中国P2P小额贷款市场借贷成功率影响因素分析

An Analysis of Impact Factors on the Loan Performance of P2P Microfinance Market in China

从2006年开始P2P小额贷款在中国得到了很快的发展,其主要特征是没有传统的金融中介、借款人的借款依赖于多个投资者、投资者的投资行为是透明的。本文使用"拍拍贷"市场中的数据对中国P2P小额贷款市场中借款人地域、年龄、信用等级以及订单的基本特征进行统计分析,并对借款成功率的影响因素进行了研究。通过回归分析发现,在中国市场中借款订单基本属性、借款人基本信息、借款人的社会资本对借贷成功率都有显著的影响,同时发现中国P2P小额贷款市场中投资者表现出明显的羊群行为特征,并且这种羊群行为对借款成功率有着重要的影响。

The Peer-to-Peer （P2P） microfinance has been greatly developed since 2006 in China. In this market, the loans for borrowers are relying on multiple lenders, and the actions of lenders are transparent. The paper analyzes the basic features （such as borrowers＇ location, age, and credit rank） of the Chinese P2P microfinance market, the orders＇ attributes, and the loan performance. The analysis shows that, the basic attributes of orders, borrowers＇ personal information, and borrowers＇ social capital affect the performance of borrowing orders. Herding behavior, which is a very import factor on loan performance, has been found in the Chinese P2P microfinance market.