借贷利率、用户规模与P2P网贷交易额--平台资本类型的调节作用

Borrowing Interest Rate,User Scale and P2P Lending Transactions——Moderating Effect of Platform Capital Property

近年来,P2P网贷借助互联网金融大潮迅速发展,本质上是一种制度创业行为。当前行业已经进入规制与成长期,企业间竞争加剧,资本市场涌入,国资、银行、上市公司、风投背景的企业不断增多。本文以P2P网贷平台类型为切入点,从宏观行业数据着手对借贷利率、用户规模与P2P网贷交易额间的作用机制进行探讨。实证研究结果表明,所有制平台类型对借贷利率影响P2P网贷交易额的路径具有调节作用,其中,用户规模充当着完全中介。对此,本文从新制度主义理论中的合法性视角进行了解释。

P2P lending develops quickly with the popularity of internet finance in recently years,which could be viewed as a kind of institutional entrepreneurship in essence. Now this industry has entered into a regulative and growing period with a strong feature of fierce competition and increasing investing institutions such as state-owned business,banks,listed companies and venture firms. This paper analyzes the influences of borrowing rates and user scale to P2P lending transactions from the angle of ownership platform type with macroscopical industrial data.Results indicate that the ownership type has a moderating effect on the relationship between borrowing rates and P2P lending transactions,with user scale as a complete intermediary. Explanations have been made from the view of legitimacy based on the new institutionalism theory.