管理评论

›› 2019, Vol. 31 ›› Issue (4): 3-18.

• 经济与金融管理 •    下一篇

声誉的信息含量——来自P2P网络借贷的证据

李焰1, 张迎新1, 王琳2   

  1. 1. 中国人民大学商学院, 北京 100872;
    2. 中国证监会博士后科研工作站, 北京 100033
  • 收稿日期:2017-08-09 出版日期:2019-04-28 发布日期:2019-04-26
  • 作者简介:李焰,中国人民大学商学院教授,博士生导师,博士;张迎新,中国人民大学商学院博士研究生;王琳,中国证监会博士后科研工作站博士后,博士。
  • 基金资助:

    国家自然科学基金项目（71272150）；国家社会科学基金项目（15AZD012）；内蒙古哲学社会科学规划项目（ISSFP 2017201710049）。

The Information Content of Reputation——Evidence from Peer-to-Peer Lending

Li Yan1, Zhang Yingxin1, Wang Lin2   

  1. 1. Business School, Renmin University of China, Beijing 100872;
    2. Postdoctoral Research of CRSC, Beijing 100033
  • Received:2017-08-09 Online:2019-04-28 Published:2019-04-26

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摘要：

声誉作为信号传递信息，可以有效降低信息不对称，同时由于信号作用有强弱特征，因此声誉的信息含量也在动态变化。本文利用2011年7月至2013年7月P2P网络借贷平台拍拍贷的投资数据，考察了借款者声誉（成功借款次数）对投资者行为的影响及交易不确定程度对上述两者关系的调节作用。研究表明：声誉越高的借款者，其借款的可得性和投资者投资活跃度越高；进一步，投资者面临的交易不确定程度会增强两者间的相互作用，如在信用等级较差、纯信用借款及早期交易阶段，借款者声誉对借款结果的影响更大。上述结论在经过内生性等稳健性测试后依然成立，表明声誉的信息含量受其发挥作用环境的影响，即声誉对于降低经济主体的不确定感知程度越大，信息含量就越大。

关键词: 声誉机制, 信息含量, 信息不对称, P2P网络借贷

Abstract:

Reputation can be used as a signal to transmit information and therefore can effectively reduce the information asymmetry. Besides, the information content of reputation is dynamic since the strength of signal varies. Using a sample of peer-to-peer investment data in China for the period from July 2011 to July 2013, we investigate the impact of borrower's reputation on the investment outcome and how the uncertainty of the transaction regulates the relationship. The results show that, borrowers with higher reputation have high probability to get the borrowing funded and in a more active way; further, the degree of uncertainty faced by investors will enhance the interaction of the relationship, for example, a borrower of poor credit in its early stage relies more on its reputation to get a non-guaranteed loan. The results still hold after endogeneity test and other robustness tests. The findings suggest that the information content of reputation is influenced by the environment in which it plays an important role. That is, the more the reputation can reduce the perception of uncertainty, the more it contains the information.

Key words: reputation mechanism, information content, asymmetric information, P2P lending