本文關(guān)鍵詞： 融資約束 征信機(jī)制 運(yùn)營(yíng)模式 Prosper 拍拍貸　出處：《金融與經(jīng)濟(jì)》2017年10期 　論文類型：期刊論文

【摘要】：本文以中美兩國(guó)P2P網(wǎng)絡(luò)借貸平臺(tái)的快速發(fā)展為背景,基于Prosper和拍拍貸案例分析了美國(guó)P2P網(wǎng)絡(luò)借貸平臺(tái)的發(fā)展及其對(duì)中國(guó)的啟示。研究發(fā)現(xiàn),兩國(guó)P2P網(wǎng)絡(luò)借貸平臺(tái)在征信機(jī)制、市場(chǎng)環(huán)境、運(yùn)營(yíng)模式、風(fēng)險(xiǎn)表現(xiàn)方面存在諸多差異,Prosper為個(gè)人和機(jī)構(gòu)投資者提供的資產(chǎn)具有風(fēng)險(xiǎn)調(diào)整收益高、信息透明、久期風(fēng)險(xiǎn)低等優(yōu)勢(shì),但是網(wǎng)絡(luò)借貸業(yè)務(wù)很容易受到外部經(jīng)濟(jì)條件及由此產(chǎn)生的趨勢(shì)性或不確定性的影響。結(jié)合我國(guó)情況的進(jìn)一步分析表明:征信評(píng)級(jí)機(jī)制不完善會(huì)削弱征信信息審核的準(zhǔn)確性;擔(dān)保機(jī)制的建立有助于平衡高利潤(rùn)和保本保息目標(biāo);建立權(quán)威的第三方評(píng)級(jí)機(jī)構(gòu)有助于提高信用評(píng)級(jí)的準(zhǔn)確性;征信系統(tǒng)、監(jiān)管不足乃至監(jiān)管缺位等問(wèn)題亟待關(guān)注。本文的研究結(jié)論對(duì)于完善我國(guó)的征信體系、平臺(tái)構(gòu)架、平臺(tái)監(jiān)管具有重要的政策含義。
[Abstract]:This paper takes the rapid development of P2P network lending platform in China and the United States as the background. Based on the case of Prosper and PPDAI, this paper analyzes the development of American P2P network lending platform and its enlightenment to China. The research finds that the two countries' P2P network lending platform is in the credit mechanism and market environment. There are many differences in operating mode and risk performance. The assets provided by Prosper for individual and institutional investors have the advantages of high risk-adjusted income, transparent information, low risk for a long period of time and so on. However, the network lending business is vulnerable to external economic conditions and the resulting trend or uncertainty. Further analysis of the situation in China shows that:. Imperfect credit rating mechanism will weaken the accuracy of credit information audit; The establishment of the guarantee mechanism is helpful to balance the high profit and the goal of maintaining the principal and interest; The establishment of authoritative third-party rating agencies helps to improve the accuracy of credit ratings; The research conclusions of this paper have important policy implications for perfecting the credit information system, platform framework and platform supervision in China.
【作者單位】： 北京外國(guó)語(yǔ)大學(xué)商學(xué)院;
【分類號(hào)】：F724.6;F832.4
【正文快照】： 一、引言 作為互聯(lián)網(wǎng)金融的一種新興業(yè)態(tài)融資模式,其發(fā)展的社會(huì)動(dòng)因在于普遍存在的融資難、融資貴問(wèn)題,體現(xiàn)了金融的民主化和普惠性特征。美國(guó)P2P網(wǎng)絡(luò)借貸的商業(yè)模式經(jīng)過(guò)大量的市場(chǎng)檢驗(yàn)而更顯成熟,其發(fā)展規(guī)模和速度均位居各國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)的前列。相應(yīng)地,我國(guó)在經(jīng)過(guò)對(duì)國(guó)外

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