文献类型：期刊文献

中文题名：P2P网络借贷用途、投资偏向效应与软信息价值

英文题名：P2P Network Lending Purposes, Investment Bias Effect and Soft Information Value

作者：庄雷[1];周勤[1];伏玉林[2]

机构：[1]东南大学经济管理学院,江苏南京211189;[2]华东理工大学商学院,上海200237

年份：2015

期号：6

起止页码：77

中文期刊名：国际商务（对外经济贸易大学学报）

外文期刊名：INTERNATIONAL BUSINESS

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

基金：国家社会科学基金项目(15AJL004;15BGL076;14CGL012);江苏哲学社会科学研究基金项目(2015ZDAXM005;2014SJD025);江苏研究生科研创新计划项目(KYZZ15_0070;KYLX15_0196)

语种：中文

中文关键词：P2P网络借贷;借款用途;投资偏向;软信息价值

外文关键词：P2P network lending; Loan purpose; Investment bias; Soft infor-mation value

摘要：本文构建一个投资偏向的理论模型,分析P2P网络借贷中投资者对借款用途的投资偏向行为,来说明网络借贷模式的支持方向及软信息价值。借助"拍拍贷"网站的交易数据,从借款订单的信用等级、中标概率以及利率水平三个角度来检验资金借贷过程中的投资偏向效应。实证结果显示,借款订单的用途描述对投标人气和中标概率具有显著的影响,对借款利率没有显著影响,总体上存在着投资偏向。之后控制身份预期进行稳健性检验,结果表明该投资偏向是理性的,投资者更愿意支持企业主的生产型借款订单,反映了网络借贷中软信息价值的存在性。
The paper constructs a theoretical model of investment bias effect to analyze investors＇ behavior of investment bias on the purpose in the P2P net- work lending, illustrating the direction of the network lending patterns and the soft information value. With the transaction data in the ＂ppdai.com＂, the paper studies the investment bias effect on the purpose of loans from three angles in- cluding credit rating, winning probability, and interest rates of borrowing orders. The empirical results show that the description of loans purpose has a significant effect on the bid popularity and winning probability, but it has limited effects on borrowing rates. Therefore, there is investment bias in general. After controlling the identity expectations, the empirical results show that this kind of investment bias is rational. Investors are more willing to support loans using production of business owners, which also reflects of the existence of soft information value in the network lending.