P2P网络借贷投资者行为的实证研究

发布时间：2018-02-28 22:20

本文关键词： P2P网络借贷投资者行为平台信任出借意愿　出处：《西北大学》2017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传统金融结合的创新产物,在缓解“融资难”问题的同时,也为投资者提供了新的投资渠道。P2P网络借贷平台众多且良莠不齐,借款项目纷杂且风险频发,使得投资者必须谨慎决策。因此,投资者如何选取投资平台和项目的投资行为值得关注。在文献梳理和现状分析的基础上。首先,构建投资者行为模型,将投资者行为分解为产生平台信任和出借意愿两个连续过程。其次,运用爬虫软件抓取平台信息和“拍拍贷”交易数据;采用多元线性回归模型对投资者平台信任进行实证;用分位数回归模型对借款项目不同进度下投资者出借意愿进行实证;用决策树模型对投资者行为进行评价。结果发现:(1)P2P网络借贷投资者选取平台时,投资收益率、借款人数、平台评分、平台注册地、上线时间对其影响显著,平台借款期限、投标保障、平台注册资本、平台背景对其影响不显著。(2)投资者出借意愿在不同借款进度上的影响因素也不同。在低借款进度时,投资者出借意愿的影响因素有:借款金额、借款期限、借款利率、风险偏好、借款人历史成功还款次数、借款人年龄、借款人受教育程度和借款人信用等级等;在高借款进度时,投资者出借意愿只受几个核心变量的影响,包括:借款金额、借款期限、借款利率、风险偏好和借款人信用等级。(3)投资者对风险信息识别不足,并不能将信用差的借款人识别出来。最后,针对研究结论,结合P2P网络借贷存在的问题,从平台及其监管部门和投资者两个角度提出了相关建议。论文研究结论具有一定理论价值和现实意义。不仅为P2P网络借贷投资者行为研究贡献微薄之力,还可以指导P2P网络借贷环境改善和投资者风险控制,促进P2P网络借贷的健康发展。
[Abstract]:P2P network lending, as an innovative product of the combination of Internet technology and traditional finance, not only alleviates the problem of "financing difficulties", but also provides investors with new investment channels. P2P network lending platforms are numerous and intermingled. The variety of loan projects and the frequent risks make investors have to make careful decisions. Therefore, how investors choose investment platform and investment behavior is worthy of attention. First of all, based on the literature review and current situation analysis, it is necessary to pay attention to how to choose the investment platform and the investment behavior of the project. Construct investor behavior model, decompose investor behavior into two continuous processes: creating platform trust and lending willingness. Secondly, crawler software is used to capture platform information and PPDAI transaction data. The multivariate linear regression model is used to demonstrate the investors' platform trust, and the quantile regression model is used to demonstrate the investor's willingness to lend under the different progress of the loan project. The decision tree model is used to evaluate the behavior of investors. The results show that the investment rate of return, the number of borrowers, the platform score, the place of registration, the online time have a significant impact on the behavior of the investors when they choose the platform, and the loan period of the platform is significant. Bidding protection, platform registered capital, platform background have no significant influence on it. (2) investors' lending willingness has different influence factors on different loan schedule. At low loan rate, the influence factors of investors' lending willingness are: loan amount. Borrowing term, interest rate, risk preference, times of successful repayment, borrower's age, borrower's education level, borrower's credit rating, etc. Investors' willingness to lend is affected by only a few core variables, including: the amount of money borrowed, the maturity of the loan, the interest rate on the loan, the risk preference and the borrower's credit rating. Can not identify the borrowers with poor credit. Finally, according to the conclusions of the research, combined with the problems of P2P network lending, Some suggestions are put forward from the perspective of platform, supervision department and investors. The conclusion of this paper has some theoretical value and practical significance. It not only contributes to the research of P2P network lending investors' behavior, but also contributes a small contribution to the research of P2P network lending investors' behavior. It can also guide the improvement of P2P network lending environment and investor risk control, and promote the healthy development of P2P network lending.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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