P2P借款人融资可得性影响因素的实证研究——基于结构方程模型的检验

An Empirical Study on the Influencing Factors of P2P Borrowers' Financing Availability:A Test Based on Structural Equation Model

中文关键词:  P2P  融资可得性  结构方程模型  社会资本  财务因素

英文关键词:P2P  financing availability  structural equation model  social capital  financial factors

中文摘要:

      作为一种新型小额信贷模式,P2P网络借贷平台近年来的快速发展为小微企业和低收入人群创造了新的融资渠道,但P2P平台借款人融资可得性不高的问题一直困扰其 可持续发展,并成为学界关注的热点之一。基于此,文章利用国际知名P2P平台Prosper的真实交易数据,构建结构方程模型实证检验了借款人融资可得性的影响因素。结果发现,在P2P平台上,借款人的社会资本和财务因素对借款人融资可得性皆有显著影响,其中,朋友的投标、小组成员的身份对借款人社会资本的可信度有显著影响；借款人的信用评级、撇账对财务因素的可信度产生显著影响。上述实证结论对我国P2P的发展有重要启示。

英文摘要:

      As a new model of micro credit, the rapid development of P2P (Online Peer-to-peer Lending) has created a new financing channel for small-micro enterprises and lower income groups, but the limitedfinancing availability of borrowers on P2P has been bothering itssustainable development and becomes a hot topic.Based on the real transaction data from Prosper.com, this paper builds a structural equation modeling to empirically test differentinfluencing factors of the borrower's financing availability on P2P.The findings show that the social capital and financial indicators of borrowers have significant effects on its financing availability, the bidding fromfriends and identitiesof team members have a significant impact on the credibility of the borrowers' social capital, and the credit rating and write-downs of borrowers have a significant impact on the credibility of the its financial factors. And such empirical findings have important revelation for the development of P2P. 