P2P网络借贷市场中自动投标工具的影响——基于人人贷数据的实证研究  

Effects of technological intermediary in online lending market:Evidence from Renrendai

作　　者：王春岚 叶强[1] 张少军 李一军[1] WANG Chunlan;YE Qiang;ZHANG Shaojun;LI Yijun(School of Management,Harbin Institute of Technology,Harbin 150001,China;Faculty of Business,The Hong Kong Polytechnic University,Hong Kong 999077,China)

机构地区：[1]哈尔滨工业大学经济与管理学院,哈尔滨150001 [2]香港理工大学商学院,香港999077

出　　处：《系统工程理论与实践》2021年第7期1640-1649,共10页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(71532004,71850013,71490724,91846301,72071038);香港理工大学研究项目(P0006372)。

摘　　要：P2P网络借贷市场的投资者不仅面临信息不对称和道德风险问题,也会面临因竞争激烈导致的"抢标"问题.在线借贷平台为吸引投资者设计了自动投标工具,实质为一种技术中介.基于"人人贷"交易数据,本文研究监管环境变化后,自动投标工具"U计划"的放松调整对平台投资者在线借贷交易的影响.本文从"有经验的投资者"和"首次投资者"所投标的的数量差异、质量差异、竞争度差异三个角度进行分析,结果表明自动投标工具能够帮助"首次投资者"参与市场,缩小与"有经验的投资者"所投标的的数量层面、质量层面及竞争度层面的差异,促进公平交易,改善投资效率.此外,"有经验的投资者"基于其信息优势,对平台信息的变化更加敏感,能够根据信息变化调整投资决策.Lenders in online lending markets face the same old problems of information asymmetry and moral hazard,but also encounter new challenges of fast bidding in order to participate in loans.Online platforms attract lenders with new forms of tools and essentially serve as technological intermediaries.In this study,we studied one technological intermediary offered by the platform from three aspects including quantity,quality and competition.It was found although experienced lenders react better based on their information about the platform,first-time lenders on this platform are as competitive as more experienced lenders due to the investment tool.The intermediary seemingly makes the online market a fair playfield for first-time lenders.

关 键 词：P2P网贷 自动投标工具 “有经验的投资者” “首次投资者” 

分 类 号：F062.5[经济管理—政治经济学]