自愿性信息披露有效性研究——基于“拍拍贷”经验证据

The Effectiveness of Voluntary Information Disclosure——Based on the Research of PaiPai Loan

以拍拍贷为研究背景,选取2016年8月至2017年8月1545例满标借款数据为研究对象,检验了借款人信息披露对借款利率和投资者投标数量的关系。研究表明,借款人信息披露数量与借款利率和投标数量负相关,但有效信息仅为可认证信息,未认证信息对借款利率和投标数量没有影响。低信用等级并不会增加可认证信息对借款利率的负向调节作用,但会增加对投标数量的负向调节作用。此外,淘宝或天猫卖家、历史借款额、待收回借款额、拍拍贷预审对借款利率或投标数量有一定影响。

Taking the PaiPai loan as the research background and selecting 1545 loan data from August 2016 to August 2017 as the research object, the relationship between the borrower＇s voluntary disclosure and the loan interest rate and the number of investors bidding is tested. The research shows that the amount of voluntary disclosure is negatively related to the interest rate and the number of bids, but the valid information is only verifiable disclosures, and the unverifiable disclosures has no effect on the loan interest rate and the number of bids. The low credit level does not increase the negative regulating effect of the verifiable disclosure on the loan interest rate, but it will increase the negative regulating effect on the number of bids. In addition, the sellers of Taobao or Tmall, historical loans, the amount of loans to be withdrawn and the prejudication have certain influence on the loan interest rate or the number of bids.