P2P网络借贷平台具有双边市场特征吗？——来自“人人贷”的经验证据

Does P2P Lending Platform Exhibit Characteristics of Two-sided Market? ——Empirical Evidence from Renrendai Platform

中文关键词:  P2P网络借贷  网络借贷平台  双边市场  网络外部性  自网络外部性  交叉网路外部性

英文关键词:P2P network lending  network lending platform  two-sided market  network externality  self-network externality  cross-network externality

中文摘要:

      P2P网络借贷平台作为交易中介,体现出典型的“双边市场”特征。那么,P2P网络借贷平台是否存在双边市场的显著特征“网络外部性”呢？本文选取了国内代表性P2P网络借贷平台“人人贷”2014年1月1日—2014年12月31日的数据进行实证检验。结论表明,正的交叉网络外部性和负的自网络外部性在P2P网络借贷平台同时显著存在,验证了P2P平台的“双边市场”属性。据此,文章指出,P2P网络借贷平台应以双边市场理论为指导,注重平台的价格总水平和优化价格结构,充分发挥交叉网络外部性的正反馈作用,形成规模效应,做大做强；同时完善征信机制,提升平台的整体风险管理水平,有效规避自网络外部性的负反馈作用,促进平台的良好发展。

英文摘要:

      As a transaction intermediary, P2P lending platform is a typical two-sided market. This paper makes a study on whether P2P lending platform has network externality which is a remarkable feature of two-sided market. An empirical test is made based on the data of Renrendai platform, a representative sample of network lending platform in China, during the whole year of 2014 from January 1 to December 31. The results show that both positive cross-network externality and negative self-network externality coexist significantly in P2P lending platform, which indicates that P2P lending platform is a typical two-sided market. Accordingly, this paper points out that P2P network lending platform should make full use of the positive feedback effect of cross-network externality and form the scale effect to become bigger and stronger, guided by the two-sided market theory, attaching great importance to the general price level and the optimized price structure. At the same time,the credit information system should be improved to enhance the overall risk management of the platform, avoid effectively the negative feedback effect of self-network externality and promote a good development of the platform. 