P2P网络借贷:交易决策、风险传导与监管策略——文献综述与研究反思

P2P Lending: Bidding Decision,Risk Conduction & Regulation Strategies.Literature Review and Research Introspection

笔者以P2P网络借贷行为为研究对象,从贷款人视角对影响P2P贷款人交易决策的因素、从借款人视角对影响借款人违约的因素、从传统中介视角对P2P风险溢出效应、从监管者视角对监管策略分别进行了文献综述与研究展望,并结合监管策略研究,对当前P2P监管困境及监管优化提出了对策建议。研究意义上,厘清交易决策的影响因素将为引导投资人进行理性交易提供逻辑借鉴,理解违约风险的形成机制、溢出特征及其对货币政策传导效力的扰动作用将为强化风险监管提供路径参考,反思P2P在监管思路、监管导向与监管博弈方面的现实困境并提出监管优化策略,将为实现创新式监管提供政策依据。

With intention of facilitating future study and optimizing regulation practices, this paper, taking the P2P lending behavior as the research object： （ 1 ） reviews the literatures of the determinants of P2P bidding decision and P2P default rate; （2） reviews the the risk conduction from P2P market to banking system; literatures of the spillover effects of P2P market and （3） reviews the literatures of current regulation strategies of China＇s P2P market and P2P platform; （4） brings about introspections for China＇s P2P research according to above aspects and introspects the straits of China＇s P2P regulation from the perspectives of regulation circumvention as well as the long-term positioning. The main contribution of this paper is ： （ 1 ） Clarifying the determinants of bidding decision contributes to guiding investor to rational trading; （2） Understanding the determinants of P2P default rate and its spillover effects as well as the impact that P2P market has on the conduction of monetary policy contributes to optimizing the reform of P2P risk regulation ; （3） introspecting the straits of China＇s P2P regulation as well as regulation circumvention will contribute to future regulation innovations.