P2P网络信贷中投资行为影响因素研究——基于拍拍贷平台交易的证据

摘要/Abstract

摘要：

P2P网络借贷市场快速发展，充分满足了小微企业和中低收入人群的融资需求，同时为社会闲置资金提供了一个良好的投资渠道。本文以拍拍贷网站大量真实交易数据为研究样本，采用二元logistic回归模型，探究P2P网络借贷中影响投资行为的主要因素，并分析P2P平台信用指标体系对投资行为的影响。研究结果表明，订单风险等级、借款人年龄、身份以及上传照片等对投资行为有显著影响。信用评价指标中借入信用分、借出信用分、认证信息以及通过预审对投资行为存在显著正向作用。而且本文发现风险等级和借款利率之间存在交互作用。相比于中低风险等级用户，高风险等级用户提高利率对投资意愿正向影响作用更大。根据研究结果，本文认为P2P平台应关注风险评估体系构建，着重对平台认证机制、审核流程和借款人历史行为监测等方面进行改进。

关键词: P2P网络借贷, 互联网金融, 风险评级, 信用评价机制, 投资行为

Abstract:

Online peer-to-peer (P2P) lending has experienced rapid growth since its inception.It satisfies the loan demand of small micro enterprises and low-income borrowers.In addition,it provides good investment for idle social funds.This study collects 51,458 listing data from PPDai.com to explore the main influential factors of lending behaviors using binary logistic regression models.Furthermore,we test the effects of P2P platform's credit evaluation mechanism on P2P lending behaviors.These results show that risk rating,review,photos,borrower's identity and age have significant impact on P2P lending.We also find that borrowing credit score,lending credit score and identity verification have a positive effect on lending behaviors.The results provide a related theory basis for investors' decision-making and the improvement of P2P network credit platform.The findings have significant managerial implications on the sustainable development of online P2P lending pattern.

Key words: online peer-to-peer lending, Internet financial, risk rating, credit evaluation mechanism, lending behavior

刘巧莉, 温浩宇, HongQin. P2P网络信贷中投资行为影响因素研究——基于拍拍贷平台交易的证据[J]. , 2017, 29(6): 13-22,52.

Liu Qiaoli, Wen Haoyu, Qin Hong. Determinants of Lending Behaviors in Online P2P Lending Market:Based on the Lending Data of PPDai.com[J]. , 2017, 29(6): 13-22,52.

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