發(fā)布時(shí)間：2018-01-21 10:28

  本文關(guān)鍵詞： P2P網(wǎng)絡(luò)借貸 信息不對(duì)稱(chēng) 逆向選擇 檸檬市場(chǎng)　出處：《湖南大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：P2P網(wǎng)絡(luò)借貸作為互聯(lián)網(wǎng)技術(shù)與P2P借貸相結(jié)合形成的新型互聯(lián)網(wǎng)金融服務(wù)模式,在解決中小企業(yè)和個(gè)人融資需求方面有著良好的應(yīng)用前景,也是未來(lái)金融服務(wù)的發(fā)展趨勢(shì)。然而,P2P網(wǎng)絡(luò)借貸在提供高效便捷的資金融通的同時(shí),也存在網(wǎng)絡(luò)交易中雙方(借款人和投資人)信息不對(duì)稱(chēng)的問(wèn)題。作為信息劣勢(shì)的一方,投資人面臨著借款人提供信息不足、資料造假等種種問(wèn)題,由此形成的逆向選擇會(huì)導(dǎo)致資金利率過(guò)高、借貸風(fēng)險(xiǎn)較大以及借貸成功率低的問(wèn)題。本文首先針對(duì)P2P網(wǎng)絡(luò)借貸中的逆向選擇問(wèn)題建立了理論模型,從理論上推導(dǎo)了逆向選擇的形成原因、產(chǎn)生的后果。隨后從利率對(duì)投資人資金出借意愿的影響來(lái)驗(yàn)證P2P網(wǎng)絡(luò)借貸逆向選擇的存在性。通過(guò)從拍拍貸網(wǎng)站上收集1200個(gè)借款標(biāo)的數(shù)據(jù),使用logistc模型對(duì)數(shù)據(jù)進(jìn)行回歸分析,得出如下結(jié)論：利率、成功次數(shù)、信用分?jǐn)?shù)三個(gè)變量是對(duì)投資人出借意愿影響最大的三個(gè)因素,金額、性別全額還清次數(shù)、期限的影響也較為顯著。其中利率變量的影響最大且系數(shù)為負(fù),說(shuō)明隨著借款者所提供的借款利率越高,其借款滿標(biāo)的可能性反而會(huì)降低,這與信息不對(duì)稱(chēng)理論中的逆向選擇理論相符合,證實(shí)了P2P網(wǎng)絡(luò)借貸市場(chǎng)中確實(shí)存在的一定程度的逆向選擇,P2P網(wǎng)絡(luò)借貸市場(chǎng)從某種程度上來(lái)說(shuō)是一個(gè)“檸檬市場(chǎng)”。本文的研究結(jié)論對(duì)解決P2P網(wǎng)絡(luò)借貸存在的三大問(wèn)題提供了理論依據(jù),并對(duì)促進(jìn)P2P網(wǎng)絡(luò)借貸市場(chǎng)健康發(fā)展提出以下建議：完善法律法規(guī),將P2P網(wǎng)絡(luò)借貸納入金融監(jiān)管體系；完善借貸平臺(tái)的資金管理機(jī)制；加強(qiáng)信息披露,完善征信體系。
[Abstract]:P2P network lending, as a new type of Internet financial service model formed by the combination of Internet technology and P2P lending, has a good application prospect in solving the financing needs of small and medium-sized enterprises and individuals. It is also the development trend of financial services in the future. However, P2P network lending provides efficient and convenient financing at the same time. There is also the problem of asymmetric information between the two parties (borrowers and investors) in network transactions. As one side of information disadvantage, investors are faced with various problems such as insufficient information provided by borrowers and falsification of information. The adverse selection will lead to the problem of high interest rate of funds, high risk of borrowing and low success rate of loan. Firstly, this paper establishes a theoretical model of reverse selection in P2P network lending. The reasons for the formation of reverse selection are deduced theoretically. From the impact of interest rates on the willingness of investors to lend money to verify the existence of P2P network lending adverse selection. Through the collection of 1,200 borrowing data from PPDAI website. Using the logistc model to analyze the data, the following conclusions are drawn: interest rate, success times, credit score are the three most influential factors, the amount of money on the willingness of investors to lend. The influence of the interest rate variable is the biggest and the coefficient is negative, which indicates that the higher the borrowing rate provided by the borrower, the lower the possibility of the loan maturity. This is consistent with the reverse selection theory in asymmetric information theory, which confirms the existence of a certain degree of reverse selection in P2P network lending market. To some extent, P2P network lending market is a "lemon market". The conclusion of this paper provides a theoretical basis for solving the three problems of P2P network lending. The following suggestions are put forward to promote the healthy development of P2P network lending market: perfecting laws and regulations and bringing P2P network lending into the financial supervision system; Perfecting the fund management mechanism of the lending platform; We will strengthen information disclosure and improve the credit system.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F724.6;F832.4

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