我国P2P平台违约风险的实证研究

Research on Default Risk of P2P Platform in China

互联网金融的发展促进了我国P2P行业的快速发展,但目前P2P行业违约率较高且违规现象频出。本文对借款人信用等级制度抑制逆向选择的有效性以及借贷利率可能造成的道德风险进行实证分析,结果发现P2P平台借款人违约风险与借款人信用等级呈显著负相关,而与借贷利率呈显著正相关。此外,违约风险也受到借款人年龄、学历、房产情况因素的影响,但信用认证机制并未在反映违约风险方面发挥实质性作用。据此,提出针对违约风险控制的相关建议以及P2P平台健康运行的具体对策。

Though the introduction of regulations and boom of Internet finance promote the rapid development of P2P industry in China, default rate of P2P industry is quite high at present. This paper studied the effectiveness of borrower＇s credit rating system built to inhibit adverse selection and potential moral hazard probably caused by interest rate, and found that the borrower＇s credit rating had a significant negative correlation with their default risk in P2P platform, while interest rate had a significant positive corre- lation. The empirical result showed that the default risk was also affected by age, educa- tion and property of borrowers, but credit authentication mechanism did not play a sub- stantial role in reflecting the default risk. According to the above conclusions, several suggestions about controlling default risk and maintaining the healthy operation of P2P platform were proposed.