中文摘要：

随着P2P平台的迅速发展，P2P平台上的投资形式不断发生变化，借款人的借款成功率也因此大大提高。在借款成功率得以保证的前提下，借款人的筹资效率也就变得越发重要。提高借款人的筹资效率，不但可以提高借款人的满意度，还可以加快平台中的资金流动，提高平台盈利，推动平台发展。本文着眼于“平台参与投资”这一新型投资模式，以拍拍贷平台的“拍活宝”数据为研究对象，通过实证分析，对平台参与度如何影响借款人筹资效率进行研究。本文发现，一定程度的平台参与可以显著缩短借款人的筹资时间，提高借款人的筹资效率；对于小额借款和大额借款而言，平台参与对其加速作用并无显著差异；同样，对于低风险和高风险借款而言，平台参与对其加速作用也无显著差异。本文还发现，平台参与度不宜过多，过多的平台参与反而会降低借款人的筹资效率。

英文摘要：

With the rapid development of P2P platform, the investment mode in the platform is constantly changing, and the loan success rate of borrowers is greatly improved. The financing efficiency is becoming more and more important when the loan success rate can be guaranteed. The improvement of the financing efficiency can not only improve the satisfaction of borrowers, but also accelerate the flow of funds in the platform, which can improve platform profitability and promote the development of the platform. This paper focuses on the new investment mode with ＂the participation behavior of P2P lending platform＂, and studies the relationship between the degree of platform participation and the financing efficiency by the ＂PaiHuoBao＂ data of the PaiPaiDai lending platform. The results show that a certain degree of platform participation can significantly shorten the financing time and improve the financing efficiency; there is no significant difference between small loans and large loans to accelerate financing for platform participation; and there is also no significant difference between low risk loans and high risk loans. We also find that ＂the degree of platform participation＂ should not be too much. Excessive platform participation will extend the funding time and reduce funding efficiency.