我国P2P网络借贷平台效率及影响因素研究

发布时间：2018-03-09 18:35

本文选题：P2P网络借贷平台效率　切入点：影响因素　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：P2P网络借贷起源于民间小额借贷模式,借助互联网技术将社会闲置、零散资金出借给资金短缺者,实现微观经济体的资金匹配。作为对传统金融中介机构的创新与发展,P2P网络借贷既拓宽了中小企业的融资渠道,又契合了个人投资者的高收益需求。然而P2P网络借贷行业在经历了一段时间的自我成长和竞争成长之后,有些平台得以幸存,有些平台却相继倒闭。这一方面与平台自身风控措施不够完善或违规从事自融业务有关,另一方面也反映出我国P2P网络借贷行业发展不平衡以及平台间效率差异较大的现实。目前我国P2P网络借贷行业的效率水平究竟怎样,哪些因素提升或降低了平台的效率,对这些问题的研究不仅具有理论价值,而且在现实中也具有应用价值。本文首先明确所研究的效率为P2P网络借贷平台作为中介机构的中介效率,并用DEA方法测算了我国332家P2P网络借贷平台的效率。为了进一步分析不同因素对平台效率的影响,本文建立计量模型,利用Tobit模型中的半参数估计方法,分析不同因素对于平台效率的影响,最后根据结果提出相应的政策建议。具体内容如下:首先本文对我国P2P网络借贷行业的发展现状及存在的主要问题做了总结,发现现阶段我国P2P网络借贷行业发展数速度仍较快,但在经历了高增长、高收益的爆发式发展阶段后逐渐趋于理性。而且我国P2P网络借贷行业仍存在大量问题,如平台风险控制措施不完善,信息披露不到位、平台的道德风险较为严重等。其次,本文用DEA方法对我国P2P网络借贷平台效率进行测度,从结果来看,我国网络借贷行业效率存在不足,仅有8.3%的平台为DEA有效。且平台发展状况极不平衡,其综合效率最小值仅为0.04,从规模报酬率变动来看,89%的平台为规模报酬率递增,需适度扩大平台规模提高平台效率。再次,本文用Tobit模型对可能影响我国P2P网络借贷行业效率的因素进行实证分析,因变量是平台的综合效率,自变量主要是平台的特征性变量如平台的股东背景、是否加入互联网金融协会等;以及平台部分交易数据指标,如平台借款人集中度、投资人集中度等。实证结果表明风投背景与上市公司背景、加入互联网金融协会、平台引入债权转让功能、平台资金第三方托管、平台借款人集中度以及资金杠杆倍数等因素对平台效率有显著的正向影响;而引入第三方担保机构担保、平台抽取风险准备金、平台投资人集中度以及平台收取费用等因素对平台效率有显著负向影响。另外国资或银行股东背景、地域因素、平台自动投标功能和运营时间等对平台效率影响不显著。由于对于P2P网络借贷行业效率的研究尚处于初期阶段,本文对于平台效率的测度以及影响因素的研究比较初步。在之后的研究中可以用面板数据利用DEA-Malmquist指数分析平台的全要素生产率变化、纯技术效率变化、规模效率变化和技术进步等。在影响因素方面的研究可以通过深度挖掘影响平台效率的因素,如以积分的形式量化平台的技术条件、管理人员的能力水平、平台的透明度等,深化对影响平台效率的因素的研究。
[Abstract]:The origin of the P2P network lending to private microfinance mode, the Internet technology will be idle, scattered funds to the shortage of funds, implementation of the micro economy, innovation and development. As the capital of traditional financial institutions, lending P2P networks both to broaden the financing channels for small and medium enterprises, but also fit the individual investors high returns but the P2P network lending industry demand. After a period of self growth and competitive growth, some of the platform survived, but some platforms have been closed down. On the one hand, with the platform of their own risk control measures is not perfect or relevant regulations in the self financing business, on the other hand also reflects the development of the P2P network lending industry in China the difference is not balanced and the efficiency of the platform between the great realistic. The current efficiency level of the network lending industry in China P2P how, what factors promote or reduce the platform The efficiency of the research on these problems is not only of theoretical value, but also has application value in reality. This paper firstly clarify the research efficiency of P2P network lending platform intermediary efficiency as intermediaries, and measure the efficiency of China's 332 P2P network lending platform with the DEA method. In order to further analyze the influence of different factors on the efficiency of the platform, this paper established the econometric model estimation method using semi parametric Tobit model, analysis of the influence of different factors on the efficiency of the platform, and according to the results put forward the corresponding policy suggestions. The specific contents are as follows: firstly, the development status of the online lending industry of P2P in China and the main problems were summarized, found at the present stage of China's P2P network lending industry development speed is still relatively fast, but has experienced high growth, high-yield explosive development stage in China and gradually become more rational. P2P network lending industry, there are still a lot of problems, such as the platform for risk control measures is not perfect, the information disclosure is not in place, the moral risk platform is serious and so on. Secondly, by using the DEA method on the efficiency of China's P2P network lending platform to measure, as a result, China's network lending industry efficiency problems, only 8.3% of the platform DEA. And development platform is very uneven, the comprehensive efficiency of the minimum value is only 0.04, the rate of change from the scale point of view, the 89% platform for increasing return to scale, to expand the size of the platform platform efficiency. Thirdly, we use the Tobit model on the factors that may affect China's P2P network lending industry efficiency the empirical analysis, the dependent variable is the comprehensive efficiency of the platform, the platform is the main variable characteristic variables such as shareholder background platform, whether to join the Internet Finance Association; and cross platform part Easy data, such as the platform borrower concentration, investors and so on. The empirical results show that venture capital background and the background of a listed company, to join the association of Internet financial platform for the introduction, debt transfer function, funding platform for third party hosting platform, the borrower concentration and capital leverage and other factors have a significant positive impact on the efficiency and the introduction of guarantee platform; the third party guarantee institutions, platform extraction risk reserve platform, investors focused on fee and platform on the platform efficiency have a significant negative impact. In addition to bank shareholders or state-owned background, geographical factors, affect the function and operation platform of automatic bid time on the platform of efficiency is not significant. Because the research for the P2P network lending industry efficiency is in the early stages, the measure platform efficiency and influencing factors of the comparative study. After the preliminary study can By using the panel data analysis of TFP change platform by using the DEA-Malmquist index, pure technical efficiency change and scale efficiency change and technological progress. In the factors of influencing factors can affect the efficiency of the platform through the depth of excavation, such as technology platform integration forms, management ability level, platform transparency, deepen the research on the factors affecting the efficiency of the platform.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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