【摘要】：作為最新一個(gè)挑戰(zhàn)傳統(tǒng)金融業(yè)的模式，以P2P借貸平臺(tái)為代表的互聯(lián)網(wǎng)金融在2013年撼動(dòng)了中國(guó)金融市場(chǎng)，并重新引發(fā)了人們對(duì)于金融“脫媒”現(xiàn)象的關(guān)注。那么，P2P借貸平臺(tái)在“脫媒”的條件下，借貸交易能否順利、高效地實(shí)現(xiàn)呢？如何解決信息不對(duì)稱(chēng)問(wèn)題？本文以互聯(lián)網(wǎng)金融的代表模式——P2P借貸模式為研究對(duì)象，探討了這一問(wèn)題。 本文首先結(jié)合金融中介和金融“脫媒”理論，從交易成本和信息不對(duì)稱(chēng)角度，挖掘了P2P借貸模式“去中介化”的核心屬性。分析發(fā)現(xiàn)，P2P借貸模式借助信息技術(shù)的發(fā)展，能夠通過(guò)廣泛而分散的交易產(chǎn)生規(guī)模效應(yīng)降低交易成本，符合“脫媒”的理論體系，是典型的金融“脫媒”現(xiàn)象。隨后，在對(duì)P2P借貸平臺(tái)拍拍貸的案例研究中，系統(tǒng)描述了平臺(tái)上借貸雙方的行為特征，以及存在的借貸行為博弈關(guān)系，，借款人總是以更小的信息成本和貸款成本，滿(mǎn)足對(duì)短缺資金的需求；而投資人總是希望在低風(fēng)險(xiǎn)的基礎(chǔ)上投資更高利率的貸款項(xiàng)目。研究發(fā)現(xiàn)，P2P借貸平臺(tái)上的信用體系指標(biāo)，有助于在借貸行為博弈中構(gòu)成均衡要素的條件。接下來(lái)，本文進(jìn)一步引入了博弈理論，構(gòu)建了不完全信息動(dòng)態(tài)博弈模型，驗(yàn)證了借貸行為博弈能夠達(dá)到均衡狀態(tài)。最后，本文采用拍拍貸平臺(tái)上的實(shí)際交易數(shù)據(jù)進(jìn)行了實(shí)證分析，實(shí)證結(jié)果表明，“脫媒”條件下的P2P平臺(tái)能夠促成借貸交易與信息成本密切相關(guān)，體現(xiàn)了信息與資金在P2P平臺(tái)的匹配。同時(shí)考察了“關(guān)鍵要素指標(biāo)”在促成借貸交易上發(fā)揮的作用�；诒疚恼撟C的金融“脫媒”條件下，由于借貸行為博弈帶來(lái)的市場(chǎng)有效性，提出了對(duì)P2P借貸模式給予規(guī)范和審慎監(jiān)管，創(chuàng)新金融市場(chǎng)和服務(wù)進(jìn)一步激發(fā)普通大眾的金融熱情，完善個(gè)人征信體系信用數(shù)據(jù)的對(duì)接等政策建議。
[Abstract]:As the latest model to challenge the traditional financial industry, Internet finance, represented by P2P lending platform, shook the Chinese financial market in 2013, and aroused people's attention to the phenomenon of financial disintermediation. So the P2P lending platform in the "disintermediation" conditions, the loan transactions can be smooth, efficient implementation? How to solve the problem of information asymmetry? In this paper, the representative model of Internet finance, P2P lending model as the research object, discussed this problem. Based on the theory of financial intermediation and financial disintermediation, this paper first excavates the core attributes of P2P lending model "disintermediation" from the angle of transaction cost and information asymmetry. With the development of information technology, P2P lending mode can reduce transaction cost through extensive and dispersed transaction scale effect, which accords with the theoretical system of "disintermediation" and is a typical phenomenon of financial "disintermediation". Then, in the case study of PPDAI, a P2P lending platform, the author systematically describes the behavior characteristics of the two parties on the platform, and the existence of a game relationship of lending behavior. The borrower always has a smaller information cost and loan cost. Meet the demand for scarce funds; investors always want to invest in higher-interest loans on a low-risk basis. It is found that the credit system index on P2P lending platform is helpful to the condition of equilibrium elements in the game of lending behavior. Then, this paper further introduces the game theory, constructs the incomplete information dynamic game model, and verifies that the borrowing behavior game can reach the equilibrium state. Finally, this paper uses the actual transaction data on PPDAI platform for empirical analysis. The empirical results show that the P2P platform under the condition of "disintermediation" can promote the loan transaction and information cost closely related. It reflects the matching of information and funds in P2P platform. At the same time, the paper examines the role of key factor indicators in facilitating lending transactions. Based on the disintermediation of finance, and because of the market effectiveness brought by the game of lending behavior, this paper proposes to regulate and prudently supervise the P2P lending model, and to innovate the financial market and service to further stimulate the financial enthusiasm of the general public. Perfect personal credit system credit data docking and other policy recommendations.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.4;F724.6

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