地理距离、信息不对称与借款人违约风险  

Geographical Distance, Information Asymmetry, and Borrower’s Default Risk

作　　者：张笑 胡金焱 Zhang Xiao;Hu Jinyan(School of Economics,Qingdao University,Qingdao 266071,P.R.China)

机构地区：[1]青岛大学经济学院

出　　处：《山东大学学报（哲学社会科学版）》2020年第1期143-153,共11页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家自然科学基金面上项目“网络借贷市场风险识别、传染与防控研究:基于复杂网络理论的视角”(71873079);国家自然科学基金重点项目“民间金融风险:变迁、区域差异与治理研究”(71333009);国家自然科学基金青年项目“民间金融及其风险研究:基于儒家文化与地方政府的视角”(71703080)

摘　　要：P2P网络借贷主要借助互联网技术进行线上借贷,一方面降低了获取借款人信息的成本,另一方面也加重了借贷双方的信息不对称,部分平台通过建立线下网点来解决这一问题。通过使用人人贷2010年10月至2016年12月的交易数据,运用Probit模型,将借款人所在地到线下网点的距离作为平台信息获取成本的代理变量,实证分析了地理距离对违约风险的影响,得出以下结论:借款人距离网点越远,违约概率越大,地理距离增加了平台监测和缓解道德风险的成本;借款金额不同,地理距离对借款人的违约风险的影响不同;平台改版后借款利率可以反映地理距离产生的违约风险。P2 P network lending mainly uses Internet technology for online lending. On the one hand, it reduces the cost of information acquisition. On the other hand, it also causes information asymmetry. Some platforms solve this problem by setting up the offline network. By using peer-to-peer lending’s trading data from October 2010 to December 2016 and Probit Model, taking the distance from the location of the borrower’s location and the offline network as the proxy variable of the platform information monitoring cost, this paper empirically analyzes the impact of geographic distance on the default risk. The study found that the farther the borrower was from the network, the greater the probability of default, and the geographical distance increases the cost of platform monitoring and mitigating moral hazard;the impact of geographical distance on the borrower’s default risk caries with the amount of loan;after the platform is revised, the loan interest rate can reflect the default risk caused by geographical distance.

关 键 词：P2P借贷 违约风险 地理距离 信息不对称 

分 类 号：F832.4[经济管理—金融学]