P2P网络借贷利率与信用评分——国内外实证比较

P2P Online Lending Interest Rate and Credit Score——An Empirical Comparison between Domestic and Foreign Platforms

本文通过对比人人贷和Lending Club历史交易数据分析借款利率与信用评分之间的关系,揭示中国P2P平台资金配置和利率定价上存在的问题。研究发现,人人贷平台在设置贷款利率时信用评分的决定程度不及外国平台,但平台信用评分的违约风险识别能力远远超过国外平台。这一现象会增加投资决策成本,不利于行业长远发展。此外,本文还发现借款时长、无风险利率及部分个人信息均会影响国内外平台借款利率定价,不同的是国外平台借款利率设置还受到借款金额影响。

By comparing the historical transaction data of Renren Lending and the Lending Club, the authors of this paper analyze the relationship between lending interest rate and credit score to reveal the problems in fund allocation and interest rate pricing of China’s P2 P lending platforms. It’s found that in Renren Lending, the role of the credit score in setting lending interest rate is not as important as that in Lending Club, but its ability in identifying default risks far exceeds Lending Club, which will increase the cost of investment decision and is not conducive to the long-term development of the industry. In addition, it’s found that the lending term, risk-free interest rate and some personal information affect the pricing of lending interest rate in both domestic and foreign platforms, but the lending amount only affects the pricing of the foreign platform.