... 30
4.2 ................................................................ 31
4.3 ..................................... 34
4.4 ....................................................................... 35
5 ........................................... 40
5.1 .................................................................................................. 40
5.1.1 ............................................................................................ 40
5.1.2 ............................................................................................ 41
5.1.3 ............................................................................................ 41
5.2 .................................................................................................. 42
5.2.1 ........................................................................ 42
5.2.2 ........................................................................ 42
....................................................................................................................... 43
................................................................................................................... 45
....................................................................................................................... 48
....................................................................................................................... 51
1.1 ............................................................................................6
2.1 ...................................................................................... 9
2.2 ........................................................10
2.3 ........................................................................12
3.1 ............................................................20
3.2 ................................................................. 23
3.3 .....................................26
3.4 f 1 (x)......................................................................... 27
3.5 f 2 (x)........................................................................28
3.6 f 3 (x)..............................................................................28
VI
2.1 .......................................................17
3.1 ....................................................22
3.2 AHP ..........................................................24
3.3 RI ..................................................25
4.1 AHP ..........................................................................31
4.2 .......................................................32
4.3 ...............................................33
4.4 ..............................................33
4.5 .......................................34
4.6 ..................................................35
4.7 ........................................................35
4.8 T 11 ...................................36
4.9 ..............................................................37
VII
1.1
1.
2014 11
2.
3.
-1-
1.2
P2P
1.2.1
1.
Steelman2006
[1]
Agarwal Hauswald2008
[2] Sufi 2007
Michael Klafft2008
[3,4]
Herzenstein et a12008 Pope and Sydnor
2011 P2P
P2P
[5,6] Michaels2012 Prosper
[7]
2.
SachsTornell and Velasco1996
-2-
3.
Dan JKim2005
eBay [11] Wang Ya-ling2011
[13]
1.2.2
1.
2012
P2P
[14] 2000
[15] 2013
[16]
2013
[17] 2003
[18] 2003
[19]
2012
-3-
2013
[20] 2013
P2P
[21]
(2013)
[16] (2013)
[22]
2013
[23]
2013
[24] 2013
[25] 2013
[26] 2013
[27] 2013
[28]
2.2012
SWOT
[29] 2010 P2P
[30] 2013
-4-
[31]
2015 P2P
P2P [32] 2013
[33] 2015
[34] 2015
[35]
P2P
1.3
1.3.1
1.
2.
3.
1.3.2
-5-
1.1
-6-
1.4
1.
2.
3.
-7-
P2P
P2P P2P
2.1
2.1.1
1.
2002
2002
2003 2011
2007
-8-
B2B
2010 6
2012
2014
2016 1 AFSRC
2.1
-9-
2.
2.2
2.2
2.1.2
1.
- 10 -
B2B
2.
2.3
- 11 -
B2B
2.3
2013.
3.
[36]
- 12 -
2.2
2.2.1
1.
1800
2.
- 13 -
P2P
P2P
2.2.2
1.
- 14 -
2.
- 15 -
3
P2P
2.2.3
1.
360 [37]
2.
- 16 -
3.
1.5
2.1
2.1
1. 360
2.
3.
1.
2.
1.
2.
- 17 -
3.1
3.1.1
[38]
2006
J. R. Morgen
10%
1530%
5060% [39]
2013
P2P
- 18 -
2009
[40] 2015
excel-VBA P2P
[41]
3.1.2
1.
2.
3.1.3
- 19 -
3.1
- 20 -
3.2
3.2.1
1.
2.
3.
4.
3.2.2
- 21 -
3.1
3.1
T T i T ij
T 11
T 12
T 1 T 13
T 14
T 15
T
T 21
T 22
T 2
T 23
T 24
3.2.3 AHP
DelphiAHP
[42]
- 22 -
1.
3.2 [43]
B1 B B3
C1 C2 C3 C4
3.2
2.
, a ij > 0 A i Aj A = (a ij )nn
1
a ji =
a ij
A B A 9 A
7 A 5 3 1
1/31/51/71/9
19 3.2
- 23 -
3.2 AHP
1
3
5
7
9
2468 2468
11/21/31/9
3.
n
1 Bi Bi = aij i=12n
j =1
2 Bi C i = n Bi i=12n
Ci
3 C = (C1 , C 2 , C N )T Wi = n
i=12n
C
i =1
i
W = (W1 , W2 , W N )T W1 W2 Wn
4.
1 CI
n
a W ij j
max n 1 n
=
j =1
CI = max n
n 1 n i =1 Wi
CI
2 CR CR =
RI
Saaty CR
- 24 -
CI RI CI=( - n) / (n - 1) CI
A
CI=0 A RI 100-150
n (n=1211) CI 3.3
3.3 RI
n 1 2 3 4 5 6 7 8 9 10 11
RI 0 0 0.58 0.90 1.12 1.24 1.32 1.41 1.45 1.49 1.51
n=12 RI=0 1 2 n3
A
CR
CR<0.1 A
CR0.1
3.3
3.3.1
2008
[44] 2005
[45]
- 25 -
3.3.2
1.
T T i Ti1 , Ti 2 , L, Tini T i
m
a i (i = 1,2, L, m ) a i 0 a
i =1
i =1
( )
m
a ij Ai = a i1 , a i 2 , L, a ini Ti a i 0 a
i =1
ij =1
AHP
3.3
CR=CI/RI<0.1
3.3
2.
- 26 -
3.
T i D e k
T i j T ij d jpg
d i11 d i12 L d i1n
d d i 22 L d i 2 n
D=
i 21
d d ij (i ) p L d ij (i ) p
ij (i ) p
4.
f n ( x )
1 [0, d1 , )
0, x [ ,0 )
x
f 1 (x ) = , x [0, d 1 )
d1
1, x [d 1 , )
f 1 (x)
0 1 x
3.4 f 1 (x)
- 27 -
2 [0, d1 ,2d1 )
x
d , x [0, d 1 )
1
2 x
f 2 (x ) = , x [d 1 ,2d 1 )
d 1
0, x [0,2d 1 )
f 2 (x)
0 1 21 x
3.5 f 2 (x)
3 [0, d1 , d 2 )
x
d , x [0, d 1 )
1
d x
f 3 (x ) = 2 , x [d 1 , d 2 )
d 2 d 1
0, x [0,2d 1 )
f 3 (x)
0 1 2 x
3.6 f 3 (x)
C 1 , C 2 , L, C g g f 1 (x) ,f 2 (x) ,L , f g (x)
5.
- 28 -
T ij
T ij d i1p ,d i2p ,L,dijp
T ij s C s f s (d ij1 ), f s (d ij2 ),L,f s (d ijp )
f (d ) Tij
p
C s s ijk
k =1
f (d )
g p
s T ij s ijk
s =1 k =1
T ij s C s
T ij C s r ijs
f (d )
p
s ijk
rijs = k =1
, s = 1,2, L, g
f (d )
g p
s ijk
s =1 k =1
r ijs r ij T ij
rij = (rij1 , rij 2 , L, rijg ), i = 1,2, L, m; j = 1,2, L, ni
T i
T i Ti1 , Ti 2 , L, Tini
(
Ai = a i1 , a i 2 , L, a ini )
T i Bi = Ai Ri = bi1 , bi 2 , L, big ( )
R i r ij
ri1 ri11 ri12 L ri1g
r r ri 22 L ri 2 g
Ri = = , i = 1,2, L, m
i2 i 21
M M M O M
rini rini 1 rini 2 L rini g
6.
T = (T1, , T2 , L, Tm ) A = (a1 , a 2 , L, a m )
T T B = A R = b1 , b2 , L, b g ( )
R = (B1 , B 2 , L, Bm )T
B = (b1 , b2 , L, b g ) W
1 , 2 , L, g g
C 1 , C 2 , L, C g W = B (1 , 2 , L, g )T = b1 1 + b2 2 + L + b g g
f 1 (W) , f 2 (W) , L , f g (W) W
- 29 -
4.1
A 2014
A 200
100
50
A
50
- 30 -
3 6 12 A
12
4.2
A
T T i
T 1 T 2 T ij T 11
T 12 T 12 T 14 T 15 T 21
T 22 T 23 T 24
m m
Saaty 1-9
4.1
4.1 AHP
Pij Pi Pj
Pi 1 5
Pj 1/5 1
11
MATLAB
1.
11 MATLAB
- 31 -
4.2
n = 2 RI = 0
1
n = 2 RI = 0
11
W = (0.4242 0.5758)
T
2.
11 MATLAB
1
P
(k )
=
1 + aCR ( k )
- 32 -
a 10
4.3
4.3
max W1
(k )
CR ( k ) P(k ) P ( k )
4.3 CR
(k )
< 0.1 k =
1, 2....11 11
11
=
W1 P
k =1
(k )
W1( k )
3.
11 MATLAB
4.4
4.4
(k )
W2 CR ( k ) P(k )
max
P (k )
- 33 -
4.4 CR
(k )
< 0.1 k =
1, 2....11 11
11
=
W2 P
k =1
(k )
W2( k )
4.5
T T i T ij
T 11 (0.2323)
T 12 (0.1696)
T 1 (0.4242) T 13 (0.2673)
T 14 (0.2511)
T 15 (0.0797)
T
T 21 (0.1543)
T 22 (0.3328)
T 2 (0.5758)
T 23 (0.4074)
T 24 (0.1053)
4.3
=
[=
1 2 3 4 ] [2 4 6 8] 2
4 6
8
- 34 -
4.6
4.6
11 10 A
4.7
4.7
1 2 3 4 5 6 7 8 9 10 11
T 11 2 2 2 2 1 2 2 2 1 2 2
T 12 3 2 2 2 2 3 2 2 2 2 2
T 13 3 4 3 3 2 2 3 3 2 1 3
T 14 5 5 4 5 6 5 5 5 6 6 6
T1
T T 15 3 2 1 3 3 2 2 3 3 3 2
T 21 2 2 3 3 2 3 3 2 3 3 3
T 22 2 2 1 2 2 2 2 2 2 2 2
T 23 3 2 2 2 2 1 1 2 2 2 1
T2 T 24 4 2 1 3 3 3 4 3 4 3 4
4.4
1.
2000
[46]
2468
[0,10]
(1) [0, 2, 4]
1 0 x2
4 x
=
f1 ( x) 2 x4
2
0 x [0, 4]
- 35 -
x
4 0 x4
8 x
=
f 2 ( x) 4 x8
4
0 x [0,8]
x
6 0 x6
10 x
=
f3 ( x) 6 x 10
4
0 x [0,10]
(4) [0,8,10]
x
8 0 x8
=
f 4 ( x) 1 8 x 10
0 x [0,10]
2.
11
Excel
4.8 T11
f1 ( x) f 2 ( x) f3 ( x) f 4 ( x)
2 1.0000 0.5000 0.3333 0.2500
- 36 -
T11
r11 = [0.5038 0.2290 0.1527 0.1145]T
T12T13T14T15T21T22T23T24
r12 = [0.4348 0.2609 0.1739 0.1304]T r13 = [0.3083 0.3193 0.2128 0.1596]T
r14 = [0.0000 0.3072 0.3959 0.2969]T r15 = [0.3536 0.2983 0.1989 0.1492]T
r21 = [0.3232 0.3124 0.2083 0.1562]T r22 = [0.4916 0.2346 0.1564 0.1173]T
r23 = [0.4922 0.2344 0.1563 0.1172]T r24 = [0.1964 0.3709 0.2473 0.1855]T
A
4.9
4.9
T i T ij
4.9
- 37 -
A
3. T1 , T2
T1
T2 :
T1 , T2
W1 = [0.2323 0.1696 0.2673 0.2511 0.0797]T
W2 = [0.1543 0.3328 0.4074 0.1053]T
Bi = Wi * Ri Ti
B1 = [0.3014 0.2837 0.2371 0.1778]
B2 = [0.4347 0.2608 0.1739 0.1304]
A
4. T
T
B1 0.3014 0.2837 0.2371 0.1778
=R =
B2 0.4347 0.2608 0.1739 0.1304
T W = (0.4242 0.5758)T
B = W * R Ti
B = [ 0.3781 0.2705 0.2007 0.1505]
- 38 -
2
4
Z =B T =[ 0.3781 0.2705 0.2007 0.1505] = 4.2469
6
8
4.6 A
5.
A
- 39 -
P2P
P2P
5.1
5.1.1
Trans union
ExperianEquifax
P2P
P2P
- 40 -
5.1.2
5.1.3
- 41 -
5.2
5.2.1
5.2.2
P2P
- 42 -
P2P
2
P2P
- 43 -
- 44 -
- 45 -
[13] Sheng Zhou, Jing Zou and Li Chen. Business Innovation of Third-Party Payment
in China[J]. Management and Service Science, 2011, 08:1-4
[14] , . [J]., 2012, (12):11-22
[15] , . [J]. , 2000, (11):27-33
[16] . [J]. , 2013,
(08):44-50
[17] .[J]. , 2013,(5):86-88
[18] , . [J].
, 2003, (08):21.23
[19] . [J]. , 2003, (12):25-31
[20] , [J].
(), 2013, (13):75.56
[21] . [D]. , 2013
[22] . [J]. , 2013,
(04):14-16
[23] . [M]. , 2011
[24] . [J]. , 2013, (08)
[25] . [J]. , 2013, (24):54-55
[26] . [N]. , 2013, (11)
[27] . [J]. , 2013, (09):38-39
[28] . [M]. , 2011
[29] . SWOT [J]. , 2012, (23):32
[30] . P2P [J]. , 2010, (03):90-92
[31] . [J]. IT , 2013,
(13):46-47
[32] . P2P [J]. , 2015, (9): 282
[33] . [D]. , 2013
[34] , . [J].
, 2015, (8):184-185
[35] , . [J].
,2015,35(2):8-21
[36] , .[J]. , 2013(23):54-55
[37] . [J]. , 2013(18):77-78
[38] . [D]. , 2011
[39] . [D]. , 2006
- 46 -
- 47 -
1. 11
1 1 1 5
1 1 1 1 1 1 (5)
T (1)
= 3 T (2)
= 3 T (3)
= T (4)
= T = 1
1 1 1 1 1
3 1 3 1 5
1 1 1
1 1 1 1 1 1 (10) 1
= 2 T = =
2 T = T = 5
(6) (7) (8) (9)
T
T
1 1 1 1
2 1 2 1 5 1
1 1
T (11) =
1 1
2. 11
1 1 1 1
1 5 1 1 5 1 1 1 3 1 2
1 1 1 1
3
3 2 2
1 1 3 3
1 1 1 2 1 5
5 3 3 2
1
3 1
T (1)
= 1 3 1 1 3 T (2)
= T1(3) = 2 1 1 3
1
1
3 3 1 1 5 2
1 3 1 1 7 1 1 1 1 3 2 1 1 1 4
1 1 1
1 1 1 1 1 1 1 1 1
1
2
5 3 7 1
3 3 5 3 2 5 3 4
1 1 1
1 2 1 1
2 4 2 1 3 1 1 3 1 3 4
1 3 3
2
2
1 1 1
1 3 1 2 3 1 5 1 5
2 3 2 2 1
= 1 1
1 1
T1(4) 1 1 T1(5) = 1 2 1 1 3 T1(6) = 1 3
1 3 5 5
2 3 5 3 1 2 1 1 3
4 3 1 5
5
1 5
2 5 1 1
1 1 1
1
1 1 1 1
1
1 1 3 2 3 3 4
2 2
3
5
1
5 3 5
- 48 -
1 1 1 3 1 3 5 1 2 1 2 2
1 3
3 3
5 1 1 1 1 1
1 1 3 1 1
1 1
1 1
3 3 3 2 2 2
3 5 5 1 3 1 3 5 1 2 1 1 2
T1(7) = T1(8) = T1(9) =
3 5 1 1 6 1 1 3 1 2
1
3 1 2 1 1
5 1 1 6 3 3 2
1 1 1 1
1 1 1 1 1
1 1 2
1 1
1
5 3 6 6 5 3 5 3 2 2 2
1 1 3 2 3 5
1 5
5
6 3 1 1
1 1 3
1 1
1
3
1 3 3
5 5 2 1
= 5
= 2
3 1 3 3
T1(10) 5 1 7 5 T1(11)
1 1 1 1 1 1
1 1 1 3
6 3 7 4 3 3
1 1 1 1 1 1
3 2 4 1 5 1
5 3 3 3
3. 11
1 1
1 1 1 1 1 1 1 4
2 2 1 1
3 3 1
2 1 3 3 1 1 3
=
1 2
=
3 1 2
T (1)
= 1 T (2)
T (3)
2 1 3 1 2 1 5
2 2 2
3 1 1 2
3
1 1 1 1 1
1 1 1 1
1
1 1 2 2 4 3 5
3 3
1 1 1 1
1 1 1 3 1 1
1 3 3
2
3 5
3 5
3 5 3 4
1 1
=
3 1 1 3 1 1
T2(4) T2(5) = 3 T2(6) = 3
3 1 1 3
5 3 1 7 5 3 1 5
1 1 1
1 1 1 1 1 1
2 3 3 1 1 1
3 5 7 4 5
- 49 -
1 1 1
1 1 1 4 1 2 1 2
1 1 5 2 1
5 5
4 1 2
3
1 1 1
=
5
= 2
5 1 1
T2 (7)
T2 (8)
= 3 T2 (9)
5 1 1 5 1 1 1 2
5 3 1 4
1 1 1
1 1 1 1 1 1
1
5 5 2 1 2 2 2
3 4
1 1 1 1
1 5 5
3 1 3 3
1
=
5
=
5 1 1 3 1 1 3
T2 (10) T2 (11)
5 1 1 5 3 1 1 3
1 1 1
1 1 1 1
1
3 5 5 3 3
- 50 -
2016 4
- 51 -