网络借贷是实现普惠金融的有效途径吗——来自“人人贷”的微观借贷证据

发布时间：2018-03-20 18:39

本文选题：网络借贷　切入点：信息中介　出处：《中国工业经济》2017年02期 　论文类型：期刊论文

【摘要】：传统金融机构对长尾群体的信贷需求存在交易成本居高不下和难以有效克服信息不对称的问题,这使得长尾群体的信贷需求往往被边缘化。网络借贷重塑了金融组织的形态,作为信息中介,网络借贷通过信用认证机制以及信息披露机制,发挥了传统金融机构的信息聚集机制和监督功能。基于信息不对称理论和交易成本理论,本文主要关注两个问题:(1)在纯信息中介前提下,借贷平台对长尾群体软硬信息的生产、传递、监督等过程能否降低信息不对称以及交易费用?(2)长尾群体通常缺乏充足的硬信息,网络借贷能否提供某种机制,使得长尾群体能够缓解自身的融资约束?基于"人人贷"数据的实证结果表明,软硬信息的披露均有助于抑制信息扭曲,提高借贷市场的信息透明度。充足的可验证硬信息会主导投资者的投标决策;对于硬信息不足的长尾群体,可通过累积自身的软信息来缓解信贷约束,借款人声誉的作用主要体现在缓解融资难问题上,同时,可验证硬信息与借款人声誉存在替代效应。因此,网络借贷有望成为长尾群体实现普惠金融的一条有效路径。在融资成本高的问题上,声誉的激励机制未能起到应有的作用,主要是由于"人人贷"借贷利率的设定机制缺乏弹性。
[Abstract]:The traditional financial institutions have the problem of high transaction cost and difficult to overcome the information asymmetry in the credit demand of the long-tailed group, which makes the credit demand of the long-tailed group tend to be marginalized. Network lending has reshaped the form of financial organization. As an information intermediary, network lending plays the role of information aggregation mechanism and supervision function of traditional financial institutions through credit certification mechanism and information disclosure mechanism, based on information asymmetry theory and transaction cost theory. This paper mainly focuses on two questions: 1) under the premise of pure information intermediary, can the production, transmission and supervision of soft and hard information of long-tailed groups be reduced by the lending platform, and can the information asymmetry and transaction costs be reduced? (2) the long-tailed group usually lacks sufficient hard information, can network lending provide some kind of mechanism to enable the long-tailed group to ease its own financing constraints? The empirical results based on peer-to-peer lending data show that the disclosure of soft and hard information can help to restrain the distortion of information and improve the transparency of information in the lending market. Sufficient verifiable hard information will dominate investors' bidding decisions; For long-tailed groups with insufficient hard information, credit constraints can be eased by accumulating their own soft information. The role of borrowers' reputation is mainly reflected in alleviating the problem of financing difficulties, at the same time, Therefore, network lending is expected to become an effective way for long-tailed groups to achieve inclusive finance. In the problem of high financing costs, reputation incentive mechanism fails to play its due role. This is mainly due to the lack of flexibility in the setting mechanism of peer-to-peer lending's lending rate.
【作者单位】：西南财经大学金融学院;西南财经大学中国微金融与互联网金融创新研究中心;
【基金】：国家自然科学基金青年项目“小微企业互联网平台融资模式研究———基于双向拍卖和信号博弈双重视角”(批准号71503210) 西南财经大学中央高校基金的资助
【分类号】：F724.6;F832.4

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