P2P平台特质与投资者选择

The Characteristics of P2P Platforms and the Choice of Investors

近年来,P2P网络借贷在我国蓬勃发展,并逐渐成为金融市场重要的组成部分。基于2015年9月至2016年6月多家P2P平台成交数据,从投资者数量与人均投资金额角度探究平台交易规模、身份背景、社会资本对投资者行为的影响可以发现,投资者在选择网贷平台时具有从众心理,平台历史成交量越大,所拥有的投资者越多,人均投资金额越高。这是因为,对投资者而言这是一种稳妥而经济的选择策略,且随着这种效应的累积,P2P平台两级分化形势进一步加剧,市场集中度逐步上升。此外,平台身份背景对投资者选择也具有一定影响。相比于民营系平台,国资系平台在投资者数量与人均投资金额两方面均比较落后,上市公司系投资者数量更多,但在人均投资金额上没有明显优势。平台社会资本对促进投资者参与也具有较为明显的作用,且社会资本形式不同其影响程度亦存在差异,加入第三方征信的效果明显好于加入行业协会的效果。

In recent years,P2 P online lending has been developed rapidly;and it has been one of the important parts of financial market. From such two angles as the number of investors and investment amount per investor,the authors test the impacts of platforms' transaction size,identity background and social capital on investors' behavior using the transaction data of some P2 P platforms between September 2015 and June 2016. The results show that,because of the investors' conformity psychology,platforms with greater historical volume have more investors,and the investment amount per investor is higher.Besides,the identity background of the platforms will also have some impacts on investors' choice. Compared to private platforms,the state- owned platforms lag behind in such two aspects as the number of investors and investment amount per investor;while the listed-companies-owned platforms have more investors,but not too much investment amount per investor.The social capital of platforms can indeed promote investor participation;the impacts of different types of social capital will be different;and the impacts of joining the third party credit is better than that of joining industry associations.