【作者】 王蕾；

【导师】 邢天才；

【作者基本信息】 东北财经大学 ， 金融学， 2015， 硕士

【摘要】 P2P网络借贷平台是一种依托于互联网而产生的新型的金融模式。伴随着信息技术的不断发展,P2P网络借贷平台作为一种民间借贷中的第三方中介,极大的提高了信息的传播速度和范围,大大降低了获取信息的成本,这使得网络借贷获得了传统正规金融所不具备的优势,从而使得P2P网络借贷平台得到了快速的发展,它也是我国正规金融体系的有益补充。P2P网络借贷平台这一新型金融服务在2005年起源于英国,英国的Zopa、美国的Prosper和Kiva等网络借贷平台凭借其方便快捷的操作模式、低廉的费用和差异化的借款利率,在其不断的发展过程中取得了盛誉。而在我国,P2P网络借贷平台在2007年首次进入我国金融领域。虽然P2P网络借贷平台在我国存在的时间不长,但也得到了快速的发展。近几年,我国出现了像拍拍贷、宜信和红岭创投等一批优秀的P2P网络借贷平台。这种新型的民间融资模式具有申请手续简便,审核快捷,隐形成本低的特点,这在一定程度上缓解了中低收入人群融资困难的问题,为中低收入个人和小企业融资困难提供了良好的解决办法,使这一群体能够获得融资机会,摆脱资金不足的困难。正是这种简单、方便、快捷的特点,使P2P网络借贷平台受到越来越多入的认可,也使它填补了我国正规金融体系的空白和不足。虽然P2P网络借贷平台在其产生后就获得了广泛的关注和迅猛的发展,但其毕竟是一种新兴的金融模式,在其发展的过程中不免出现一些问题。当前,发达国家和发展中国家P2P网络借贷平台共同面临的一个重要问题就是获得融资的成功率较低。P2P网络借贷平台为资金供需双方提供了一种方便、快捷、低成本的借贷方式,使得借贷双方在不进行面对面的交流的情况下就能完成融资活动,但是在P2P网络借贷平台上进行借贷的双方,由于网络平台上要求的双方提供的信息是有限的,且具有一定的模式,因此,信息的接收方不能全面了解对方的信息,并且,由于自身能力的限制,信息接收方也不能够对现有的信息作出一个全面的判断,这就使得借贷双方存在着严重的信息不对称的情况。在这种情况下,就会出现逆向选择和道德风险的发生。正是这种信息不对称问题造成了P2P网络借贷平台借款成功率较低的状况。本文的研究目的就是在于通过对我国P2P网络借贷平台的分析,利用我国具有代表性P2P网络平台上的真实交易数据,对其进行分析和研究,来找出造成P2P网络借贷平台融资成功率低的原因。本文拟通过对文献的阅读和整理,分析出当前P2P网络借贷市场中存在的问题,从而找到导致P2P网络借贷平台融资成功率低的原因,并通过理论研究和实证分析相结合的方式来寻求提高融资成功率的途径。经过综合分析,拍拍贷是我国发展较早且运行较完善的P2P网络借贷平台,其注册会员人数以及成交量在国内众多P2P网络借贷平台中都处于领先的地位,其网站上的交易记录具有一定的规律性便于进行研究分析,并且在数据的完整性和可获得性方面都存在较大的优势,因此,本文收集和整理了拍拍贷网站上2013.12.1—2014.4.31共5个月的233283条已完成交易的交易记录,通过Eviews进行回归分析,得出借款人各个“硬”信息对融资成功率的影响,并在此基础上对我国目前P2P网络借贷市场的监管与运行提出一些可行的建议。更多还原

【Abstract】 P2P network lending is a new kind of financial model which is generated on the internet. With the continuous development of information technology, P2P network lending platform greatly improve the speed of information dissemination and range and reduces the cost of getting information as the third party intermediary of fork lending. This makes the network lending won the advantages which traditional formal financial can’t available, so that P2P network lending platform obtained the fast development, it is also a beneficial supplement of formal financial system. The P2P network lending platform which is a new financial service originated in the United Kingdom in2005. Because of their convenient operation mode, low fees and different interest rate, Britain’s Zopa and America’s Prosper and Kiva achieved high reputation in their development process. In our country, P2P network lending enters into the financial field for the first time in2007. Although the P2P network lending platform doesn’t exist for a long time in china, it also obtains fast development. In recent years, a lot of P2P network lending platform, such as PPdai, Credit Ease and Hongling Capital, appears in our country. The new mode of fork financing has the characters of easy to apply, fast to audit and low hidden cost, which provide a good solution for the financing difficulties of low-income people and small enterprises, so that they can obtain financing opportunity and get ride of the difficulties of the shortage of funds. It is the character of the P2P network lending platform that makes it more and more popular and make it fills the gaps and deficiencies in the formal financial system.Although the P2P network lending platform obtained widespread attention and rapid development, but as a new kind of financial mode, some problems unavoidably appeared in the process of development. At present, both developed country and developing country face a problem, which is the low financing success rate of the P2P network lending platform. The P2P network lending platform provides a convenient and fast way of financing with low interest rate, so that both borrowers and lenders can finish the financing activities without face to face with each other. However, the information required by the platform is limited; the lender can’t have a comprehensive understanding of the borrowers’ information. Also, because of constrains of the lenders’ ability, they can’t have a comprehensive judgment of borrowers’ information, which makes a serious problem of information asymmetry. Under this situation, there will be adverse selection and moral risk. It is the information asymmetry that makes the low success rate of financing through the P2P network lending platform. The purpose of this study is to find out the cause of low financing success rate by selecting the trade information of representative P2P network lending platform and analyze these data.After reading and sorting of some relevant literatures, this article is to find out the problems existing in the P2P lending market and find out the cause of low financing success rate, so as to work out the solution of improving the success rate by the combination of theoretical research and empirical analysis. After a comprehensive analysis, PPdai is the leader of P2P lending market and run a perfect business. What’s more, the transaction record on PPdai.com has certain regularity and it has advantages in the availability and integrity of data. So, I collected233283completed transaction records in5months from Dec.1st2013to Apr.31st. I regressed there data by EViews and the result is that the "hard" information have great impact on the financing success rate. At last, I put forward some feasible suggestion on the operation and supervision of our country’s P2P network lending platform.更多还原