P2P网贷平台信息披露水平、投资人信任与投资风险

Peer-to-peer Lending Platform's Disclosure,Investors' Trust,and Investment Risk

P2P网贷平台问题频发损害了投资人的利益,为规范中国网络借贷市场,政府将信息披露列为监管的重点。本文依据目前现有信息披露准则,首次对中国P2P网贷平台的信息披露水平进行评价,实证分析P2P网贷平台信息披露水平与投资人对平台的信任、有关平台的投资风险之间有关系。研究结果表明,平台信息披露程度越高,越容易吸引当期的投资人参与交易,提升平台的成交量;同时,平台信息披露水平有助于投资人降低有关平台的投资风险。此外,投资人在选择平台时忽略了产品信息披露的重要性。研究结果对中国P2P网贷平台监管政策的实施提供了有益的参考。

Defective platforms frequently harm the interests of investors. Government focused on the regulation of informa- tion disclosure in order to rule Chinese peer-to- peer lending market. In this paper, we evaluate peer-to- peer lending platform＇s disclosure level for the first time on the basis of existing information disclosure guidelines and explore the relationship between this and investors＇ trust, and investment risk using empirical analysis. We find out that large differences exist between peer-to-peer lending platform＇s disclosure and the more information disclosure level, the more investors and volume which are particularly evident in the platform with no background to support. At the same time, the relationship between peer-to-peer lending platform＇s disclosure level and the possibility of a problem is negative. Information disclosure helps investors to reduce investment risks about platform. In addition, investors pay more attention to the platform operator information, financial securi- ty information and information availability, ignoring the importance of product information disclosure in the choice of platform. The results provide a useful reference to the implementation of peer-to-peer lending regulatory policies.