摘要
在P2P借贷市场中,出借人由于信息不对称等因素的影响会出现跟随其他投资人行动的趋势,形成羊群效应。借助“积木盒子”借贷平台2015年1月1日-2015年12月31日借款订单的数据,搭建多元线性回归模型并进行回归分析,确认了我国P2P网络借贷中羊群行为的存在性,在此基础上对其理性特征进行了探究。研究发现前滞累计中标金额越多,当前投标金额就越多;借款订单特征变量对当前投标金额存在不同的正负向影响,当借款利率越低的时候,所表现出来的信用等级就越高,羊群行为特征变量中涵盖的信息量就越少。研究结论表明我国P2P网络借贷平台中表现出显著的羊群行为,并且出借人会从前出借人的投资决策中进行综合分析,挖掘有利信息以做出适合自身的投资决策,该行为表现为理性的羊群行为。这为我国P2P借贷市场的健康发展以及监管机构政策的制定提供了重要依据。
In P2P lending market,lenders tend to follow other investors'actions due to information asymmetry and other factors,resulting in herd effect.Based on the data of loan orders of“building block box”lending platform from January 1,2015 to December 31,2015,this paper builds a multiple linear regression model and conducts regression analysis to confirm the existence of herd behavior in P2P lending in China,and on this basis,explores its rational characteristics.The research found that:the more the accumulative bid amount,the more the current bid amount;The characteristic variable of loan order has different positive and negative influences on the current bid amount.When the loan interest rate is lower,the credit rating will be higher,and the information contained in the characteristic variable of herd behavior will be less.The research conclusion shows that:China's P2P lending platforms show significant herd behavior,and the lender will conduct comprehensive analysis of the lender's investment decisions,dig out favorable information to make their own investment decisions,which shows rational herd behavior.The research results of this paper provide an important basis for the reasonable development of P2P lending market and the formulation of regulatory policies.
作者
叶松勤
杨欢
YE Songqin;YANG Huan(School of Finance,Jiangxi Normal University,Nanchang,Jiangxi 330022,China)
出处
《金融教育研究》
2020年第2期41-50,共10页
Research of Finance and Education
基金
国家社会科学基金项目“国企政策性负担、财务信息透明度与政府优惠资源配置效率”(16BGL047)
江西师范大学研究生基金项目“我国P2P网络借贷中羊群行为及影响因素研究”。
关键词
羊群行为
P2P借贷
理性特征
herd behavior
P2P lending
rational characteristics
