定价效率、不确定性与借款利率——来自P2P网络借贷的经验证据  

Pricing efficiency, Uncertainty and Borrowing Rates——Evidence from P2P Lending

作　　者：陈霄[1] 叶德珠[1] CHEN Xiao YE De-zhu(Department of Finance, Jinan University, Guangzhou 510632, China)

机构地区：[1]暨南大学金融系,广东广州510632

出　　处：《国际商务（对外经济贸易大学学报）》2016年第5期113-122,共10页INTERNATIONAL BUSINESS

基　　金：国家自然科学基金面上项目"儒家文化与过度储蓄:微观机理;实证检验与宏观政策研究"(71473102);教育部人文社会科学规划基金项目"文化;偏好与消费"(13YJA790139)

摘　　要：构建了一个信贷市场上借款人定价效率的测度模型,基于中国最具有代表性的P2P网贷平台"人人贷"中微观借款人的个体数据,使用异质性随机前沿方法,对借贷市场上借款人的定价效率及其对最终的定价效率的影响因素进行了实证测度,结果发现:(1)借款人系统性的风险认知错误导致市场利率低于实际利率11.8%。(2)借款人的异质性期望定价能够通过借款人的个人特征反映出来,借款人年龄、婚姻及教育水平能够显著地提高借款人的定价效率,年龄、性别和借款描述的字数增加了借款人定价中的不确定性。(3)借款人能够利用自身的信誉和学历优势进行差别化定价。Based on the micro lending individual data from China＇s most typical P2P network platform ＂borrow＂, this paper builds a borrower credit market measure model of pricing efficiency, and empirically analyzes the pricing efficiency and its influencing factors by using Heterogeneity Stochastic Frontier Approach. We found that the Chinese in the P2P lending market borrowers made systemic risk of cognitive error, this caused the market rates significantly lower than the actual interest rate of 11.8%.Borrowers heterogeneity expectation pricing can be reflected by the borrower＇s personal characteristics. The borrower age, marriage and education level can significantly improve the efficiency of the borrow- er＇s pricing, and age, genderand the number of borrowing descriptionincrease the uncertainty in the borrower＇s pricing.At the same time, borrowers can implement differential pricing by using their reputation and academic advantages.

关 键 词：P2P网络借贷 定价效率 不确定性 异质性随机前沿 

分 类 号：F724.6[经济管理—产业经济] F832.4