P2P网络借贷市场的融资成本与融资可获得性研究
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摘要
P2P网络借贷市场(peer to peer lending market)是一种依托于互联网技术、通过网络社区里人们相互之间的沟通合作来完成个人借贷的一种新型金融服务模式。这种新型的融资模式起源于西方发达国家,自2005年出现以来得到了社会广泛关注并迅速发展。美国的Prosper和英国的Zopa公司凭借其方便快捷的操作模式、友好的操作界面、低廉的费率和差异化的融资利率,经过数年的发展,已经在P2P网络借贷领域中享有很高声誉。而在我国,P2P网络借贷模式近几年才开始出现,但也得到了快速发展,出现了像拍拍贷、齐放网和宜信等一批优秀的P2P网络借贷企业。这种新型的微型金融民间融资模式为中低收入个人提供了友好的融资平台,使这类人群能够有机会获得融资服务,使其摆脱缺乏资金的困境。P2P网络借贷市场的出现填补了传统金融体系中的空白。
P2P网络借贷市场发展速度虽然很快,但一直面临着以下两个问题。第一网络平台上的借贷成功率仍然相对较低(全球最大的P2P网络借贷平台Prosper上的借贷成功率也只有10%左右)；第二、网络平台上的融资成本一直居高不下。本文的目的就是寻求分析这些问题产生的原因及如何有效地解决这两个问题。
本文拟通过对文献综述收集和整理的前提下,分析出P2P网络借贷市场与传统融资市场的异同,从而找出导致P2P网络借贷市场中高融资成本和低融资成功率的原因,运用理论研究和实证研究相结合的方式来寻找如何提高融资可获得性和降低融资成本的有效途径,并在此基础上对我国P2P市场的制度设计和市场监管提出一些可行性建议。
通过对传统融资市场的理论研究和现有P2P市场的文献归纳及整理,发现导致P2P网络借贷市场中融资成本居高不下和融资成功率低的原因在于网络上存在着严重的信息问题,但是借款者在网络平台上的“硬”信息和“软”信息(社会资本)能够有效地缓解借贷双方之间的信息不对称程度,从而在一定程度上降低借款者的融资成本和提高融资可获得性。
本文的创新之处主要有两点：第一、当前P2P网络借贷平台在我国还处于刚起步阶段,大多数国内学者基本上将重点聚焦于我国网络借贷平台的运行模式,发展背景,并和国外现有的网络平台的运行模式进行对比。国内的文献很多都是从理论层面出发来对这种新型的网络借贷模式进行分析研究。到目前为止,用实际的网络平台交易数据来对网络借贷市场进行实证研究的文章几乎没有。第二、本文在总结和借鉴国外学者的研究基础上,从融资市场中的信息生产与融资关系出发,来对P2P网络借贷市场的融资成本与融资可获得性进行研究。
P2P lending market network (peer to peer lending market) is relying on Internet technology, which is the new financial service model. People in the community can apply for personal loans through the network communication and collaboration. It is not through the traditional banking, trust, security companies and other financial intermediaries, lenders and borrowers directly apply loans through the network lending platform to complete unsecured lending transactions. The new financing model originated from western countries, which has been concerned in society and rapid development since 2005. After several years of development, Prosper US company and Zopa UK company with its convenient and efficient mode of operation, friendly interface, low rates, the difference of the financing rate has become a leader in the field of P2P lending market. In China, P2P lending model began to develop only in recent years, but with a rapid development. Appeared like PPDai, Qifang of P2P network online lending companies. They make use of innovative financial instruments and systems for low-income groups in the provision of sustainable financial services to help out in difficult economic times, lack of funding dilemma. P2P lending market emerged to fill the gaps in the traditional financial systems, they provide funds for the needs of individuals.
Although P2P lending market developed rapidly, it faced two problems.The fist is low level of financing available. The second is high financing cost. This article aims at research the cause of the problems and way to solve the problems.
This article will detail the background of P2P lending market in China and the experience of foreign countries. And then introduced the basic knowledge of P2P lending market, through theoretical and practical to prove its feasibility, combined them with the actual situation of our country to discuss the financing costs and loan market availability of financing on P2P network, market design and market regulation system in our country.
After theoretical investigation of the traditional financing market and the P2P lending market, it revealed that asymmetric information is the cause of high financing cost and low level of financing available. However, "hard" information such as borrower credit history, income, or employment and "soft" information(social capital) can effectively relieve the two problems.
This article has two innovations. The first is that this article is based on the empirical research while most of domestic scholars make research based only on the theoretical research. They have focused on the operational mode and development background, some have made comparison. The second is that this article has chosen information production which is the unique aspect of the P2P lending market as the research direction.
P2P网络借贷市场发展速度虽然很快,但一直面临着以下两个问题。第一网络平台上的借贷成功率仍然相对较低(全球最大的P2P网络借贷平台Prosper上的借贷成功率也只有10%左右)；第二、网络平台上的融资成本一直居高不下。本文的目的就是寻求分析这些问题产生的原因及如何有效地解决这两个问题。
本文拟通过对文献综述收集和整理的前提下,分析出P2P网络借贷市场与传统融资市场的异同,从而找出导致P2P网络借贷市场中高融资成本和低融资成功率的原因,运用理论研究和实证研究相结合的方式来寻找如何提高融资可获得性和降低融资成本的有效途径,并在此基础上对我国P2P市场的制度设计和市场监管提出一些可行性建议。
通过对传统融资市场的理论研究和现有P2P市场的文献归纳及整理,发现导致P2P网络借贷市场中融资成本居高不下和融资成功率低的原因在于网络上存在着严重的信息问题,但是借款者在网络平台上的“硬”信息和“软”信息(社会资本)能够有效地缓解借贷双方之间的信息不对称程度,从而在一定程度上降低借款者的融资成本和提高融资可获得性。
本文的创新之处主要有两点：第一、当前P2P网络借贷平台在我国还处于刚起步阶段,大多数国内学者基本上将重点聚焦于我国网络借贷平台的运行模式,发展背景,并和国外现有的网络平台的运行模式进行对比。国内的文献很多都是从理论层面出发来对这种新型的网络借贷模式进行分析研究。到目前为止,用实际的网络平台交易数据来对网络借贷市场进行实证研究的文章几乎没有。第二、本文在总结和借鉴国外学者的研究基础上,从融资市场中的信息生产与融资关系出发,来对P2P网络借贷市场的融资成本与融资可获得性进行研究。
P2P lending market network (peer to peer lending market) is relying on Internet technology, which is the new financial service model. People in the community can apply for personal loans through the network communication and collaboration. It is not through the traditional banking, trust, security companies and other financial intermediaries, lenders and borrowers directly apply loans through the network lending platform to complete unsecured lending transactions. The new financing model originated from western countries, which has been concerned in society and rapid development since 2005. After several years of development, Prosper US company and Zopa UK company with its convenient and efficient mode of operation, friendly interface, low rates, the difference of the financing rate has become a leader in the field of P2P lending market. In China, P2P lending model began to develop only in recent years, but with a rapid development. Appeared like PPDai, Qifang of P2P network online lending companies. They make use of innovative financial instruments and systems for low-income groups in the provision of sustainable financial services to help out in difficult economic times, lack of funding dilemma. P2P lending market emerged to fill the gaps in the traditional financial systems, they provide funds for the needs of individuals.
Although P2P lending market developed rapidly, it faced two problems.The fist is low level of financing available. The second is high financing cost. This article aims at research the cause of the problems and way to solve the problems.
This article will detail the background of P2P lending market in China and the experience of foreign countries. And then introduced the basic knowledge of P2P lending market, through theoretical and practical to prove its feasibility, combined them with the actual situation of our country to discuss the financing costs and loan market availability of financing on P2P network, market design and market regulation system in our country.
After theoretical investigation of the traditional financing market and the P2P lending market, it revealed that asymmetric information is the cause of high financing cost and low level of financing available. However, "hard" information such as borrower credit history, income, or employment and "soft" information(social capital) can effectively relieve the two problems.
This article has two innovations. The first is that this article is based on the empirical research while most of domestic scholars make research based only on the theoretical research. They have focused on the operational mode and development background, some have made comparison. The second is that this article has chosen information production which is the unique aspect of the P2P lending market as the research direction.
引文
1郝智伟.P2P网上借贷流行.IT经理世界.2008(24)
2陈晓红、黎璞.分工演化与关系型融资-中小企业融资问题的新理论解释.管理评论2003(5)
3罗洋、王艳、许可.微型金融的新趋势：P2P在线贷款模式.黑龙江金融2009
4程民选.社会资本：定义与内涵.天府新论.2004(4)
5米运生.信息、代理与国有银行信用风险.中国经济出版社.2007
6刘雅祺.微型金融的可行性及我国业务模式研究.2009
7崔向阳.关系融资研究与探索.中国财政经济出版社.2007(11)
8吴地宝.不对称信息、信贷支持与房地产泡沫风险研究.南京财经大学硕士论文.2009(7)
[1]Michal Herzenstein, Rick L.Andrews, Utpal M.Dholakia, Evgeny Lyandres. The democratization of personal consumer loans? Determinants of success in online peer-to-peer lending communities,2008
[2]Seth Freedman, Ginger Zhe Jin. Dynamic Learning and Selection:the Early Years of Prosper.com,2008
[3]Sven C.Berger, Fabian Gleisner. Electronic Marketplaces and Intermediation-An Empirical Investigation of an Online P2P Lending Marketplace,2007
[4]Seth Freedman, Ginger Zhe Jin. Learning by Doing with Asymmetric Information:Evidence from Prosper. com,2010
[5]Mingfeng Lin. Peer-to-Peer Lending:An Empirical Study. AMCIS 2009 Doctoral Consortium
[6]Samuel R. Garman, Robert C. Hampshire, Ramayya Krishnan. Person-to-Person Lending:The Pursuit of (More) Competitive Credit Markets. ICIS 2008 Proceedings
[7]Samuel Garman, Robert Hampshire, Ramayya Krishnan.A Search Theoretic Model of Person-to-Person Lending,2008
[8]Diego Rumiany. Internet Bidding for Microcredit:making it work in the developed world, conceiving it for the developing world. ICT for Development dgCommunity,2007
[9]Mingfeng Lin, N.R. Prabhala, and Siva Viswanathan. Judging Borrowers By The Company They Keep:Social Networks and Adverse Selection in Online Peer-to-Peer Lending,2009
[10]Sanjeev Kumar. Bank of One:Empirical Analysis of Peer-to-Peer Financial Marketplaces. AMCIS 2007 Proceedings
[11]Seth Freedman, Ginger Zhe Jin, Do Social Networks Solve Information Problems for Peer-to-Peer Lending? Evidence from Prosper.com.2008
[12]Benjamin Collier, Robert Hampshire. Sending Mixed Signals:Multilevel Reputation Effects in Peer-to-Peer Lending Markets,2010
[13]Martina E. Greiner, Hui Wang. The Role Of Social Capital in People-To-People Lending Marketplaces, ICIS 2009
[14]Mingfeng Lin, Nagpurnanand R. Prabhala, Siva Viswanathan. Can Social Networks Help Mitigate Information Asymmetry In Online Markets? ICIS 2009
[15]Lin, M.F., N.R. Prabhala, and S. Viswanathan, Social networks as signaling mechanisms:Evidence from online peer-to-peer lending. Working Paper,2009. Smith School of Business, University of Mayland.
[16]Puro, L., et al., Borrower decision aid for people-to-people lending. Decision Support System,2010.49:p.52-60.
[17]Pope,DevinG.and JustinR.Sydnor(2008):What's in a Picture? Evidence of Discrimination from Prosper.com, WorkingPaper,SSRN.
[18]Barasinska, N., The role of gender in lending business:Evidence from an online market for peer-to-peer lending. Working Paper,2009. FINESS.
[19]Berger, S.C. and F. Gleisner, Electronic marketplaces and intermediation:An empirical investigation of an online P2P lending marketplace. Working Paper, 2007. University of Frankfurt.
[20]Berger, S.C. and F. Gleisner, Emergence of financial intermediaries in electronic commerce:The case of online P2P lending. Working Paper,2009. www.business-research.org.
[21]郝智伟.P2P网上借贷流行.IT经理世界.2008(24)
[22]辛宪.P2P运营模式探微.商场现代化.2009(7)
[23]罗洋、王艳、许可.微型金融的新趋势：P2P在线贷款模式.黑龙江金融2009
[24]尤瑞章、张晓霞.P2P在线借贷的中外比较分析-兼论对我国的启示.金融发展评论2010(3)
[25]胡学文、杨丽花.巨资腾挪网络信贷监管真空令人担忧.证券时报2009
[26]王艳、陈小辉、邢增艺.网络借贷中的监管空白及完善.当代经济2009(12)
[27]崔向阳.关系融资研究与探索.中国财政经济出版社.2007(11)：96-102
[28]陈孝周.借款人、贷款人与贷款协议：关于借贷关系的国际惯例.中国金融出版社.2001：12-19
[29]童牧.关系型融资研究.西南财经大学出版社.2008
[30]刘雅祺.微型金融的可行性及我国业务模式研究.2009
[31]米运生.信息、代理与国有银行信用风险.中国经济出版社.2007
[32]张娜.P2P在线借贷研究述评.经营管理者.2010(8)
[33]陈晓红、黎璞.分工演化与关系型融资-中小企业融资问题的新理论解释.管理评论2003(5)
[34]程民选.社会资本：定义与内涵.天府新论.2004(4)
[35]吴地宝.不对称信息、信贷支持与房地产泡沫风险研究.南京财经大学硕士论文.2009(7)
2陈晓红、黎璞.分工演化与关系型融资-中小企业融资问题的新理论解释.管理评论2003(5)
3罗洋、王艳、许可.微型金融的新趋势：P2P在线贷款模式.黑龙江金融2009
4程民选.社会资本：定义与内涵.天府新论.2004(4)
5米运生.信息、代理与国有银行信用风险.中国经济出版社.2007
6刘雅祺.微型金融的可行性及我国业务模式研究.2009
7崔向阳.关系融资研究与探索.中国财政经济出版社.2007(11)
8吴地宝.不对称信息、信贷支持与房地产泡沫风险研究.南京财经大学硕士论文.2009(7)
[1]Michal Herzenstein, Rick L.Andrews, Utpal M.Dholakia, Evgeny Lyandres. The democratization of personal consumer loans? Determinants of success in online peer-to-peer lending communities,2008
[2]Seth Freedman, Ginger Zhe Jin. Dynamic Learning and Selection:the Early Years of Prosper.com,2008
[3]Sven C.Berger, Fabian Gleisner. Electronic Marketplaces and Intermediation-An Empirical Investigation of an Online P2P Lending Marketplace,2007
[4]Seth Freedman, Ginger Zhe Jin. Learning by Doing with Asymmetric Information:Evidence from Prosper. com,2010
[5]Mingfeng Lin. Peer-to-Peer Lending:An Empirical Study. AMCIS 2009 Doctoral Consortium
[6]Samuel R. Garman, Robert C. Hampshire, Ramayya Krishnan. Person-to-Person Lending:The Pursuit of (More) Competitive Credit Markets. ICIS 2008 Proceedings
[7]Samuel Garman, Robert Hampshire, Ramayya Krishnan.A Search Theoretic Model of Person-to-Person Lending,2008
[8]Diego Rumiany. Internet Bidding for Microcredit:making it work in the developed world, conceiving it for the developing world. ICT for Development dgCommunity,2007
[9]Mingfeng Lin, N.R. Prabhala, and Siva Viswanathan. Judging Borrowers By The Company They Keep:Social Networks and Adverse Selection in Online Peer-to-Peer Lending,2009
[10]Sanjeev Kumar. Bank of One:Empirical Analysis of Peer-to-Peer Financial Marketplaces. AMCIS 2007 Proceedings
[11]Seth Freedman, Ginger Zhe Jin, Do Social Networks Solve Information Problems for Peer-to-Peer Lending? Evidence from Prosper.com.2008
[12]Benjamin Collier, Robert Hampshire. Sending Mixed Signals:Multilevel Reputation Effects in Peer-to-Peer Lending Markets,2010
[13]Martina E. Greiner, Hui Wang. The Role Of Social Capital in People-To-People Lending Marketplaces, ICIS 2009
[14]Mingfeng Lin, Nagpurnanand R. Prabhala, Siva Viswanathan. Can Social Networks Help Mitigate Information Asymmetry In Online Markets? ICIS 2009
[15]Lin, M.F., N.R. Prabhala, and S. Viswanathan, Social networks as signaling mechanisms:Evidence from online peer-to-peer lending. Working Paper,2009. Smith School of Business, University of Mayland.
[16]Puro, L., et al., Borrower decision aid for people-to-people lending. Decision Support System,2010.49:p.52-60.
[17]Pope,DevinG.and JustinR.Sydnor(2008):What's in a Picture? Evidence of Discrimination from Prosper.com, WorkingPaper,SSRN.
[18]Barasinska, N., The role of gender in lending business:Evidence from an online market for peer-to-peer lending. Working Paper,2009. FINESS.
[19]Berger, S.C. and F. Gleisner, Electronic marketplaces and intermediation:An empirical investigation of an online P2P lending marketplace. Working Paper, 2007. University of Frankfurt.
[20]Berger, S.C. and F. Gleisner, Emergence of financial intermediaries in electronic commerce:The case of online P2P lending. Working Paper,2009. www.business-research.org.
[21]郝智伟.P2P网上借贷流行.IT经理世界.2008(24)
[22]辛宪.P2P运营模式探微.商场现代化.2009(7)
[23]罗洋、王艳、许可.微型金融的新趋势：P2P在线贷款模式.黑龙江金融2009
[24]尤瑞章、张晓霞.P2P在线借贷的中外比较分析-兼论对我国的启示.金融发展评论2010(3)
[25]胡学文、杨丽花.巨资腾挪网络信贷监管真空令人担忧.证券时报2009
[26]王艳、陈小辉、邢增艺.网络借贷中的监管空白及完善.当代经济2009(12)
[27]崔向阳.关系融资研究与探索.中国财政经济出版社.2007(11)：96-102
[28]陈孝周.借款人、贷款人与贷款协议：关于借贷关系的国际惯例.中国金融出版社.2001：12-19
[29]童牧.关系型融资研究.西南财经大学出版社.2008
[30]刘雅祺.微型金融的可行性及我国业务模式研究.2009
[31]米运生.信息、代理与国有银行信用风险.中国经济出版社.2007
[32]张娜.P2P在线借贷研究述评.经营管理者.2010(8)
[33]陈晓红、黎璞.分工演化与关系型融资-中小企业融资问题的新理论解释.管理评论2003(5)
[34]程民选.社会资本：定义与内涵.天府新论.2004(4)
[35]吴地宝.不对称信息、信贷支持与房地产泡沫风险研究.南京财经大学硕士论文.2009(7)
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