对P2P借贷研究的综述

摘要：近年来，人们在小额私人贷款热潮一触即发，P2P借贷迅速发展到所有国家。本文总结了国内外从理论和实证方面分析P2P借贷的研究的发展状况。

关键词：P2P;网上贷款;信息不对称;系统分析

导论

互联网借贷比传统借贷方式更加便捷、高效和透明，随着互联网的发展，P2P网络借贷的发展更加快速。小额信贷推动资本在中小企业中快速流动，这些企业往往需要大量的小额资金，但缺少一定的条件，无法从传统的金融机构获得贷款，P2P网络借贷就是在这样的条件下产生的。P2P网络借贷是小微信贷模式之一，它依靠互联网技术借助P2P网络社区交流平台来完成借贷行为。通常情况下，平台上的借款人是个人、小型企业或者小额的投资者，这些人没有充足的资金和丰富的投资渠道。这种方便、快捷、透明和直接的小额信贷方式起源于英国，随后传遍全球，现在正在被几乎所有的小额借贷人所接受。

各类网络信用平台随着P2P借贷的发展如雨后春笋般出现涌现，同时还伴随着无休止的讨论和研究。P2P网络贷款在国内和国外的研究主要集中在以下几个方面。

1.相关的国外研究

1983年10月2日，尤努斯开始了格莱珉银行提供小额贷款给穷人的先例，开启了银行小额贷款的新篇章。在随后的几十年互联网技术的提高和普及见证了小额贷款公司的蓬勃发展。小额贷款以线上的形式出现而不是线下模式。传统的银行要求贷款的公司有更高的信用，因此无法满足条件的小微企业开始进入P2P网络借贷行业，这在一定程度上也促进了网络借贷行业的发展 (Agarwal and Hauswald, 2008)。P2P借贷不仅为需要借款的公司提供了一个新的融资模式，对于个人投资者而言，也为他们提供除了储蓄和传统的投资渠道外的新投资方式（Slavin, 200)）。

2005年，ZOPA在英国成立，这是世界上最早的P2P网络借贷平台。PROSPER成立于2006年，最活跃的信贷种类是平台上的网络拍卖。外国学者在这一领域的研究非常系统而且深入，本文接下来将分成两面来叙述。

1.1理论研究

当信贷网络市场上进行交易，借贷双方双方不可能进行直接沟通，这必然会产生信息的不对称问题，更重要的是，大部分的P2P网络平台采取无抵押信用贷款，这些都会导致巨大的信用风险，从而会产生比传统贷款更高的而导致高得多的贷款利率(Klafft, 2008)。P2P类似于社交平台，它获得社会资本的质量信息（即借款人的资信状况）相对于传统的金融市场更加便捷。Robert 和 Benjamin在2010年发现，我们可以通过整合社会信用体系访问到借款人的信誉，个人信用等，从而选取优质的借款人。这种方式可以有效地减少道德风险和逆向选择的可能性，虽然成本比较高，但与传统的借贷模式相比是低很多的。在对社交网络资源对借贷活动的作用研究中可以发现，拥有丰富的社交网络资源的人往往能获得更低的利息，自身的违约率也更低(Lin, 2010)。Freedman, Jin 和 Everett (2008)的研究显示，当贷款人与借款人在现实生活中有像同事、校友这样的关系时，他的违约率会更低。在监管方面，如果对借款人的监督直接由贷款人操作，成本会非常高，相反，中介机构如银行凭借其技术和规模优势，可以大大降低事后监督的费用(Diamond, 1984)。由于金融机构只是监管机构，不是贷款人，金融机构能否认真做好监管工作也是一个问题。对于这个问题，Blackwell, Winters (1997)发现贷款利率和银行的监管成正相关，与公司和银行之间的关系成负相关。因此，借款人可以有效地降低通过关系融资的成本。此外，考虑到以盈利为目的的资金，如果金融中介机构无法判断借款人的信用水平和还款能力，就会造成更高的借款利息，并使高信用额度的借款人无法筹集到资金或者以更高的成本获得资金，这就会导致信贷配给的问题。(de Aghion amp; Gollier, 2000).

1.2 实证研究

在借贷市场，信息是成功融资的重要因素(Stiglitz, 1981)。我们把从互联网上获得的信息被称为“硬信息”，因为投资者在网络借贷平台上进行投资活动时，不能和借款人进行直接沟通，而是通过平台上的信息（包括借款人的债务和收入比、信用评级、信用卡号码、贷款金额、利率、用途等）来进行决定。收集以上信息的主要方法是从网上借贷平台（如ZOPA、PROSPER）。大量研究表明，“硬信息”会对贷款的利率、投标结果产生显著的影响，它甚至和借款人的还款信用有一定的相关性。结论根据不同侧重点的研究有所不同。

Klafft (2008)通过分析PROSPER的数据后得出个人的信用评级是贷款利率最重要的影响因素，其作用甚至超过了借款人的债务和收入比，其他的信息（如银行账户信息，是否拥有个人财产等）几乎与贷款利率毫无关系。然而，令人惊讶的是当贷款结果被作为因变量，是否存在借款人的银行账户超过了借款人的信用评级，成为影响借款利率的最重要的因素。由于借款人的信用评级是一个更复杂的包含可变的银行账户信息，因此上面的结论是很难解释的。Klafft (2008)也指出不能从传统的金融机构获得贷款的低信用评级的借款人也很难从P2P网络借贷平台上获得融资。他的数据分析显示，那些低信用评级的借款人占谁拥有更糟糕的信用评级占PROSPER所有借款人的57.4%，但只有5.5％的人贷款成功，相反，AA信用评级的借款人借款成功率高达54%。

Gollier Aghion (2000)和Prescott (1997)的研究发现，当借款人自由组合成为一起借款的群体，他们能为组中的其他成员保证（如果组中有任何成员逾期未偿还贷款，其他成员将支付款项），如果该团队成员被列入黑名单，那么整个团队将被列入黑名单，在一定程度上，通过这种方式可以减少逆向选择和道德风险的风险，小组联保贷款可能是P2P借贷市场的发展趋势。

从以上P2P网络研究的总结可以看出，国外P2P贷款的理论研究主要集中在对贷款信息不对称问题，中介机构在贷款活动中的作用，以及如何提高借款成功率。也得出相关结论， P2P借贷网络平台可以有效地减少借款人和贷款人之间信息不对称的问题，借款人可以通过形成特定群体提高借款的成功率。通过对PROSPER平台的实证分析，国外学者得出借款人的硬信息和软信息均会对借款人产生一定的影响。

2.国内的相关研究

随着国外P2P网络借贷平台的发展日益成熟，我国第一家P2P信用贷款平台“拍拍贷”成立于2007年8月，总部设在上海。拍拍贷是一个纯粹的中介类型的网络借贷平台，它主要借鉴PROSPER的模式。在接下来的几年，国内P2P网络平台如雨后春笋般出现，经过多年的试验和开发，管理模式是在摸索过程中逐渐成熟。其中有一些较为成功的国内信用网络平台，如宜信，它充分吸取了Zopa的经验教训（Zhang, 2013）；齐放网，致力于助学贷款；51Give为农民和学生提供小额信贷服务；Wokai则是专门为农民提供集中服务。51Give和Wokai是由外国人创办，并与当地小型信贷机构合作。下面的文章重点对P2P贷款的国内文献研究做阐述。

2.1 早期的理论研究

国内的P2P借贷研究开始的时间比较晚，主要集中在网络贷款的介绍、运营模式的比较(Wang, 2012) (Chen, 2010) (Wang, Chen, Xing, 2009) (Sun, 2010) (Xin, 2009) (Zhang, 2010),其中最全面的总结是由陈初提出来的，陈初（2010）将网络借贷的经营模式分成四类：一是以企业网上行为参数为基础的综合授信，二是做银行金融业务前端流程的外包服务商，三是“P2P”网络融资模式，四是建立为学生提供贷款的社区。吴，曹（2011）为加强对P2P贷款平台的监管提出了几点建议：（一）完善用户识别机制; （二）加强资金管理机制; （三）建立和完善反洗钱制度; （四）加快推进社会信用体系建设; （五）完善P2P网站安全技术。黄冀（2012）提出网络借贷平台来建立一个统一的借款人的信用评级体系，引入保险制度和其他措施来控制当前风险。

2.2 近期的实证研究

Guo (2011)收集拍拍贷从2008年8月25日到2010年5月15日16766的交易记录来研究了P2P借贷融资成本和融资可用性。最后得出六个相关结论：（1）融资成本与信用评分和借贷金额有关；（二）融资成本、历史流量标准和中标总数量关系密切，（三）借款方式对借贷成本没有显著的影响；（四）融资的可能性与借款人的信用评级，历史成功的数量和中标总数相关；（五）融资的可能性与借款期限和借款金额负相关；（六）社会资本的存在可以有效地提高信贷的可用性。

也有一些通过问卷调查和个案研究得出关于P2P借贷行为的影响因素的结论：借款人的贷款信息，认证数据对借款利率显著的影响，利率和借款金额意义，但由于数量较小，对借贷行业的发展几乎没有用处（Li，2011）。在关于如何提高投资者投资的角度产量的研究上，通过开发和组合投资者的行为信息和借款人的信用信息，罗（2012）建立了一个定量的贷款评估和投资决策模型，从三个方面：即投资者结构，借款人信用风险和信息来源来进行综合分析，它可以帮助投资者做出投资决策。

我们可以从以上的研究分析可以得出，我国在P2P借贷行业的理论研究主要集中在不同的P2P网络信贷平台、制度建设和风险研究等方面。国内的实证研究，由于起步相对较晚和不够公开的数据，目前只有少数学者进行相关引用。但随着P2P借贷行业的快速发展，国内研究也应该跟上发展的步伐。首先，我们应在现有的研究基础上，做出必要的扩展和深入发展。如从网络用平台的运行机制的内部治理问题，深入研究风险控制、交易安全和效率等方面。其次，在研究方法方面也应该有所提高，多采用定量分析方法，并针对不同的问题采取有不同的方法。第三是扩大视研究角度，P2P网络借贷行业本身是多学科结合的产物，对这些问题的研究，需要用更广阔的视野，拓展研究面。

外文文献出处：

GAO Ruiqiong, FENG Junwen, International Business and Management, 2014, Vol.8 (2), pp.14-18

附外文文献原文:

An Overview Study on P2P Lending

GAO Ruiqiong[a]; FENG Junwen[a],

*[a]School of Economics and Management, Nanjing University of Science and Technology, Nanjing, China.

Abstract

Recent years have seen a boom in small private loans Once developed, P2P lending quickly spread to all countries. This article gives an overview study on the research development of the P2P lending from the theoretical and empirical literature on P2P lending at home and abroad

Key words:

P2P; Internet lending; Information a symmetry; System analysis

INTRODUCTION

With the help of the internet which is much more convenient, fast and transparent than the traditional ways, P2P lending network was born at the right time when small and micro credit was boosted with the high demand of capital flow in middle and small-sized enterprises and the high threshold of bankrsquo;s loan. P2P lending network is one of the small and micro credit patterns which rely on internet technology to comple

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An Overview Study on P2P Lending

GAO Ruiqiong[a]; FENG Junwen[a],

*[a]School of Economics and Management, Nanjing University of Science and Technology, Nanjing, China.

Abstract

Recent years have seen a boom in small private loans Once developed, P2P lending quickly spread to all countries. This article gives an overview study on the research development of the P2P lending from the theoretical and empirical literature on P2P lending at home and abroad

Key words:

P2P; Internet lending; Information a symmetry; System analysis

INTRODUCTION

With the help of the internet which is much more convenient, fast and transparent than the traditional ways, P2P lending network was born at the right time when small and micro credit was boosted with the high demand of capital flow in middle and small-sized enterprises and the high threshold of bankrsquo;s loan. P2P lending network is one of the small and micro credit patterns which rely on internet technology to complete the debit and credit through the P2P web community communication platform. Usually the borrowers are individuals and mid-small size companies as well as smaller investors who have insufficient money and limited investment channels. These convenient, fast, transparent and direct small credit transactions originated from England and soon spread across countries and are now accepted by all kinds of small lenders and borrowers who have problems in investment and loans.

All kinds of credit network platforms have sprung up as P2P emerged, followed by endless discussions and research. The domestic and foreign research on P2P credit network mainly concentrated on the following several aspects.

1.THE RELATED RESEARCH WORK ABROAD

On October 2, 1983, Mr Yunus started the Grameen Bank to offer micro loans to the poor, starting a new page for micro loans bank. The following decades have witnessed the vigorous development of the Micro-credit companies, coupled with the booming and popularization of Internet technology. Micro credit is no longer a “off-line” mode as the “online” mode emerged. And traditional banks require companies to have high credit rating which fails the small micro enterprises so that they have to transfer into P2P credit network market, also contributing to the development of the certain market (Agarwal and Hauswald, 2008). P2P lending provides not only a lending mode that those companies need, but also a new option for individuals investors except for saving and traditional ways of investment (Slavin, 2007).

ZOPA, the earliest platform of P2P credit network, was born in Britain in 2005. PROSPER, founded in 2006, the most active credit is generally used for online auction on loan on the network platform. Foreign studies in this field are systematic and deep and will be introduced by the following two points.

• 1. Theoretic Study

When doing transactions on the credit network market, both sides could not have direct communications which will inevitably produce the information a symmetry problems, whatrsquo;s more, most of the P2P network platform adopted unsecured credit loans, all contributing to huge credit risk which results in the much higher loan interests than that in traditional loans (Klafft, 2008). P2P is similar to social platform, and it is more convenient to acquire the information of the social capital quality compared to traditional financial market, namely soft information from borrowers. Robert and Benjamin (2010) have found that we can choose high quality borrowers by integrating the credit systems in the community to get access to borrowersrsquo; reputation, personal credits, etc. This way can effectively reduce the probability of moral risk and adverse selection. Although the cost is relatively high, it is still lower compared to the traditional lending patterns.

Research on the role of social networks in lending activities found that people who have rich social network resources are more likely to get a lower loan interest, and loan default rates are lower (Lin, 2010). Studies from Freedman and Jin and Everett (2008) show that loan default rates will be lower when the lenders have connections with borrowers in real life like alumni and colleagues. It is obvious that social network in real life have a great impact on the credit activity. The other aspect concerned with Regulatory, if the supervision on the borrowers is directly operated by the lenders, the cost will be very high, on the contrary, intermediary institutions like banks with its technology and scale advantage to make the post-supervision can greatly reduced the costs(Diamond, 1984). Since the financial intermediaries are just regulators, not lenders, whether the financial intermediaries will conscientiously do the regulation job will also be a problem. In refer to this question, the study from Blackwell, Winters (1997) shows that lending rates is positively related with bank supervision and negatively related with intimacy between companies and banks. Therefore, borrowers can effectively lower the cost of financing through relationship. Besides, in consideration of for-profit funds, if financial intermediaries fail to judge the repayment ability and credit level of some borrowers, higher borrowing rates will be implemented and will mistakenly make some high quality borrowers unable to raise funds, or receive money at higher interest rates, which pushed up lending rates, results in the problem of credit rationing (de Aghion amp; Gollier, 2000).

1.2 Empirical Study

In the lending market, information is the key factor to successful financing (Stiglitz, 1981).The information we can observe and get from the internet is called “Hard Information”. Since investors can not have direct communications with the borrowers whe

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