政府监管与P2P网贷平台发展  

Research on the Impact of Government Regulation on the Development of P2P Platforms

作　　者：赵建国[1] 白昌易 于晓宇[1] ZHAO Jian-guo;BAI Chang-yi;YU Xiao-yu(School of Public Administration,Dongbei University of Finance and Economics,Dalian,Liaoning,116025,China)

机构地区：[1]东北财经大学公共管理学院

出　　处：《经济管理》2019年第11期5-19,共15页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目“互联网经济下大学生就业的职业选择研究”(17BSH072)

摘　　要：鉴于P2P网贷平台跑路、非法集资等案件的频繁发生,国家构建了“1+3”监管体系以推动P2P网贷行业从无序发展期向合规整顿期过渡,但也引发有关“打压”是否会遏制行业发展的担忧。在此背景下,本文基于50家P2P网贷平台24个月的面板数据对政府监管政策的实施效果进行了实证研究。研究结果表明,“1+3”政府监管政策体系中的银行存管、获取ICP证以及信息披露等主要监管措施能够带来P2P网贷平台成交量和投资人数的增加,政府监管能够有效促进P2P网贷平台的发展;交互分析表明,政府监管能够缓解由于信息不对称导致的市场失灵,保证市场的有效性;执行了网贷新规的平台,预期收益率越高,平台投资人数和成交量越多;分样本回归结果表明,政府监管对上市公司系、非国资系P2P平台发展的影响要比非上市公司系、国资系P2P平台发展的影响更为明显。In view of the frequent occurrence of P2P platforms running,illegal fund raising and other cases,the government has established a “1+3” regulatory system to promote the transition of the P2P industry from a disorderly development period to a compliance rectification period.But it also raises concerns about whether “suppression” will curb the development of the industry.In this context,this paper conducts empirical research on the implementation effect of government regulatory policies based on 24-month panel data of 50 P2P platforms. The research results show that the main regulatory measures such as bank depository,access to ICP certificate and information disclosure in the “1+3” government regulatory policy system can increase the transaction volume and the number of investors in the P2P platforms,government regulations can effectively promote the development of the P2P platforms.Based on the measurement of capital security and platform risk,users will pay attention to whether the risk control of online lending platform is compliant and the platform implementing a bank depository,appling for an ICP certificate and disclose information accordingly have higher capabilities for risk prevention,which can establish a good reputation and gain recognition from potential users.However,only about half of the platforms have implemented the new rules for online lending,and the ratio is relatively low at the beginning of the “1+3” regulatory system,which means that most of the platforms have not been rectified.Interactive analysis shows that government regulation can alleviate market failures caused by information asymmetry,ensure the effectiveness of the market.Because the platform with higher expected rate of return may also indicate a high-risk trap,users will be discouraged by high-yield platforms,which will lead to adverse selection and market failure.However,based on the “rational person” assumption,the ultimate goal of P2P online lending platform users should be to maximize revenue.Under the prem

关 键 词：政府监管 P2P网贷平台 银行存管 ICP证 信息披露 

分 类 号：F20[经济管理—国民经济]