信息披露、投资偏好与大众创业的互联网金融支持——基于人人贷数据的研究

Information Disclosure,Investment Bias and Internet Loan Support for Mass Entrepreneurs——An Analysis based on RENREN DAI

基于抓取的P2P网贷平台人人贷中借款目的为"企业用途"的数据,在文献梳理基础上,建立二元逻辑回归方程,对小微企业在互联网融资过程中投资者形成的身份偏好问题进行了研究。通过将借款人身份分为工薪阶层和小微企业主两类,发现投资者存在对借款人的身份歧视现象,进而从信息披露的角度提出相应的解释。研究认为,由于信息披露不足与信息不可信,投资者认为具备"小微企业主"这一身份的借款人的借款存在较高的风险,从而形成了投资者更愿意支持"工薪阶层"借款的投资偏好。基于上述研究结论,从P2P网贷平台和政府部门的角度,提出了相应的政策建议。

Based on the data collected from the online loan platform RENREN DAI and literature review,this paper sets up binary Logistic Regression models to calculate the investment bias of investors in the creation and growing of startups between two kinds of borrowers,the salaried persons and small and micro businesses owners,and interpretations are presented to explain the bias from information disclosure aspect. The conclusions are as follows： Due to the information scarcity and low reliability of information about businesses owners,their borrowings are deemed as of high risk,and a rational investment bias in favor of salaried persons is thus formed. Based on the conclusions,some suggestions are presented from the prospectives of othe the P2P platform and the government.