互联网金融的风险控制:法制环境的力量——基于P2P交易数据的经验研究  

The Risk Control of Internet Finance: Power of Legal Environment——The Empirical Research Based on the P2P Transaction Data

作　　者：孙涛[1] 

机构地区：[1]清华大学五道口金融学院

出　　处：《投资研究》2016年第1期95-111,共17页Review of Investment Studies

基　　金：国家社会科学基金重大项目(15ZDA029);国家自科基金项目(71232003;71472100);北京社科基金(14JGA018)

摘　　要：目前,互联网金融风险正不断暴露,然而却鲜见研究法制对其影响的文献。本文借助P2P交易数据进行了经验研究,发现良好的法制环境能够通过提高融资者败德成本锚定其行为与过往声誉,降低订单利率的风险溢价;同时,良好的法制环境会通过提高订单信息可信度强化其对风险的预测力,帮助投资者减轻逆向选择。因此,良好的法制环境可以在提高融资成功率的基础上降低违约率。发展互联网金融应加快相关法制建设以促进交易和控制风险。At present, the Interact financial risks are constantly exposed, however there is little research exploring the impact of legal system to the risks. With the help of P2P transaction data, this article find that good legal environment can improve the cost of moral hazard of borrower and anchored his behavior to the past reputation, reducing the risk premium of interest rate; meanwhile, good legal environment can improve the order information credibility and strengthen the power of prediction to the risks, helping investors reduce adverse selection. Therefore, a good legal environment can improve the success rate of lending and reduce the default rate. To develop the Internet Finance, we should accelerate the construction of the relative legal system to promote the transaction and control the risks.

关 键 词：法制环境 互联网金融 风险控制 P2P 

分 类 号：F832.4[经济管理—金融学] F724.6