借款额度、融资者异质性与借贷成功率——来自P2P平台“人人贷”的经验证据

Loan Amount, Heterogeneity and Success Rate: Empirical Evidence from P2P Platform “Renrendai”

中文关键词:  借款额度  异质性  P2P借贷  从业经历  受教育程度

英文关键词:loan amount  heterogeneity  peer-to-peer lending (P2P)  employment experience  level of education

中文摘要:

      从业经历与教育背景作为两项代表内在能力特质的重要指标,能够反映出融资者从小到大的人生态度,“锱铢必较”更是反映了一种自古至今的经济学态度,因此借款额度与以从业经历、学历为代表的融资者异质性对于融资者申贷结果起到了不可忽视的作用。运用P2P平台“人人贷”2010年10月—2015年1月的借款数据,采用Probit模型、Logit模型等方法对P2P市场中借款额度、融资者异质性和借贷成功率三者间的关系进行了实证研究,发现借款额度的二次项与借贷成功率呈现显著的负相关关系,而丰富的工作经验与高等教育程度能够在一定程度上减少前者的负效应。上述结论表明,融资者在申贷时需要审慎地确定借款金额,平台在对异质融资者区别对待的同时,学校教育与社会实践需要进一步强化。

英文摘要:

      As two typical important indicators of a borrower's intrinsic ability, job experience and education background can reflect the borrower's life attitude all the time while “fight over the smallest trifles” reflects an economic attitude since ancient times. Therefore, loan amount as well as heterogeneity represented by job experience and education background play an irreplaceable role in the results of the loan financing. This paper carries on an empirical study on the relationship among loan amount, borrower's heterogeneity and success rate of the loan by using the data of the P2P platform “Renrendai” during the period from October 2010 to January 2015. The regression results of Probit model and Logit model show that the quadratic term of the loan amount has a significant negative correlation with the success rate of the loan, while longer working time and higher education level can reduce the negative effect of the former to a certain extent. The above conclusion shows that the borrower needs to be prudent in determining the loan amount. School education and social practice need to be further strengthened at the same time while a platform makes a different treatment to heterogeneous financiers.