variables

2012

2013

2014

2015

model (1)

model (2)

model (3)

model (4)

model (6)

platform strength

registered capital

0.000

(0.972)

0.000

(0.366)

0.000

(0.987)

0.000

(0.653)

0.000

(0.365)

employees

0.001

(0.947)

−0.001

(0.732)

0.000

(0.895)

−0.001

(0.403)

0.000

(0.447)

Type of company

(0.887)

(0.041)**

(0.000)***

(0.000)***

(0.000)***

Natural person Sole

Corporation

0.488

(1.000)

2.823*

(0.076)

3.141***

(0.000)

1.577

(0.164)

1.423***

(0.008)

Corporate Owned

Corporation

−1.543

(1.000)

−1.533

(0.632)

0.115

(0.889)

−1.584

(0.223)

−1.397**

(0.018)

Natural Investmentor Holding

0.428

(1.000)

−1.060

(0.373)

0.238

(0.733)

−0.199

(0.855)

−0.846

(0.101)

Incorporated Limited

1.847

(1.000)

−3.243

(0.786)

−2.132

(0.928)

0.231

(0.903)

0.309

(0.631)

Background

−18.662

(0.998)

−18.904

(0.997)

−0.998*

(0.076)

−2.506*

(0.063)

−1.652***

(0.000)

Operation time

−0.121**

(0.019)

−0.798***

(0.000)

−0.319***

(0.000)

−0.677***

(0.000)

−0.144***

(0.000)

Type of project

0.859*

(0.093)

0.054

(0.874)

0.363***

(0.000)

0.369***

(0.005)

0.264***

(0.000)

Profitability

Interest rate

0.512

(0.436)

0.106

(0.830)

0.376***

(0.003)

0.552***

(0.007)

0.549***

(0.000)

risk control

Fund custody

−17.415

(0.999)

−2.108

(0.159)

−2.170***

(0.000)

−1.288***

(0.004)

−2.057***

(0.000)

Security mechanism

0.063

(0.963)

−2.298

(0.151)

0.086

(0.752)

0.576

(0.221)

−0.266

(0.126)

liquidity

Term of loan

−0.293

(0.602)

−0.019

(0.959)

−0.215**

(0.047)

−0.365**

(0.027)

−0.306***

(0.000)

Day−bid

2.794**

(0.031)

2.611*

(0.055)

0.495*

(0.060)

0.343

(0.330)

0.388**

(0.017)

Transfer of creditor’s rights

−0.838

(0.612)

−1.155

(0.230)

−0.772***

(0.006)

−1.674***

(0.001)

−0.948***

(0.000)

automatic bidding

3.202**

(0.085)

−1.467

(0.263)

−2.469***

(0.000)

0.057

(0.909)

−0.980***

(0.000)

transparency

information disclosure

−1.498**

(0.021)

−0.437

(0.169)

−0.281**

(0.012)

−0.943***

(0.001)

−0.580***

(0.000)

Nagelkerke R²

0.851

0.944

0.784

0.859

0.741

Number of Obs

96

335

1115

713

2259