我国P2P网贷平台成交量的政策效应研究——基于平台类型与地区的差异  

The Effect of Policy on P2P Platform Trading Volume in China: Based on Type and Regional Difference

作　　者：王雄[1] 邹铃 Wang Xiong;Zou Ling

机构地区：[1]中南大学商学院

出　　处：《金融理论与实践》2019年第9期49-59,共11页Financial Theory and Practice

基　　金：国家社科基金项目“基于利益相关者异质性的P2P网贷价值网的构建、价值共创与政府规制”(项目编号16BJY159)

摘　　要：基于99个P2P网络借贷平台的日度面板数据,采用RDD方法和中介效应模型分析2018年4月开展的整改验收工作对P2P平台成交量的作用机理,并考虑因平台类型与地区不同对该政策作用所产生的差异。结果表明,P2P平台成交量受多个因素影响,整改验收政策的实施并未直接作用于平台成交量,而是通过影响已有投资者的信心,促使投资者选择短期借贷标的或者离场,最终减少平台成交量,平台类型与地区的不同使得政策及其他影响因素对平台成交量的作用效果均存在一定差异。基于此,分别针对平台、投资者及监管方提出了相应的建议。Based on the daily data of 99 P2P platforms, the paper used RDD method and Mediating ef fect to analyze the interaction mechanism of a policy implemented at April 2018 on the trading volume, and considered the platform type and regional difference as well. The results showed that, the trading volume can be affected by many factors, and the measure had no direct effect on the trading volume, but influenced it through decreasing the number of investors, made them choose the short-term bid ob jects or just leave the market, and eventually decreased the trading volume. The difference of platform and region could make the policy and other factors show different effects on the trading volume. In the end, we gave some suggestions for platform, investors and the regulator.

关 键 词：P2P平台成交量 平台类型 地区差异 政策冲击 RDD分析 

分 类 号：F830.46[经济管理—金融学]