Abstract In recent years, the rapid development of P2P platform and different types of P2P products lead to many problems. In order to study the determinants of investors’ decision-making behavior and the dynamic effect path, this study comes up with two sets of questionnaires based on whether the investor has investment experience on P2P platform, and proposes the initial trust and continuous trust models respectively, to conduct the empirical analysis from the micro perspective. The results show that there are obvious differences between these two kinds of trust mechanisms. The initial trust of investors pays more attention to the construction, management and reputation of the platform, while the continuous trust is more effected by the actual perception of the investment process. At the same time, the effect mechanisms of two models reflect the investors’ rationales arising during the process of investment.
