摘要
本文选取了P2P网络借贷平台"人人贷"中2014年11月22日我国央行实施宽松货币政策前后两个月日交易数据,使用Probit模型实证检验了宽松货币政策这一宏观政策冲击对投资者风险偏好的影响。研究发现:宽松货币政策实施后,名义利率更高的高风险项目比普通风险项目更容易受到投资者青睐。具体表现为:高风险项目融资成功率显著上升,平台项目整体融资成功率并没有显著改变;高风险项目融资成本相较于普通风险项目并没有显著下降,这表明投资者投资高风险项目主要是看重其名义利率;高风险项目违约率并没有显著上升,因此并不能断定投资者增加对高风险项目投资的行为是非理性的。
This paper selected the daily transaction data from 'Peer to Peer Lending'website during two months before and after November 22,2014 when People's Bank of China announced the loose monetary policy.This paper uses the Probit model to test the macroeconomic policy impact of the loose monetary policy on the investor's risk appetite.The study finds that the loose monetary policy makes those high-risk projects with higher nominal interest rates gain more favor from the investors than the ordinary ones,which specifically presents as the follows:the success rate of high-risk projects financing increased significantly while the overall success rate of financing on the platform has not changed obviously;the cost of high-risk projects financing has not showed significant decline compared to the ordinary ones,which indicated that investors invest in high-risk projects mainly due to its nominal interest rate;the default rate on high-risk project has not seen obvious increase,therefore,it remains unclear whether it's irrational for investors to increase investment in high-risk projects.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2017年第11期26-40,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
