借款描述的可读性能够提高网络借款成功率吗  

Can Readability of Loan Description Promote Lending Success Rate of Online

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

机构地区：[1]暨南大学经济学院

出　　处：《中国工业经济》2018年第3期174-192,共19页China Industrial Economics

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

摘　　要：在P2P网络借贷市场中,借款人的借款描述可作为吸引投资者而成功获取借款的一种方式,而投资者能否理解借款描述以及这种理解的程度则取决于借款描述所传递信息的可读性。借款描述的可读性能缓解借款人和投资者之间的信息不对称程度从而提高借款的成功率吗?本文试图运用来自P2P网络借贷平台的经验证据对此进行回答。本文以中国"人人贷"平台2011年1月至2014年5月128532笔订单为研究对象,基于文本复杂性和可理解性构建中文语言环境下的可读性指标,考察借款描述可读性在P2P网络借贷市场上的作用。实证结果发现:(1)借款描述的可读性有助于减少信息噪音,提高信息甄别速度,从而降低投资者的信息处理成本;(2)可读性更强的借款描述能向投资者传递积极信号,提高借款的成功率;(3)借款描述中句均字数每增加一个,借款成功率降低0.4%,而句均词数每增加一个,借款成功率则会降低0.7%;(4)常用字字数每增加一个,借款成功率提高0.14%,借款违约率下降0.12%,常用词词数每增加一个,借款成功率提高0.28%。上述结论在经过一系列稳健性检验之后依然成立。随着P2P网络借贷平台的去担保化,如何有效利用不可验证的软信息正成为借贷双方面临的问题,本文的研究结论表明,借款描述中的文本可读性能够发挥信号作用并且具有信息含量。In Peer-to-Peer(P2P)lending market,loan description of the borrowers can be regarded as a way of attracting investors and further promoting lending success rate,and readability of loan description tends to determine the investors’understandability on loan description related soft information,As evidenced by P2P lending platform’s experience,we attempt to answer the question that does readability in loan description mitigate information asymmetry between borrowers and lenders,and promote lending success rate?.The paper examines the effect of readability on P2P lending market by using the data of 128532 lists during January 2011 to May 2014 from a Chinese P2P lending platform,“RenRenDai”,and constructing the index of loan description readability under Chinese language environment based on the complexity and understandability.Our empirical results show that:①The readability of the loan description is more likely to reduce the information noise and improve the speed of information identification,thus decrease the cost of information processing of investors.②A more readable description of the loan can convey a positive signal to investors,and improve the borrower’s loan success rate.③An increasing of average characters per sentence in loan description will cause lending success rate’s falling of 0.4%,whereas an increasing of average words per sentence will result in lending success rate’s falling of 0.7%.④The characters commonly used words for each additional one,the loan would increase the success rate of 0.14%,the loan default rate would decline by 0.12%,whereas more commonly used words for each additional one,and the loan would increase the success rate of 0.28%.The aforementioned conclusions remain valid after conducting an array of robustness tests.How to efficiently use the unverified soft information is becoming the problem of both investors and borrowers as the cessation of guarantee from P2P lending platforms,to this we prove that the readability of loan description can be informative an

关 键 词：P2P网络借贷 信息不对称 借款描述 文本可读性 

分 类 号：F272[经济管理—企业管理]