本文選題：PP借貸　切入點(diǎn)：雙邊隨機(jī)邊界　出處：《中央財(cái)經(jīng)大學(xué)學(xué)報(bào)》2017年10期 　論文類型：期刊論文

【摘要】：筆者通過收集人人貸網(wǎng)站數(shù)據(jù),采用了異質(zhì)性雙邊隨機(jī)邊界方法研究了P2P網(wǎng)貸中借款人和投資人對(duì)借貸利率的定價(jià)權(quán)力的相對(duì)大小。研究結(jié)果表明,在競(jìng)拍模式下的P2P網(wǎng)貸業(yè)務(wù)中,投資者在利率決定中處于明顯的強(qiáng)勢(shì)地位,導(dǎo)致最終平均成交利率高出公允利率12.9%,并且?guī)缀跛型顿Y者都占有了凈剩余,從而P2P市場(chǎng)呈現(xiàn)買方市場(chǎng)的特征;進(jìn)一步通過分析軟信息對(duì)借款人議價(jià)能力的作用發(fā)現(xiàn),借款描述的字?jǐn)?shù)只在一定范圍能對(duì)增加借款人議價(jià)能力有幫助,超過這個(gè)范圍反而會(huì)削弱借款人的利率定價(jià)權(quán)。筆者還比較了投資者凈剩余依不同維度特征的分布信息,發(fā)現(xiàn)借款人的信用等級(jí)越高,投資者占有的凈剩余越少;投資者占有凈剩余的多少雖然依借款人居住地有一定區(qū)別,但并不按東、中、西部的區(qū)域呈現(xiàn)明顯差異;文章還發(fā)現(xiàn)貨幣政策調(diào)整與投資者占有凈剩余的大小有一定關(guān)聯(lián)性,在一系列擴(kuò)張型貨幣政策調(diào)整之后,投資者的凈剩余縮小,借款人議價(jià)能力嚴(yán)重不足的情形得到緩解。筆者的研究反映了P2P平臺(tái)借貸活動(dòng)中,借款人在利率定價(jià)權(quán)上的地位缺失,因此P2P網(wǎng)貸業(yè)務(wù)離"普惠金融"的公平性發(fā)展目標(biāo)尚存在一定差距。
[Abstract]:By collecting peer-to-peer lending website data, the author uses heterogeneous bilateral stochastic boundary method to study the relative size of the pricing power of borrowers and investors on loan rates in P2P networks. The results show that, In the P2P loan business in bidding mode, investors are in a strong position in the interest rate decision, resulting in the final average transaction interest rate is higher than the fair interest rate 12.9 percent, and almost all investors have a net surplus. Through the analysis of the effect of soft information on the borrower's bargaining power, it is found that the words of loan description can only help to increase the borrower's bargaining power in a certain range. The author also compares the distribution information of the investor's net surplus according to the characteristics of different dimensions, and finds that the higher the borrower's credit grade, the less the investor's net surplus. Although the amount of net surplus occupied by investors varies according to the place of residence of the borrower, it does not show significant differences in the east, middle and west regions. The article also finds that the adjustment of monetary policy is related to the size of the net surplus occupied by investors. After a series of expansionary monetary policy adjustments, the net surplus of investors shrinks, and the serious lack of bargaining power of borrowers is alleviated. The borrower's position in the interest rate pricing power is absent, so there is still a certain gap between P2P network loan business and the fair development goal of inclusive finance.
【作者單位】： 合肥工業(yè)大學(xué)經(jīng)濟(jì)學(xué)院;中南財(cái)經(jīng)政法大學(xué)財(cái)稅學(xué)院;
【基金】：國(guó)家自然科學(xué)基金面上項(xiàng)目“動(dòng)態(tài)環(huán)境下決策單元效率評(píng)價(jià)方法與應(yīng)用研究”(項(xiàng)目編號(hào):71471053) “中央高�；究蒲袠I(yè)務(wù)經(jīng)費(fèi)”(項(xiàng)目編號(hào):JZ2016HGBZ0776)
【分類號(hào)】：F724.6;F832.4

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本文編號(hào)：1623416