Small andmicro enterprises is supporting China's transformation of economic growthmode, themain driving force to promote sound and rapid development of the entity economy, and for the sustained and stable economic growth and lay a solid foundation, but also for new employment provide a lot of job however. But because of small and micro enterprises by small scale and few assets, anti risk ability is weak, coupled with the financial system is not perfect, the corporate governance mechanism imperfect decided the financing risk, high cost, it is difficult to get traditional financial institutions funding support. Online P2P lending is a new finance paradigm which combines internet technology and private lending. In particular, in China, where the development of traditional capital markets has been relatively slow, online P2P lending is faithfully serving as a means of financing for small-to-mid sized companies since the emergence of P2P lending platforms. The present study attempts to identify the factors considered important by investors on P2P lending platforms by analyzing the factors that impact the lending success of Chinese small and micro enterprises. The present study divided factors impacting the lending success of P2P loans into company characteristics, lending characteristics, borrower characteristics, and P2P certification properties with the purpose of examination. The analysis results are summarized as follows. Lending success ratios for Chinese P2P lending platforms are higher when the size of the company is bigger, the loan is relatively smaller, the borrowing rate of interest is greater, the credit rating is higher, the borrower is a woman and has no record of overdue payments, and the lending involves institution certification. Such a result implies that although P2P loans are efficient, the appraisal of the borrower is not largely different fromoffline loans.