网络贷款具有贫民属性吗?谁在嫌贫爱富?——基于“人人贷”的实证证据

Does P2P Lending Have the Attributes of Poverty? Who Despises the Poor and Curries Favour with the Rich?——Evidences from Renrendai

网络借贷是否具有贫民属性?本文运用"人人贷"的借款数据进行实证检验。结果表明,低收入借款人具有更低的融资可得性和更高的借款资金成本,但没有证据表明低收入借款人具有更高的违约风险。这意味着投资人存在嫌贫爱富现象,网络借贷本身不能解决低收入群体所面临的金融排斥问题。然而,P2P平台所产生的信息能够部分缓解这一金融排斥问题。这说明,需要P2P平台更好地发挥信息中介作用,才能进一步体现网络借贷的普惠性。进一步运用匹配出来的投资人数据进行实证检验,发现对低收入借款人的金融排斥主要来自高收入的投资人。这表明,通过适当的引导改变投资人结构,可以起到缓解金融排斥的作用。

Does the P2P lending have the attributes of poverty？ The empirical results, based on the lending data from Renrendai, show that the low-income borrowers have lower financing availability and higher borrowing cost, but there is no evidence showing that low-income borrowers have a higher default risk. This means that investors despise the poor and curry favour with the rich, while the P2P lending itself cannot solve the problem of financial exclusion suffered by low-income groups. However, the results show that the information produced by the P2P platform can partially alleviate the financial exclusion problem. This means that as long as the P2P platform may better play the role of information intermediaries, it can help promote the development of inclusive finance. Furthermore, the empirical analysis finds that the financial exclusion of low-income borrowers mainly comes from the high-income investors. This means that changing the structure of investors can ease the financial exclusion.