摘要：随着互联网的逐渐普及和小微借贷需求的日益迫切，国内互联网金融市场如火如荼地发展起来。本文介绍了互联网金融的典型网站——拍拍贷的发展历程、运营现状，并探讨其面临的运营模式——选择问题：是坚守纯线上平台还是逐渐向线下模式延伸？P2P行业面临大洗牌之际，拍拍贷本源性的战略定位能否帮助其走得更远？案例旨在帮助学生了解P2P类网贷的运营情况，通过对拍拍贷面临的困难问题和发展选择进行分析，引导学生利用金融服务、风险控制、数据分析等理论、方法，加强对互联网金融的了解。

关键词：P2P；风险控制；战略选择

Abstract:With the increasing popularity of the lnternet and the impending loan demand of small enterprises, the domestic lnternet financial market develops in its full swing. This article introduces the development process and current situation of the typical website of the lnternet finance, PPdai, and also raises the selection of operating model problems.Whether should they stick to the pure online mode or gradually extend to the offline mode? Whether the strategic orientation of PPdai can help them go further or not when the P2P industry is facing major reshuffle? By analyzing the dilemma and the choices that PPdai have faced, this case aims to help students get to know the operating details, which can lead them use the theories and methods of financial services, risk control and data analysis, etc.to strengthen the understanding of the lnternet finance.

Keywords:P2P; Risk control; Strategic option

2.0 引言

2014年4月15日上午，上海拍拍贷金融信息服务有限公司（后简称拍拍贷）的CEO张俊坐在办公室里，打开了公司内网的最新财务报告，上面几个数字格外引人注目：2014年一季度，交易额4亿元，同比增长6倍，注册用户达到250万，其中活跃用户超过10万人……看着这些数字，张俊微微一笑，在他看来，这些成绩是对他个人和整个团队这些年来在P2P行业里孤独前行的极大肯定。当初作为国内第一家成立的网络贷款平台，拍拍贷原本应该有的巨大先发优势却没在成交量上显现，远不如那些后来居上的平台，如今拍拍贷逐步走向正轨，张俊不禁回想起当初坚持之不易……