第三方电子交易平台的双边市场特征——基于在线个人借贷市场的实证分析  

Two-sided characteristics of the third-party electronic market: Evidence from online peer-to-peer lending marketplace

作　　者：邱甲贤[1] 聂富强[2] 童牧[2] 胡根华[2] 

机构地区：[1]成都信息工程大学物流学院,成都610041 [2]西南财经大学金融安全协同创新中心,成都611130

出　　处：《管理科学学报》2016年第1期47-59,共13页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71473201);四川省软科学研究计划资助项目(2015ZR0215);四川省教育厅人文社科基金资助项目(14SB0116);成都信息工程大学科研基金资助项目(KYTZ201430;J201522)

摘　　要：以Prosper在线个人借贷平台为研究对象,实证考察了第三方电子交易市场中用户的交叉网络外部性、自网络外部性和平台定价策略对双边用户效用和平台利润的影响.结果表明:受市场供小于求、平台运营模式和借贷双方交易行为的影响,新借入者规模对借出者收入、前期借出者总规模对借入者需求均产生了显著的正交叉网络外部性;借入者之间由于竞争存在负自网络外部性,而借出者之间由于协同关系存在正自网络外部性;借贷双方对平台交易费具有显著的负价格弹性,平台利润与借贷双方的交易费分别呈现二次线性关系;在市场供小于求的情况下,平台利润主要受到借出者规模及其费率的影响.Based on the data of an online peer-to-peer lending marketplace, Prosper. corn, the users＇ inter and intra-group externalities and platform＇s pricing strategies in the third-party electronic market are empiri- cally investigated. The estimated results show that both the users＇ network effects and platform＇ s profits are influenced by the demand-supply relationships, the operation mode of the platform and the users＇ trading be- havior in the market. There are positive inter-group network externalities between the lenders and borrowers, negative intra-group network externalities among the borrowers and positive intra-group network externalities a- mong the lenders. Borrowers and lenders are both sensitive to the rates of transaction fees set by the platform, and the profit of the platform has quadratic relations with the supply than demand in the marketplace, the platform＇ s profit rates of transaction fees. Because there is less is mainly affected by the size of the lenders and the transaction fee rate of the lenders.

关 键 词：双边市场 第三方电子交易 在线个人借贷 网络外部性 定价 

分 类 号：F273.2[经济管理—企业管理]