股票市场对P2P网贷市场交易活跃度的影响——基于“拍拍贷”平台的实证研究

The Impact of Stock Market on the Trading Activity of the P2P Lending——Empirical Evidence from "Paipaidai"

近十年来,P2P网贷作为一种高收益的投资工具在我国得到了蓬勃的发展。论文分析了股票市场变化对P2P网贷市场交易活跃度所造成的影响。通过实证研究发现,股市收益率对P2P网络借贷行为交易活跃度有负向影响,即"牛市"使P2P市场交易活跃度冷却,而股市低迷时则给P2P市场带来交易热度。该结论无论是对P2P平台的自身发展还是监管部门的政策制定都具有一定现实意义。

P2P lending has boomed in China over the past decade as a high-yielding investment tool. This paper tries to analyze the impact of the change in stock market on the trading activity of the P2P lending market. The empirical study finds that the stock market has a negative effect on P2P lending trading activity. Bull stock market would cool P2P market trading active slightly. When it comes to volatility, it creates a trading heat for the P2P market. This empirical conclusion has practical implications for the development of P2P platform and supervisory department.