摘要
本文以Prosper网络借贷平台上2007年12月至2012年2月的交易数据为样本,从文本分析的视角对比研究利率形成机制变动前后借款陈述对借款成功率和实际借款利率的影响。实证表明:在利率竞拍模式下信用等级越低的借款人越倾向于提供借款陈述,借款陈述的迷雾指数和文本长度都与借款成功率呈现"倒U型"关系,并与实际借款利率存在线性正相关关系;其次,在固定利率模式下,借款利率与借款陈述长度存在显著的"U型"关系,与迷雾指数只表现出线性正相关关系;最后,在两种利率模式下借款人提供借款陈述都能降低借款成本,但是不一定能增加借款成功率,且信用等级较低的借款人提供借款陈述对借贷行为的影响更大。
Whether the loan descriptions have effects on P2P lending behaviors in different formation mechanisms of interest rate is tested from the perspective of textual analysis,using the transaction data on Prosper between December 2007 and February 2012. The results show,in the auction mode of interest rates,borrowers whose credit ratings are lower are more inclined to provide the loan description; both of fog indexes and lengths of loan descriptions form an inverted U-shaped relation to the loan success rate and have a linear positive correlation with the interest rate. Second,the interest rates form a U-shaped relation to the lengths of loan descriptions and are positively correlated with the fog indexes in the pre-set rates mode. Third,providing the loan description could decrease the interest rate,but fails to increase the success rate,and the impacts of providing the loan description are more obvious for borrowers with a lower credit rating in both mechanisms.
出处
《金融研究》
CSSCI
北大核心
2016年第4期158-173,共16页
Journal of Financial Research
关键词
借款陈述
P2P借贷
文本分析
Loan Description
P2P Lending
Textual Analysis
