【摘要】 本文利用中国P2P行业代表企业"人人贷"网络贷款平台的交易数据和中国70个大中城市的房价数据,实证研究了房价上涨对P2P网络借贷市场上的借款利率所产生的影响。实证结果表明,房价上涨显著增加了P2P借贷市场上的借款利率。进一步分析发现,房价上涨对P2P借贷市场上生产经营类、买房类和其他消费类借款项目的借款利率均具有显著的正向影响,且这一增加效应在生产经营类和买房类借款项目中体现得更为明显。此外,基于异质性的分析还发现,相比于一二线城市,房价上涨对三四线城市借款项目的借款利率影响更大。本文的研究发现,房价上涨对新兴互联网信贷市场的影响机制存在,这为相关部门制定房价调控和互联网金融监管政策提供了参考和补充。更多还原

【Abstract】 By using the transaction data of Renren Dai,a representative online Peer-to-Peer lending platform,and the housing price data of 70 large and medium-sized cities in China,this paper investigates the impact of the rising housing price on the borrowing cost of P2P online lending market. Empirical results suggest that the rising housing price significantly increases the borrowing rate of P2P lending. Further analysis finds that rising housing price has significant positive effects on the borrowing rate of the production and operation,house-purchase and other consumption loan projects in the P2P lending market,and the increasing effect is more obvious in the business operation and house-purchase loan projects. In addition,heterogeneity analysis finds that the increasing effect of rising housing price on the P2P borrowing rate is more obvious in the third-tier and fourth-tier cities compared with first-tier and second-tier cities. Our findings indicate that the mechanism of rising housing prices on the emerging Internet credit market exists,which provides references and supplements for relevant departments to formulate policies on housing price regulation and Internet financial supervision policies.更多还原