P2P网络借贷平台融资效率及其影响因素分析——基于DEA-Tobit方法  

An Analysis on Financing Efficiency and Influencing Factors of P2P Lending Platform——Based on DEA-Tobit Method

作　　者：王重润[1] 孔兵[2] 

机构地区：[1]河北经贸大学金融学院,河北石家庄050061 [2]中国建设银行北京市分行,北京100053

出　　处：《河北经贸大学学报》2017年第5期54-60,共7页Journal of Hebei University of Economics and Business

基　　金：河北省人文社会科学研究重大课题攻关项目(ZD201415);河北省软科学研究计划项目(15457665D);河北省社会科学基金项目(HB13GL031)

摘　　要：具有高效的融资效率是P2P平台增强竞争力和保持良好运营的基础。从平台指标、标的指标、风险指标三个维度建立P2P平台融资效率影响因素指标体系,基于DEA-Tobit两步分析法,选取9家典型P2P平台的7 755条借款标的作为研究样本,运用DEA方法测度了P2P平台融资效率值,后建立Tobit模型实证分析融资效率的影响因素及程度。研究表明,我国P2P平台融资效率水平普遍较低;平台注册资本、运营时间、投资和借款总人数、借款用途、信用等级、正常还款次数这些因素对P2P平台融资效率产生正向影响;而借款期限、逾期还款次数等因素与P2P平台融资效率存在负向关系。The efficient financing efficiency is the foundation of P2P platform to enhance competitiveness and maintain good operation.Based on the DEA-Tobit two-step analysis method,this paper builds the index system of P2P platform financing efficiency from three dimensions of platform index,target index and risk index,select 7755 data from 9 typical P2P platforms as the research sample.Firstly,the DEA method is used to measure the financing efficiency of P2P platform.Then the Tobit model is established to analyze the influencing factors and degree of financing efficiency.The results indicate that the financing efficiency of P2P platform is generally low,and the factors such as the registered capital,operating time,the total investments and loans,usage of loan,credit rating,the number of normal repayment have a positive impact on the financing efficiency of P2P platform;however,there is a negative relationship between the life of loan,the number of overdue repayment and the financing efficiency of P2P platform.

关 键 词：互联网金融 P2P平台 融资效率 DEA模型 TOBIT模型 

分 类 号：F832[经济管理—金融学]