借贷意愿、融资效率与违约风险——网络借贷市场参与者的性别差异研究

The willingness to borrow,financing efficiency and default risk——A study on gender difference of P2P loan participants

利用国内一家P2P平台的实际交易数据,探究了我国网络借贷中不同性别参与者的借贷意愿、融资效率与违约风险。实证结果表明,网络借贷中女性的借款意愿和投资意愿均显著小于男性,不过随着网络借贷逐渐被人们所熟知,女性在借款端和投资端所占比例均有所上升;尽管所占比例较低,女性借款人在网络借贷中的融资效率要高于男性借款人,表现为女性借款人的融资成功率较高,不过就融资成本而言,男女借款人并没有表现出显著差异;与融资效率相对应,女性借款人的实际违约率显著低于男性借款人,即女性借款人隐含着更低的违约风险,这意味着在融资成功率方面投资者所表现出的对女性借款人的偏好是一种理性偏好。

The paper discuss the gender difference of P2 P loan participants in willingness to borrow,financing efficiency and default risk with the transaction data from a P2 P loan website. The empirical analysis demonstrates that:either borrowing willingness or lending willingness of female participants is less than male participants. However,as P2 P loan is gradually known to people,the proportion of female borrowers and female lenders is increasing as time goes on; the financing efficiency of female borrowers is higher than male borrowers,although their proportion is lower than that of male borrowers; the default rate of female borrowers is lower than male borrowers,which suggests that investors hold a rational preference about borrowers' gender.