我国P2P网络借贷逆向选择效应研究

发布时间：2018-01-21 10:28

本文关键词： P2P网络借贷信息不对称逆向选择柠檬市场　出处：《湖南大学》2015年硕士论文　论文类型：学位论文

【摘要】：P2P网络借贷作为互联网技术与P2P借贷相结合形成的新型互联网金融服务模式,在解决中小企业和个人融资需求方面有着良好的应用前景,也是未来金融服务的发展趋势。然而,P2P网络借贷在提供高效便捷的资金融通的同时,也存在网络交易中双方(借款人和投资人)信息不对称的问题。作为信息劣势的一方,投资人面临着借款人提供信息不足、资料造假等种种问题,由此形成的逆向选择会导致资金利率过高、借贷风险较大以及借贷成功率低的问题。本文首先针对P2P网络借贷中的逆向选择问题建立了理论模型,从理论上推导了逆向选择的形成原因、产生的后果。随后从利率对投资人资金出借意愿的影响来验证P2P网络借贷逆向选择的存在性。通过从拍拍贷网站上收集1200个借款标的数据,使用logistc模型对数据进行回归分析,得出如下结论：利率、成功次数、信用分数三个变量是对投资人出借意愿影响最大的三个因素,金额、性别全额还清次数、期限的影响也较为显著。其中利率变量的影响最大且系数为负,说明随着借款者所提供的借款利率越高,其借款满标的可能性反而会降低,这与信息不对称理论中的逆向选择理论相符合,证实了P2P网络借贷市场中确实存在的一定程度的逆向选择,P2P网络借贷市场从某种程度上来说是一个“柠檬市场”。本文的研究结论对解决P2P网络借贷存在的三大问题提供了理论依据,并对促进P2P网络借贷市场健康发展提出以下建议：完善法律法规,将P2P网络借贷纳入金融监管体系；完善借贷平台的资金管理机制；加强信息披露,完善征信体系。
[Abstract]:P2P network lending, as a new type of Internet financial service model formed by the combination of Internet technology and P2P lending, has a good application prospect in solving the financing needs of small and medium-sized enterprises and individuals. It is also the development trend of financial services in the future. However, P2P network lending provides efficient and convenient financing at the same time. There is also the problem of asymmetric information between the two parties (borrowers and investors) in network transactions. As one side of information disadvantage, investors are faced with various problems such as insufficient information provided by borrowers and falsification of information. The adverse selection will lead to the problem of high interest rate of funds, high risk of borrowing and low success rate of loan. Firstly, this paper establishes a theoretical model of reverse selection in P2P network lending. The reasons for the formation of reverse selection are deduced theoretically. From the impact of interest rates on the willingness of investors to lend money to verify the existence of P2P network lending adverse selection. Through the collection of 1,200 borrowing data from PPDAI website. Using the logistc model to analyze the data, the following conclusions are drawn: interest rate, success times, credit score are the three most influential factors, the amount of money on the willingness of investors to lend. The influence of the interest rate variable is the biggest and the coefficient is negative, which indicates that the higher the borrowing rate provided by the borrower, the lower the possibility of the loan maturity. This is consistent with the reverse selection theory in asymmetric information theory, which confirms the existence of a certain degree of reverse selection in P2P network lending market. To some extent, P2P network lending market is a "lemon market". The conclusion of this paper provides a theoretical basis for solving the three problems of P2P network lending. The following suggestions are put forward to promote the healthy development of P2P network lending market: perfecting laws and regulations and bringing P2P network lending into the financial supervision system; Perfecting the fund management mechanism of the lending platform; We will strengthen information disclosure and improve the credit system.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6;F832.4

【参考文献】