本文選題：P2P網(wǎng)絡(luò)借貸平臺(tái)效率　切入點(diǎn)：影響因素　出處：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：P2P網(wǎng)絡(luò)借貸起源于民間小額借貸模式,借助互聯(lián)網(wǎng)技術(shù)將社會(huì)閑置、零散資金出借給資金短缺者,實(shí)現(xiàn)微觀經(jīng)濟(jì)體的資金匹配。作為對(duì)傳統(tǒng)金融中介機(jī)構(gòu)的創(chuàng)新與發(fā)展,P2P網(wǎng)絡(luò)借貸既拓寬了中小企業(yè)的融資渠道,又契合了個(gè)人投資者的高收益需求。然而P2P網(wǎng)絡(luò)借貸行業(yè)在經(jīng)歷了一段時(shí)間的自我成長(zhǎng)和競(jìng)爭(zhēng)成長(zhǎng)之后,有些平臺(tái)得以幸存,有些平臺(tái)卻相繼倒閉。這一方面與平臺(tái)自身風(fēng)控措施不夠完善或違規(guī)從事自融業(yè)務(wù)有關(guān),另一方面也反映出我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)發(fā)展不平衡以及平臺(tái)間效率差異較大的現(xiàn)實(shí)。目前我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)的效率水平究竟怎樣,哪些因素提升或降低了平臺(tái)的效率,對(duì)這些問(wèn)題的研究不僅具有理論價(jià)值,而且在現(xiàn)實(shí)中也具有應(yīng)用價(jià)值。本文首先明確所研究的效率為P2P網(wǎng)絡(luò)借貸平臺(tái)作為中介機(jī)構(gòu)的中介效率,并用DEA方法測(cè)算了我國(guó)332家P2P網(wǎng)絡(luò)借貸平臺(tái)的效率。為了進(jìn)一步分析不同因素對(duì)平臺(tái)效率的影響,本文建立計(jì)量模型,利用Tobit模型中的半?yún)?shù)估計(jì)方法,分析不同因素對(duì)于平臺(tái)效率的影響,最后根據(jù)結(jié)果提出相應(yīng)的政策建議。具體內(nèi)容如下:首先本文對(duì)我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)的發(fā)展現(xiàn)狀及存在的主要問(wèn)題做了總結(jié),發(fā)現(xiàn)現(xiàn)階段我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)發(fā)展數(shù)速度仍較快,但在經(jīng)歷了高增長(zhǎng)、高收益的爆發(fā)式發(fā)展階段后逐漸趨于理性。而且我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)仍存在大量問(wèn)題,如平臺(tái)風(fēng)險(xiǎn)控制措施不完善,信息披露不到位、平臺(tái)的道德風(fēng)險(xiǎn)較為嚴(yán)重等。其次,本文用DEA方法對(duì)我國(guó)P2P網(wǎng)絡(luò)借貸平臺(tái)效率進(jìn)行測(cè)度,從結(jié)果來(lái)看,我國(guó)網(wǎng)絡(luò)借貸行業(yè)效率存在不足,僅有8.3%的平臺(tái)為DEA有效。且平臺(tái)發(fā)展?fàn)顩r極不平衡,其綜合效率最小值僅為0.04,從規(guī)模報(bào)酬率變動(dòng)來(lái)看,89%的平臺(tái)為規(guī)模報(bào)酬率遞增,需適度擴(kuò)大平臺(tái)規(guī)模提高平臺(tái)效率。再次,本文用Tobit模型對(duì)可能影響我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)效率的因素進(jìn)行實(shí)證分析,因變量是平臺(tái)的綜合效率,自變量主要是平臺(tái)的特征性變量如平臺(tái)的股東背景、是否加入互聯(lián)網(wǎng)金融協(xié)會(huì)等;以及平臺(tái)部分交易數(shù)據(jù)指標(biāo),如平臺(tái)借款人集中度、投資人集中度等。實(shí)證結(jié)果表明風(fēng)投背景與上市公司背景、加入互聯(lián)網(wǎng)金融協(xié)會(huì)、平臺(tái)引入債權(quán)轉(zhuǎn)讓功能、平臺(tái)資金第三方托管、平臺(tái)借款人集中度以及資金杠桿倍數(shù)等因素對(duì)平臺(tái)效率有顯著的正向影響;而引入第三方擔(dān)保機(jī)構(gòu)擔(dān)保、平臺(tái)抽取風(fēng)險(xiǎn)準(zhǔn)備金、平臺(tái)投資人集中度以及平臺(tái)收取費(fèi)用等因素對(duì)平臺(tái)效率有顯著負(fù)向影響。另外國(guó)資或銀行股東背景、地域因素、平臺(tái)自動(dòng)投標(biāo)功能和運(yùn)營(yíng)時(shí)間等對(duì)平臺(tái)效率影響不顯著。由于對(duì)于P2P網(wǎng)絡(luò)借貸行業(yè)效率的研究尚處于初期階段,本文對(duì)于平臺(tái)效率的測(cè)度以及影響因素的研究比較初步。在之后的研究中可以用面板數(shù)據(jù)利用DEA-Malmquist指數(shù)分析平臺(tái)的全要素生產(chǎn)率變化、純技術(shù)效率變化、規(guī)模效率變化和技術(shù)進(jìn)步等。在影響因素方面的研究可以通過(guò)深度挖掘影響平臺(tái)效率的因素,如以積分的形式量化平臺(tái)的技術(shù)條件、管理人員的能力水平、平臺(tái)的透明度等,深化對(duì)影響平臺(tái)效率的因素的研究。
[Abstract]:The origin of the P2P network lending to private microfinance mode, the Internet technology will be idle, scattered funds to the shortage of funds, implementation of the micro economy, innovation and development. As the capital of traditional financial institutions, lending P2P networks both to broaden the financing channels for small and medium enterprises, but also fit the individual investors high returns but the P2P network lending industry demand. After a period of self growth and competitive growth, some of the platform survived, but some platforms have been closed down. On the one hand, with the platform of their own risk control measures is not perfect or relevant regulations in the self financing business, on the other hand also reflects the development of the P2P network lending industry in China the difference is not balanced and the efficiency of the platform between the great realistic. The current efficiency level of the network lending industry in China P2P how, what factors promote or reduce the platform The efficiency of the research on these problems is not only of theoretical value, but also has application value in reality. This paper firstly clarify the research efficiency of P2P network lending platform intermediary efficiency as intermediaries, and measure the efficiency of China's 332 P2P network lending platform with the DEA method. In order to further analyze the influence of different factors on the efficiency of the platform, this paper established the econometric model estimation method using semi parametric Tobit model, analysis of the influence of different factors on the efficiency of the platform, and according to the results put forward the corresponding policy suggestions. The specific contents are as follows: firstly, the development status of the online lending industry of P2P in China and the main problems were summarized, found at the present stage of China's P2P network lending industry development speed is still relatively fast, but has experienced high growth, high-yield explosive development stage in China and gradually become more rational. P2P network lending industry, there are still a lot of problems, such as the platform for risk control measures is not perfect, the information disclosure is not in place, the moral risk platform is serious and so on. Secondly, by using the DEA method on the efficiency of China's P2P network lending platform to measure, as a result, China's network lending industry efficiency problems, only 8.3% of the platform DEA. And development platform is very uneven, the comprehensive efficiency of the minimum value is only 0.04, the rate of change from the scale point of view, the 89% platform for increasing return to scale, to expand the size of the platform platform efficiency. Thirdly, we use the Tobit model on the factors that may affect China's P2P network lending industry efficiency the empirical analysis, the dependent variable is the comprehensive efficiency of the platform, the platform is the main variable characteristic variables such as shareholder background platform, whether to join the Internet Finance Association; and cross platform part Easy data, such as the platform borrower concentration, investors and so on. The empirical results show that venture capital background and the background of a listed company, to join the association of Internet financial platform for the introduction, debt transfer function, funding platform for third party hosting platform, the borrower concentration and capital leverage and other factors have a significant positive impact on the efficiency and the introduction of guarantee platform; the third party guarantee institutions, platform extraction risk reserve platform, investors focused on fee and platform on the platform efficiency have a significant negative impact. In addition to bank shareholders or state-owned background, geographical factors, affect the function and operation platform of automatic bid time on the platform of efficiency is not significant. Because the research for the P2P network lending industry efficiency is in the early stages, the measure platform efficiency and influencing factors of the comparative study. After the preliminary study can By using the panel data analysis of TFP change platform by using the DEA-Malmquist index, pure technical efficiency change and scale efficiency change and technological progress. In the factors of influencing factors can affect the efficiency of the platform through the depth of excavation, such as technology platform integration forms, management ability level, platform transparency, deepen the research on the factors affecting the efficiency of the platform.

【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F724.6;F832.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 蔣_g;周安琪;;P2P網(wǎng)絡(luò)借貸中存在地域歧視嗎?——來(lái)自“人人貸”的經(jīng)驗(yàn)數(shù)據(jù)[J];中央財(cái)經(jīng)大學(xué)學(xué)報(bào);2016年09期

2 劉輝;;英國(guó)互聯(lián)網(wǎng)金融發(fā)展情況探析及對(duì)我國(guó)的啟示[J];金融科技時(shí)代;2016年09期

3 魏鵬飛;;監(jiān)管新規(guī)下我國(guó)P2P網(wǎng)絡(luò)借貸行業(yè)的發(fā)展趨勢(shì)[J];中國(guó)流通經(jīng)濟(jì);2016年07期

4 黃文彬;;我國(guó)P2P網(wǎng)絡(luò)借貸成功率影響因素研究[J];廈門大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2016年03期

5 蘇為華;王景裕;劉建和;;基于DEA方法的浙江省P2P網(wǎng)貸平臺(tái)的事中監(jiān)控效率評(píng)價(jià)研究[J];浙江金融;2016年04期

6 鄭思海;田原;金璐;;基于DEA方法的我國(guó)P2P網(wǎng)貸平臺(tái)運(yùn)營(yíng)效率研究[J];經(jīng)濟(jì)研究參考;2016年20期

7 劉心;李婷婷;鄒翔;;中國(guó)商業(yè)銀行效率DEA方法的實(shí)證分析[J];遼寧工程技術(shù)大學(xué)學(xué)報(bào)(自然科學(xué)版);2016年02期

8 梅臻;;P2P網(wǎng)貸“自動(dòng)投標(biāo)”工具的法律問(wèn)題探析[J];大眾理財(cái)顧問(wèn);2015年08期

9 高超;;國(guó)內(nèi)外P2P網(wǎng)絡(luò)借貸平臺(tái)運(yùn)營(yíng)模式比較研究[J];合作經(jīng)濟(jì)與科技;2015年07期

10 張紫娟;;完善我國(guó)互聯(lián)網(wǎng)金融征信體系的幾點(diǎn)思考[J];經(jīng)濟(jì)研究參考;2015年11期

，

本文編號(hào)：1589745