考虑双边定价的P2P网络借贷拍卖机制设计  

Auction mechanism of online P2P lending based on bilateral pricing

作　　者：周正龙 胡凤英[2] 李延晖[1] ZHOU Zhenglong;HU Fengying;LI Yanhui(School of Information Management,Central China Normal University,Wuhan 430079,China;Business School,Central South University,Changsha 410083,China)

机构地区：[1]华中师范大学信息管理学院,湖北武汉430079 [2]中南大学商学院,湖南长沙410083

出　　处：《管理工程学报》2020年第6期138-147,共10页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71471073);中央高校基本科研业务费专项资金资助项目(2017zzts050)。

摘　　要：本文基于P2P网络借贷的双边市场特征,提出一种考虑双边定价的P2P网络借贷拍卖机制,旨在激励借贷双方自觉地报告自己的真实类型,进而提高整个机制的效率。同时,该机制在激励参与人披露其真实信息以及降低借款人支付成本方面具有一定优势,是对现有交易机制的一种改进与补充。进一步研究结果显示,在不考虑违约率的情形下,该拍卖机制满足双边激励相容性、个体理性和弱预算平衡等特征;而在考虑违约率的情形下,该拍卖机制满足双边激励相容性,但不满足个体理性和弱预算平衡特征。对比发现,考虑违约率的拍卖机制更实用于实际经济环境,但受到违约率的影响无法实现机制的效率最大化,因此需要尽量降低借款人的违约率,从而有利于提高机制对资源的配置效率。P2 P online lending is part of financial activities. It operates through an Internet platform and uses "crowd wisdom" to allow multiple lenders to conduct transactions with borrowers who want to obtain funds. However, the current domestic and foreign research mainly focuses on risk control, credit authentication, legal supervision and other issues, but less involved in the P2 P online lending market transaction mechanism. In addition, the frequent transaction problems of the existing platforms reflect the shortcomings of the existing transaction mechanism in terms of disclosing information and improving transaction efficiency. In view of this, based on the bilateral market characteristics of P2 P online lending, this paper proposes a P2 P online lending auction mechanism that considers bilateral pricing, and improves the existing P2 P online lending market trading mechanism to encourage transaction participants to disclose their true information. Improve the transaction efficiency of the entire mechanism. Compared with the trading mechanism of the existing platform, the biggest feature of this mechanism is that it considers the bidding of the lender and the borrower at the same time, and meets the bilateral incentive compatibility characteristics of the borrower and the lender, so that the borrower and the lender to a certain extent, we have grasped the autonomy of borrowing and lending, and it is easy to adopt this mechanism in practical use. At the same time, this mechanism is of great significance for promoting the healthy development of the P2 P online lending market. This auction mechanism is implemented through the following two stages. In phase 1, the borrower first announces a loan demand and sealed quotation, and then all lenders provide the loan amount and sealed quotation they are willing to supply within the specified time. The loan amount at this stage is accumulated by "how much is received", and the quotations of all participants are sorted by "increasing prices", and active lenders are selected ac

关 键 词：P2P网络借贷 拍卖机制 激励相容性 个体理性 弱预算平衡 

分 类 号：F830[经济管理—金融学] F724.59