中国P2P网络借贷平台的动态逆向拍卖机制

Dynamic reverse auction mechanism on online P2P lending of China

对比分析Prosper和拍拍贷平台的运行模式、风险控制以及收费模式等方面的差异性,指出中国P2P网络借贷在借款人准入门槛、借贷票据、以及费用收取与信用状况挂钩等方面存在不足.随后在借鉴Prosper运行机制的基础上,提出一种动态逆向拍卖机制,用以研究国内P2P行业借贷问题的运行机制.在此,证明了动态逆向拍卖机制满足激励相容特性,并且存在纳什均衡解;同时从该机制的拍卖策略出发,提出已知拍卖定价情境和未知拍卖定价情境的两种拍卖策略.最后通过算例指出,已知拍卖定价情境的拍卖策略有利于改进贷款人的收益、分散投资风险,可以用于改进目前中国P2P网络借贷的运行模式.

This paper analyzes the difference between the Prosper and PPDai platform from the operation mode, the risk control and the model of charges, and then shortcomings are pointed out on the threshold of the borrowers, lending bills, the charges, and credit conditions. Thus on the basis of Prosper operating mechanism, this paper puts forward a kind of dynamic reverse auction mechanism （DRAM）, and it is to study the trading mechanism of online P2P lending of China. In the process, the paper firstly demonstrates the incentive compatibility features of DRAM, and demonstrates the Nash equilibrium of DRAM. Further, this paper sets up two kinds of auction pricing strategies include the certainty of auction pricing time and uncertainty of auction pricing time. Finally~ through the example analysis, the paper points out that the first auction pricing strategy is helpful to improve the lender earnings, and disperse investment risk. Therefore, it can be used to improve the current operation mode of online P2P lending of China.