P2P网络借贷的运作模式及其激励约束研究——基于股权市场分层的视角

Operation Mode and Its Incentive and Constraint of P2P Lending——Based on Perspective of Equity Market Stratification

通过介绍P2P网络借贷的概况和运作原理,阐述了P2P网络借贷的特点和发展趋势,在其运作模式的基础上,假设P2P网络借款人可以产品的回报的方式激励投资者,这样就完成了P2P网络借贷和股权分层市场的无缝对接,探讨了P2P网络借贷与股权市场分层的关系。同时借鉴并运用Wojciech的模型,以项目产品为激励借款人的回报,分别以项目最小值、总量激励参数两个假设条件,探讨了在这两种不同的条件下项目参与者的利润最大化和最优激励参数问题。得出借款人和投资者最终的激励机制是相容的,也就是说他们的最终目标都是把项目推广给潜在的投资者的结论。希望通过对P2P网络借贷的研究给P2P网络借贷提供一种新的融资激励方式,从而实现借款者和投资人的双赢,促进P2P网络借贷的快速发展。

Through the introduction of the general situation of P2P lending and operation principle, the characteristics and development trends of P2P lending are expounded. On the basis of its operation mode, assuming that P2P network borrowers can motivate investors in the form of product returns, this completes seamless joint of P2P lending and equity layered market, and the hierarchical relationship between P2P lending and equity market is discussed. At the same time, by referring to Wojciech model （2013）, taking the project product as incentive the returns of borrowers, and setting two assumptions of project minimum parameter and total incentive parameter respectively, the issues about project participants＇ profit maximization and optimal incentive parameters are discussed under two different conditions. It is concluded that the ultimate incentive mechanism of lenders and investors eventually is compatible, that is to say, their final goal is to promote the project to potential investors. The author hopes that the study can introduce a new way of financing incentives to P2P lending, so as to realize the win-win of borrowers and investors, and promote the development of P2P lending.