标点与字数会影响网络借贷吗——来自人人贷的经验证据

发布时间：2018-04-29 10:23

本文选题：网络借贷 + 信息不对称　；参考：《财贸经济》2017年05期

【摘要】：就信息不对称程度而言,P2P网贷市场可能比传统金融市场更为严重。该市场的长期发展,取决于市场参与者如何有效利用有限的手段降低信息不对称的能力。本文以中国具有代表性的网贷平台"人人贷"2012年3月到2014年12月间的170817笔订单为研究对象,考察了网络借贷市场中借款描述的标点和字数所起到的产生增量信息的作用。实证结果发现:(1)在控制了其他因素的条件下,借款订单中借款描述的标点数每增加10个,借款成功率就会相对降低8%,而借款成本则会降低0.51%。(2)字数每增加10个,那么借款成功率就会相对提高2.3%,但是借款成本会提高0.28%。(3)标点数和字数对还款表现并未能产生显著的增量信息。上述结论在经过稳健性检验之后依然能够成立。
[Abstract]:In terms of information asymmetry, P2P loan market may be more serious than traditional financial market. The long-term development of the market depends on the ability of market participants to effectively use limited means to reduce information asymmetry. This paper takes 170817 orders from March 2012 to December 2014, a typical online lending platform in China, to investigate the effect of punctuation and word count on the loan description in the online lending market. The empirical results show that under the condition of controlling for other factors, the success rate of borrowing will be reduced by 8 for each increase in the number of standard points described in the loan order, while the cost of borrowing will be reduced by 0.51.The number of words will be increased by 10 words. Then the success rate of borrowing will be relatively higher by 2.3%, but the cost of borrowing will increase by 0.28.1%) the number of punctuation points and the number of words will not produce significant incremental information on the repayment performance. The above conclusion can still hold after the robustness test.
【作者单位】：暨南大学经济学院金融系;
【基金】：国家自然科学基金“儒家文化与过度储蓄:微观机理、实证检验与宏观政策研究”(71473102) 教育部人文社会科学基金“文化、偏好与消费”(13YJA790139)
【分类号】：F724.6;F832.4

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