英雄须问出处?网络借贷市场中的信息披露质量与身份歧视

Do Heroes Must Be Ask Origin? Information Disclosure Quality and Identity Discrimination in Network Lending Market

作为新兴的互联网金融创新模式,网络借贷市场上是否存在着明显的身份歧视?同时,信息披露质量的提升能否弱化或减缓身份歧视程度?针对上述问题,本文基于身份标签偏向视角,利用"人人贷"网络借贷平台2014—2015年微观交易数据,从借款成功概率、历史借款成功率和借款订单利率三个维度实证检验了网络借贷市场中的信息披露质量与身份歧视之间的关系,并讨论了网络借贷市场中的风险识别能力和市场运营效率。实证结果表明,现阶段,我国网络借贷市场总体信息披露质量较低,存在较显著的职业身份歧视问题。本文进一步研究发现,网络借贷市场信息披露质量的提高,能够缓解和弱化其中的身份歧视问题,同时也证明了网络借贷这种金融创新模式下的两大问题:其一,通过借贷双方非面对面形式实现了资金融通,解决了"长尾群体"的融资难题;其二,随着信用认证机制的完善和信息披露质量的提升,网络借贷市场能够有效识别金融风险进而缓解身份歧视问题,提高了金融市场的资本运营效率。

The online lending market,as an emerging model of Internet finance innovation,has enabled to achieve a win-win situation in monetary and financial communication for lenders and borrowers by non-face-to-face method,and to attract more and more scholars attention.Scholars have conducted in-depth research on discrimination in the online lending market,such as gender,marriage,geography and academic discrimination.But there is currently little literature on the issue of identity discrimination in the Chinese online lending market.This paper focuses on the identity label of borrowers,studies whether there is obvious identity discrimination in the online lending market in China,and whether the improvement of the quality of information disclosure can weaken or slow down identity discrimination.In view of the above problems,this paper uses micro-transaction data of the“Ren-Ren”network lending platform from 2014 to 2015,conducts in-depth research on the existence of identity discrimination and the relationship between the quality of information disclosure from the three dimensions of borrowing success probability,historical borrowing success rate and borrowing order interest rate using Probit model and the general regression model,and discusses the risk identification ability and market operation efficiency in the online lending market.Through the Probit regression of the probability of borrowing success,the ordinary least squares regression of historical borrowing success rate and borrowing order interest rate,the empirical results show that the overall information disclosure quality of China s online lending market is low,and there is a significant problem of professional identity discrimination.Further research in this paper finds that after controlling the relevant variables,the identity label is significantly positively correlated with the success probability of borrowing and the success rate of historical borrowing,and is significantly negatively correlated with the interest rate of borrowing orders,indicating that there is significant identity discrimination in the online lending market in China at this stage.Further,we group the samples according to the loan amount.The sample regression results after grouped show that with the improvement of the quality of information disclosure,the effect of the identity label on the probability of loan success,the success rate of historical borrowing and the interest rate of the borrowing order is gradually weakened,and gradually degenerates from significant to insignificant.This indicates that the improvement of the quality of information disclosure by borrowers in the online lending market can alleviate and weaken the issue of identity discrimination.The marginal contribution of this study mainly includes two aspects.First,this study provides a new perspective for the research on discrimination based on the identity label perspective in the online lending market.Second,based on the impact of the quality of information disclosure on identity label and studying the changes in the efficiency of capital operation in financial markets,this study has certain practical significance for improving the credit authentication mechanism and mitigating information asymmetry.The results of this study show that the online lending market can solve the financing problem of long-tail group through non-face-to-face method of both borrowers and lenders,but at the same time there is also identity discrimination.With the improvement of the credit authentication mechanism and the improvement of the quality of information disclosure,the online lending market can effectively identify financial risks,weaken or even eliminate identity discrimination in the process of lending,and improve the efficiency of capital operation in financial markets.Therefore,it is necessary to improve the information disclosure mechanism of online lending platform,unify information authentication standards,encourage borrowers to focus on the cultivating their own credit ratings,increase effective personal information,improve the quality of information disclosure,and promote the healthy development of the online lending market.