P2P网络借贷问题平台特征分析及投资者识别--来自222家平台的证据

Analysis on P2PProblematic Platforms Features and Investors' Identification——Evidence from 222 Online Platforms

基于222家P2P网络借贷平台的经营数据,本文在假设命题的基础上实证分析了问题平台不同于正常平台的显著特征,并进一步研究了投资者对于平台特征的识别。结果表明:平台背景、注册资本等特征变量并不能显著反映出正常平台与问题平台之间的区别,而管理层信息无披露、年化收益率高及没有第三方资金存管则是问题平台的显著特征。研究还发现,我国网贷市场中的投资者风险识别能力较低,他们偏好注册资本高、收益率低的平台,而忽视了管理层信息披露、资金存管等信息。

In the paper, we did an empirical research on significant features of problematic platforms and investors＇ identification by using the operating datum of 222 P2P lending platforms. The empirical results show that： the platform background, registered capital and other features variables does not significantly reflect the differences between normal platforms and problematic platforms, and the disclosure of management information, high annualized rate of return and the lack of fund depository is the significant features of problematic platforms. Further study found that the ability to identify risk of investors in Chinese online lending market has not been comprehensive enough, and they prefer such platforms with high registered capital and low annualized rate, while they ignore the disclosure of management information, fund depository and other information about platforms.