买方市场还是卖方市场:P2P借贷双方议价能力测度和比较

发布时间：2018-03-17 05:35

本文选题：PP借贷　切入点：双边随机边界　出处：《中央财经大学学报》2017年10期 　论文类型：期刊论文

【摘要】：笔者通过收集人人贷网站数据,采用了异质性双边随机边界方法研究了P2P网贷中借款人和投资人对借贷利率的定价权力的相对大小。研究结果表明,在竞拍模式下的P2P网贷业务中,投资者在利率决定中处于明显的强势地位,导致最终平均成交利率高出公允利率12.9%,并且几乎所有投资者都占有了净剩余,从而P2P市场呈现买方市场的特征;进一步通过分析软信息对借款人议价能力的作用发现,借款描述的字数只在一定范围能对增加借款人议价能力有帮助,超过这个范围反而会削弱借款人的利率定价权。笔者还比较了投资者净剩余依不同维度特征的分布信息,发现借款人的信用等级越高,投资者占有的净剩余越少;投资者占有净剩余的多少虽然依借款人居住地有一定区别,但并不按东、中、西部的区域呈现明显差异;文章还发现货币政策调整与投资者占有净剩余的大小有一定关联性,在一系列扩张型货币政策调整之后,投资者的净剩余缩小,借款人议价能力严重不足的情形得到缓解。笔者的研究反映了P2P平台借贷活动中,借款人在利率定价权上的地位缺失,因此P2P网贷业务离"普惠金融"的公平性发展目标尚存在一定差距。
[Abstract]:By collecting peer-to-peer lending website data, the author uses heterogeneous bilateral stochastic boundary method to study the relative size of the pricing power of borrowers and investors on loan rates in P2P networks. The results show that, In the P2P loan business in bidding mode, investors are in a strong position in the interest rate decision, resulting in the final average transaction interest rate is higher than the fair interest rate 12.9 percent, and almost all investors have a net surplus. Through the analysis of the effect of soft information on the borrower's bargaining power, it is found that the words of loan description can only help to increase the borrower's bargaining power in a certain range. The author also compares the distribution information of the investor's net surplus according to the characteristics of different dimensions, and finds that the higher the borrower's credit grade, the less the investor's net surplus. Although the amount of net surplus occupied by investors varies according to the place of residence of the borrower, it does not show significant differences in the east, middle and west regions. The article also finds that the adjustment of monetary policy is related to the size of the net surplus occupied by investors. After a series of expansionary monetary policy adjustments, the net surplus of investors shrinks, and the serious lack of bargaining power of borrowers is alleviated. The borrower's position in the interest rate pricing power is absent, so there is still a certain gap between P2P network loan business and the fair development goal of inclusive finance.
【作者单位】：合肥工业大学经济学院;中南财经政法大学财税学院;
【基金】：国家自然科学基金面上项目“动态环境下决策单元效率评价方法与应用研究”(项目编号:71471053) “中央高校基本科研业务经费”(项目编号:JZ2016HGBZ0776)
【分类号】：F724.6;F832.4

【相似文献】