注意力与P2P投资者投资决策——来自人人贷的证据

Investor Attention and Peer-to-Peer Investment Decision——Evidence from Renrendai.com

本文使用我国P2P平台人人贷网站的数据,研究注意力对P2P投资者投资决策的影响。研究发现,当可选借款标的数量增加,使得投资者的注意力下降时,名义利率对投资决策影响增加,名义利率以外的信息对投资决策的影响降低。这是因为当注意力下降时,投资者更关注名义利率,同时忽略更多名义利率以外的信息。这使得投资者忽略更多关于借款人风险的信息,出现在预期收益率相同时,偏好高风险借款标的行为偏差,增加投资者和借款人之间的信息不对称。本文立足P2P市场这一适合研究投资者注意力对投资决策影响的场景,强调了注意力在P2P投资决策中的重要地位,进一步探讨了注意力在金融投资决策中的作用。

This paper conducted an empirical study on how investor attention affects P2P investment decision, by using data from Renrendai. corn, a P2P lending platform in China. We found that, when investors had lower attention, nominal interest rate would have stronger effect on investment decision, while other information would have weaker effect. One possible underlying mechanism is that, lower attention would make investors focus more on nominal interest rate, while focus less on other information. The effect of lower attention would thus make investors ignore more information about borrowers＇ risk, which increases information asymmetry and behavioral bias. By studying P2P market, a more proper context for exploring the effect of investor attention, we studied on how investor attention matters in investment decision, and highlighted the importance of attention in P2P market.