公开信息对P2P网络借贷行为的影响及信息甄别

发布时间：2018-06-04 18:08

本文选题：P2P网络借贷 + 公开信息　；参考：《华侨大学》2017年硕士论文

【摘要】：业内将2013年称为互联网金融元年,这一年在互联网快车的带动下,金融行业迅速衍生出了一系列创新活动。2007年6月,国内第一家P2P网络借贷平台“拍拍贷”成功创立,紧接着与之具有同样业务形态的红岭创投、人人贷等平台也先后出现,P2P网络借贷作为一种新的融资渠道正在蓬勃发展。筹资人在平台借款时要提供个人信息等相关资料,这些信息会在借款标的页面公开显示。由于金融市场中信息不对称普遍存在,P2P网络借贷平台发挥的虽是金融中介作用,但多数只是对筹资人提供的材料进行审核,因此筹资人为了提高借款成功率可能会隐瞒自身情况或提供虚假信息,投资人在选择借款标的时需要对公开信息的真实性进行甄别。本文使用Probit模型,在模型中加入了筹资人的网络声誉、工作状况和借款描述变量,并创新性的使用句读对借款描述的文本可读性进行量化,以人人贷平台数据为基础,研究公开信息对P2P网络借贷行为(包括借款成功和还款违约)的影响,并通过对比两者的影响因素,观察是否存在信息噪音,即对投资人而言具一定欺骗性的信息,从而帮助投资者进行信息甄别。研究结果显示:(1)筹资人的网络声誉影响借款成功率,且能够客观反映其违约风险,为投资人提供较为准确的参考信息。筹资人的借款还清率越高、逾期次数越少,表明其违约风险越低,因而较受投资人的青睐,借款成功率较高。(2)筹资人所提供的工作状况等个人信息影响借款成功率,但在揭示还款违约方面存在信息噪音。对于一些难以认证的个人信息(如公司规模、收入),筹资人可能存在虚假披露情况,此类信息将会对投资人造成干扰,使其不能准确判断筹资人的违约风险。(3)借款描述影响借款成功率,但在揭示筹资人违约风险方面存在信息噪音。借款描述的字数越多、文本可读性越强,则借款成功率越高。但财务状况或诚信水平较差的筹资人可能会借此进行伪装,提供虚假的借款描述来欺骗投资人。
[Abstract]:The industry called 2013 the first year of Internet finance, led by the Internet Express, quickly spawned a series of innovative activities. In June 2007, PPDAI, the country's first P2P online lending platform, was founded successfully. Then with the same business form of Hongling Venture, people loan and other platforms have emerged P2P network lending as a new financing channel is booming. The fundraiser should provide personal information and other relevant information when borrowing on the platform, which will be publicly displayed on the loan subject page. Because of the widespread information asymmetry in financial markets, P2P network lending platforms play a financial intermediary role, but most of them only audit the materials provided by the financiers. Therefore, in order to improve the success rate of borrowing, the financier may conceal his own information or provide false information, and investors should identify the authenticity of the public information when selecting the subject matter of the loan. This paper uses Probit model to add the network reputation, work condition and loan description variables of the fundraiser, and innovatively uses sentence reading to quantify the readability of the loan description, which is based on the data of everyone's loan platform. This paper studies the influence of public information on P2P network borrowing behavior (including loan success and repayment default), and by comparing the two factors, we observe whether there is information noise, that is, information that is deceptive to investors. To help investors identify information. The research results show that the network reputation of the fundraiser affects the success rate of borrowing, and can objectively reflect the default risk, and provide more accurate reference information for investors. The higher the repayment rate and the less overdue, the lower the risk of default, and therefore more favored by investors. The higher the success rate of borrowing is, the higher the personal information such as the working condition provided by the financier affects the success rate of borrowing. But there is information noise in revealing default payments. For personal information that is difficult to authenticate (such as the size of the company, the revenue, the potential for false disclosure on the part of the financier, such information will interfere with investors, Therefore, it can not accurately judge the default risk of the financier. 3) the loan description affects the loan success rate, but there is information noise in revealing the default risk of the financier. The more words the loan describes and the more readable the text, the higher the success rate. But financiers with poor financial standing or integrity may use it to disguise themselves by providing false loan descriptions to deceive investors.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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