本文選題：網(wǎng)絡(luò)借貸　切入點(diǎn)：信息中介　出處：《中國工業(yè)經(jīng)濟(jì)》2017年02期 　論文類型：期刊論文

【摘要】：傳統(tǒng)金融機(jī)構(gòu)對(duì)長尾群體的信貸需求存在交易成本居高不下和難以有效克服信息不對(duì)稱的問題,這使得長尾群體的信貸需求往往被邊緣化。網(wǎng)絡(luò)借貸重塑了金融組織的形態(tài),作為信息中介,網(wǎng)絡(luò)借貸通過信用認(rèn)證機(jī)制以及信息披露機(jī)制,發(fā)揮了傳統(tǒng)金融機(jī)構(gòu)的信息聚集機(jī)制和監(jiān)督功能�；谛畔⒉粚�(duì)稱理論和交易成本理論,本文主要關(guān)注兩個(gè)問題:(1)在純信息中介前提下,借貸平臺(tái)對(duì)長尾群體軟硬信息的生產(chǎn)、傳遞、監(jiān)督等過程能否降低信息不對(duì)稱以及交易費(fèi)用?(2)長尾群體通常缺乏充足的硬信息,網(wǎng)絡(luò)借貸能否提供某種機(jī)制,使得長尾群體能夠緩解自身的融資約束?基于"人人貸"數(shù)據(jù)的實(shí)證結(jié)果表明,軟硬信息的披露均有助于抑制信息扭曲,提高借貸市場(chǎng)的信息透明度。充足的可驗(yàn)證硬信息會(huì)主導(dǎo)投資者的投標(biāo)決策;對(duì)于硬信息不足的長尾群體,可通過累積自身的軟信息來緩解信貸約束,借款人聲譽(yù)的作用主要體現(xiàn)在緩解融資難問題上,同時(shí),可驗(yàn)證硬信息與借款人聲譽(yù)存在替代效應(yīng)。因此,網(wǎng)絡(luò)借貸有望成為長尾群體實(shí)現(xiàn)普惠金融的一條有效路徑。在融資成本高的問題上,聲譽(yù)的激勵(lì)機(jī)制未能起到應(yīng)有的作用,主要是由于"人人貸"借貸利率的設(shè)定機(jī)制缺乏彈性。
[Abstract]:The traditional financial institutions have the problem of high transaction cost and difficult to overcome the information asymmetry in the credit demand of the long-tailed group, which makes the credit demand of the long-tailed group tend to be marginalized. Network lending has reshaped the form of financial organization. As an information intermediary, network lending plays the role of information aggregation mechanism and supervision function of traditional financial institutions through credit certification mechanism and information disclosure mechanism, based on information asymmetry theory and transaction cost theory. This paper mainly focuses on two questions: 1) under the premise of pure information intermediary, can the production, transmission and supervision of soft and hard information of long-tailed groups be reduced by the lending platform, and can the information asymmetry and transaction costs be reduced? (2) the long-tailed group usually lacks sufficient hard information, can network lending provide some kind of mechanism to enable the long-tailed group to ease its own financing constraints? The empirical results based on peer-to-peer lending data show that the disclosure of soft and hard information can help to restrain the distortion of information and improve the transparency of information in the lending market. Sufficient verifiable hard information will dominate investors' bidding decisions; For long-tailed groups with insufficient hard information, credit constraints can be eased by accumulating their own soft information. The role of borrowers' reputation is mainly reflected in alleviating the problem of financing difficulties, at the same time, Therefore, network lending is expected to become an effective way for long-tailed groups to achieve inclusive finance. In the problem of high financing costs, reputation incentive mechanism fails to play its due role. This is mainly due to the lack of flexibility in the setting mechanism of peer-to-peer lending's lending rate.
【作者單位】： 西南財(cái)經(jīng)大學(xué)金融學(xué)院;西南財(cái)經(jīng)大學(xué)中國微金融與互聯(lián)網(wǎng)金融創(chuàng)新研究中心;
【基金】：國家自然科學(xué)基金青年項(xiàng)目“小微企業(yè)互聯(lián)網(wǎng)平臺(tái)融資模式研究———基于雙向拍賣和信號(hào)博弈雙重視角”(批準(zhǔn)號(hào)71503210) 西南財(cái)經(jīng)大學(xué)中央高�；鸬馁Y助
【分類號(hào)】：F724.6;F832.4

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