中国网络借贷市场的区域差异及信息引导关系研究

Regional Differences and Information Transmission in China's Internet Lending Markets

本文首次检验了中国网络借贷市场的区域差异及其信息引导关系。网络借贷市场的迅猛发展确实已突破时空局限,在全国范围内找到了服务"草根"阶层的定位;但各地网贷市场利率水平差异显著、区域分割问题相当严重,这与其利率变动不存在区域差异、各地市场信息已完全畅通形成巨大反差。主要原因是借贷平台因深度介入交易、成为类似商业银行信用中介的角色错位而引起市场定价混乱造成的。进一步发展网贷市场必须以全面提升市场效率为目标,消除区域分割。

This paper examines regional differences and information transmission of China 's internet lending markets. The rapid development of the network lending markets has surpassed the limitation of time and space,positioning their service for ' grassroots' class across the country. However,the difference of interest rates is significant around the country with serious regional segmentation,which is in sharp contrast to changes of interest rates with no regional differences and to free flows of market information. The main reason is that lending platforms have deeply involved in lending transactions and become a similar role of commercial bank credit intermediation,which results in the market pricing confusion. The further development of Internet lending market should aim to enhance market efficiency comprehensively and eliminate market segmentation