互联网金融风险与投资者风险意识——来自网贷平台交易数据的证据

The Risk of Internet Finance and the Risk Awareness of Investors:Evidence from Transaction Data of P2P Online Lending Platforms

本文首次利用575家P2P网贷平台的运营数据,检验投资者对网贷产品是否具备较强的风险意识。我们发现,无论是对于特定平台的个体风险,还是对于行业的整体市场风险,投资者的行为都表现出一定的风险意识:一方面,提高利率、缩短期限的确能吸纳更多的投资,但是对于潜在的问题平台,吸纳投资的效果明显更差,平台过高的利率甚至会使投资者减少投资;另一方面,当市场上有更多的网贷平台成为问题平台时,投资者的投资行为也会表现得更为谨慎。

This paper is the first to use the operation data of 575 P2P platforms to examine investors risk awareness about online lending.It finds that investors are aware of risks,either risks of individual platforms or risks of the online lending market as a whole.On one hand,although investors prefer short-term and high-interest products,they are more cautious about possible problematic platforms,and might even cut their investment if the interest rate goes up.On the other hand,when more problematic platforms are exposed,investors will become more cautious.