互联网金融信号显示、融资价格与风险水平——基于P2P网贷平台的经验证据  

Signal in Internet Finance,financing cost and risk levels——Evidence From P2P lending sites

作　　者：张琛[1] 王君彩[1] 

机构地区：[1]中央财经大学会计学院

出　　处：《价格理论与实践》2016年第8期121-124,共4页Price:Theory & Practice

摘　　要：信息披露作为信号显示的重要手段,对降低网络借贷的融资成本和风险水平具有积极意义。本文立足于我国互联网金融市场,首次以300余家P2P网贷平台自愿向社会定期发布公司的运营或财务报告为例,实证检验了P2P网贷平台公司信号显示与融资价格及平台风险水平之间的关系。研究发现,P2P平台公司通过主动披露公司业绩报告这种信号显示手段降低了平台整体的融资价格,从而导致P2P平台的风险水平显著下降。此外还发现,P2P平台公司主动披露公司业绩报告的行为与平台的净现金流呈显著的正相关关系。Information disclosure plays important roles in reducing P2P lending sites＇ financing cost and risk as a way of signal mechanism.This paper uses data from more than 300 P2P lending sites in China which voluntarily disclose the operating and financial information to society to investigate the relationship between signal behavior,financing cost and the risk levels.We find that the behavior of voluntary disclosure from P2P lending sites is related to reduce the financing cost and default risk.In addition,this paper suggests that the P2P lending sites＇ voluntarily disclose is significantly positive to the cash flow of P2P lending sites.

关 键 词：信号显示 互联网金融 融资价格 信息不对称 

分 类 号：F724.6[经济管理—产业经济] F832.4