|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
| Platform strength | Registered capital | 0.000** (0.017) |
|
|
|
| 0.000 (0.365) |
| Employees | −0.001** (0.028) |
|
|
|
| 0.000 (0.447) | |
| Type of company | (0.000)*** |
|
|
|
| (0.000)*** | |
| Natural person Sole Corporation | 2.423*** (0.000) |
|
|
|
| 1.423*** (0.008) | |
| Corporate Owned Corporation | −1.063** (0.027) |
|
|
|
| −1.397** (0.018) | |
| Natural Investmentor Holding | −0.338 (0.421) |
|
|
|
| −0.846 (0.101) | |
| Incorporated Limited | 0.515 (0.323) |
|
|
|
| 0.309 (0.631) | |
| Background | −2.374*** (0.000) |
|
|
|
| −1.652*** (0.000) | |
| Operation time | −0.144*** (0.000) |
|
|
|
| −0.144*** (0.000) | |
| Type of project | 0.216*** (0.000) |
|
|
|
| 0.264*** (0.000) | |
| Profitability | Interest rate |
| 0.791*** (0.000) |
|
|
| 0.549*** (0.000) |
| Risk control | Fund custody |
|
| −3.068*** (0.000) |
|
| −2.057*** (0.000) |
| Security mechanism |
|
| −0.715*** (0.000) |
|
| −0.266 (0.126) | |
| Liquidity
| Term of loan |
|
|
| −0.647*** (0.000) |
| −0.306*** (0.000) |
| Day-bid |
|
|
| 0.388*** (0.001) |
| 0.388** (0.017) | |
| Transfer of creditor’s rights |
|
|
| −1.755*** (0.000) |
| −0.948*** (0.000) | |
| Automatic bidding |
|
|
| −1.232*** (0.000) |
| −0.980*** (0.000) | |
| Transparency | Information disclosure |
|
|
|
| −0.872*** (0.000) | −0.580*** (0.000) |
|
| Nagelkerke R2 | 0.604 | 0.159 | 0.260 | 0.335 | 0.251 | 0.741 |
|
| Number of Obs | 2259 | 2259 | 2259 | 2259 | 2259 | 2259 |