P2P借贷中投资者的理性意识与权衡行为——基于“人人贷”数据的实证分析  

The Rational Sense and Balanced Behavior of P2P Investors:Empirical Analysis Based on Transaction Data from Renrendai. com

作　　者：胡金焱[1] 宋唯实 

机构地区：[1]山东大学经济学院

出　　处：《金融研究》2017年第7期86-104,共19页Journal of Financial Research

基　　金：国家自然科学重点项目(71333009)的资助

摘　　要：本文借助P2P平台"人人贷"的数据,通过期望效用理论来探究网络借贷投资者是否具有理性意识来对收益与风险进行权衡。实证结果表明,投资者会表现出对收益的追求和对风险的规避,且当收益与风险同时存在时,存在一个投资者偏好程度最强的利率水平。研究还发现,投资者偏好程度最强的水平利率会受到其他因素的影响。这些结果与期望效用理论所揭示的理性投资者会具有的行为表现相一致,从而说明P2P投资者是具有理性意识的,这保证了P2P借贷的投资者不属于完全非理性投资者,从而在一定程度上保证了P2P借贷能够发挥信息中介的作用以及提升资金供需匹配的效率,同时也有效防范了借款人的违约风险。We use expected utility theory to explore the rational sense of P2P investors with the transaction data from a P2P loan website. We find that there exists an optimal interest rate that investors prefer most when they face the benefit and risk simultaneously. Moreover, the optimal interest rate will be affected by other information provided on the P2P loan subject. These results show that investors in P2P loan have rational sense to balance the benefit and risk from a loan subject, which means they are not irrational and is a precondition for P2P loan to play a role in infomediary and promote the efficiency of supply matching.

关 键 词：P2P借贷 理性意识 期望效用理论 

分 类 号：F724.6[经济管理—产业经济] F832.4