标点与字数会影响网络借贷吗——来自人人贷的经验证据

Is Punctuation and Word useful——Evidence from P2P Lending

就信息不对称程度而言,P2P网贷市场可能比传统金融市场更为严重。该市场的长期发展,取决于市场参与者如何有效利用有限的手段降低信息不对称的能力。本文以中国具有代表性的网贷平台"人人贷"2012年3月到2014年12月间的170817笔订单为研究对象,考察了网络借贷市场中借款描述的标点和字数所起到的产生增量信息的作用。实证结果发现:(1)在控制了其他因素的条件下,借款订单中借款描述的标点数每增加10个,借款成功率就会相对降低8%,而借款成本则会降低0.51%。(2)字数每增加10个,那么借款成功率就会相对提高2.3%,但是借款成本会提高0.28%。(3)标点数和字数对还款表现并未能产生显著的增量信息。上述结论在经过稳健性检验之后依然能够成立。

In terms of degree of information asymmetry, P2P network credit market may be more severe than traditional financial markets. With China＇s representative network credit platform ＂Renrendai＂ during March 2012 to December 2014, 170817 orders as the research object, this paper investigates the network in the lending market borrowing the punctuation and word of description on the role of incremental information. The results find that： （1） after controlling for other factors, to borrow loan described in the order number of punctuation, every ten increase borrowing success rate will be relatively reduced by 8%, while borrowing costs will be reduced by 0.51% ; （2） the number of words, every ten increase the success rate of borrowing will relatively increase by 2.3%, but the cost of borrowing will increase by 0.28%; （3） number of punctuation and word for repayment performance and produced no significant incremental information. This conclusion after robustness test can still set up.