P2P行业创新状况如何改善?——基于改进的KMRW声誉模型  

Study on the Appropriate Innovation of P2P Industry under the KMRW Model

作　　者：王性玉[1] 楚媛媛 王开阳 Wang Xingyu;Chu Yuanyuan;Wang Kaiyang(Henan University,Kaifeng 475004;East China Normal University,Shanghai 200062;Shenwan Hongyuan Securities Postdoctoral Workstation,Shanghai 200031,China)

机构地区：[1]河南大学,河南开封475004 [2]华东师范大学,上海200062 [3]申万宏源证券博士后工作站,上海200031

出　　处：《河南师范大学学报（哲学社会科学版）》2019年第1期47-54,共8页Journal of Henan Normal University(Philosophy and Social Sciences)

基　　金：国家自然科学基金项目(71373068);河南省科技发展计划项目(182400410018);河南省政府决策研究招标课题(2018B295)

摘　　要：基于平台持续经营的假设,借助贴现因子和预期损失等变量计算创新型平台在行业自律和金融监管两种情况中不同策略选择的收益增量,进而在纯策略和混合策略两种情况下分别推导平台的最优策略。博弈模型分析显示,平台过度创新的额外收益、发展目标等因素都会影响创新型平台的策略选择。在互联网金融监管与发展的动态博弈关系中,参与者都表现出"有限理性",基于改进的KMRW声誉模型的博弈参与方一般都不满足现代主流博弈论"完全理性"的前提假设。因此,在P2P行业发展初期,应充分发挥互联网金融协会这一行业自律组织的作用,不断完善P2P行业的法律法规,加大政府相关部门的监管力度。从P2P长远发展来看,创新型平台必须将"合规"作为最佳策略,才能维持P2P行业的健康发展。同时,行业自律与金融监管是相互促进的关系,两者相互配合能够得到较佳的规制效果。Different from the calculation of the two-stage utility function in the traditional KMRW reputation model,this paper calculates the benefits of different strategies in the industry self-discipline and financial supervision based on the assumptions of platform continuous operation and variables such as discount factor and expected loss,and then derive and analyze the optimal strategy of the platform in the pure strategy and the hybrid strategy respectively.The game model analysis shows that the extra benefits and development goals of the platform's over-innovation would affect the strategic choice of the innovative platform;for the current shortcomings of the self-discipline construction of the P2P industry in China,it could be improved from the self-discipline association's credibility construction and news public opinion;by adding financial supervision on the basis of self-discipline in the industry,the industry's innovation status has been significantly improved,and industry self-discipline and financial supervision could work together to regulate the industry better.

关 键 词：KMRW模型 适度创新 行业自律 金融监管 

分 类 号：F832.39[经济管理—金融学]