摘要
研究中国P2P网贷平台的担保机制与中介性质具有极其重要的意义。本文以人人贷平台的大量公开数据为基础,综合运用理论模型构建、数值模拟分析以及实证回归等方法,集中探讨了P2P平台的担保机制与中介性质问题。本文研究证实了P2P平台的坏账赔付率竞争是引致平台走向信用中介的主要原因,并推导出了最优的坏账赔付率区域。在此基础上,本文分析了担保机制对投资人行为的影响:当平台为坏账提供高额赔付时,投资人倾向于随机投资;而降低平台对坏账的赔付率,能够激励投资人主动投资;基于平台最大坏账赔付率与坏账率的对应关系,我们可以绘出P2P平台的中介性质谱系。与此同时,现实中为了应对担保机制带来的风险累积,平台采取的增强自身决策权的做法,使其进一步滑向信用中介角色。根据本文得出的结论,我们认为改善P2P行业现状的关键是政府有关部门出台具体政策,降低平台坏账赔付率并使其逐步回归信息中介。在循序渐进去担保的过程中,平台应该加大风控力度,保障投资人权益。除此以外,必须着力加强投资人教育,督促平台充分披露信息,辅助投资人学习,促进合格投资人队伍建设。
Analyzing the guarantee mechanisms and intermediary nature of P2P Lending Market in China has significant meaning.Based on open data of the lending platform RenRenDai.com,this paper studies the guarantee mechanism of P2P lending and its intermediary nature by constructing a theoretical model and then proceeding data imitating analysis with regression methods.We find that,the competition of default compensating rate is the primary cause that leads the platform to be a credit intermediary,and we can calculate the optimal default compensating area.On this basis,this paper analyzes the influence of guarantee mechanism on the behavior of investors:when the platform pays high default compensates,investors tend to invest randomly.When the platform lowers the default compensating rate,it can stimulate the investors to invest actively.Based on the corresponding relationship between maximum default compensating rate and default rate,we can draw the intermediate spectrum.In the mean time,in order to prevent the accumulating risk raised by guaranteeing mechanism,platform enhances its deciding rights which promotes itself to take the role of credit intermediary.Based on our empirical results,this paper argues that the key to improve the status quo of the P2P industry is to make corresponding policy.Specifically,this includes loweringdefault compensating rate,restricting industry access,establishing industry order and so on.For the P2P platform,it should enhance the risk prevention mechanism to guarantee the rights of investors and reveal more useful information to help the investors make effective decision.
作者
张兵
展昊
何飞
Bing Zhang;Hao Zhan;Fei He
出处
《南大商学评论》
CSSCI
2018年第4期73-103,共31页
Nanjing Business Review
基金
国家社会科学基金重大项目“互联网金融的发展、风险与监管研究”(14ZDA043)阶段性成果
关键词
P2P网贷
担保机制
中介性质
坏账赔付率
P2P lending
guarantee mechanisms
intermediate properties
default compensating rate
