契约环境、朋友圈网络与借贷行为——基于P2P网贷微观数据的研究

Contractual Environment,Friendship Network and the Lending Behavior:Evidence from Microscope Peer to Peer Lending Platform Data

互联网金融是解决我国中小经济体融资难的重要切入点。本文基于不完全契约理论与复杂网络中心度理论,考察朋友圈网络在网贷市场的内在作用机制。研究认为:朋友关系的规模与质量均能为借款人信用水平及投资者信任程度带来正向提升;朋友关系存在"内圈"效应,只有直接朋友关系能够影响借贷双方行为;朋友圈网络会影响借贷额度,但起作用的是朋友圈的质量而非规模;朋友圈网络能够通过声誉担保等途径约束借款者的机会主义行为,是弥补借贷双方契约履约机制不足的重要制度保障。有鉴于此,推动契约"软环境"建设,完善朋友圈网络机制设计,对解决我国金融排斥问题至为重要。

The lnternet Finance is an important entry point to resolve the financing difficulties of China＇s small and medi-um-sized borrowers. Based on the incomplete contract and the network centrality theory, this paper investigates the influence of friendship network on the P2P lending platform. The results show that ： both the quantity and quality of friendship network are positively correlated to the borrowers＇ credit level and the investors＇ trust degree; only direct friendship networks could influence the two aforementioned aspects, which we define as ＂inner circle effect＂ ; friendship network will affect the loan amount where-as the quality rather than scale works ; friendship networks could constrain borrowers＇ opportunism behavior through credit signal transmission, internal supervision and reputation guarantee, which is beneficial to creating a favorable contractual environment. We suggest that the friendship network mechanism design is vital to solve the financial exclusion problem.