P2P网贷平台绩效影响因素研究——基于背景差异性的视角

The Performance Impact Factor of Peer-to-peer Lending Platform——Based on The Perspective of Background Differences

在外部监管政策趋严和内部不同派系平台竞争的背景下,研究不同类型平台绩效影响因素并寻求对策颇为重要,但相关研究相对缺乏。本文为探究P2P网贷平台的绩效影响因素是否具有背景差异性,把网贷行业划分为背景平台和普通平台,利用157家网贷平台的面板数据进行实证分析,结果发现平均预期收益率、平均借款期限对P2P平台绩效的影响都存在背景差异性。平均预期收益率对绩效影响的背景差异性最明显,即背景平台平均预期收益率和其绩效为显著“正U型”关系,普通平台为显著“倒U型”关系;平均借款期限对背景平台绩效具有负向影响,对普通平台无显著影响;注册资本对P2P平台绩效均具有正向影响,不具有背景差异性。研究表明,相对于民营系平台,银行系、国资系和上市系平台具有一定背景优势。最后从监管者和经营者两种视角为两类平台针对自身情况提升绩效水平提出建议。

Peer-to-peer lending has gradually entered the regulatory period from barbaric growth.It is of great importance to study the factors affecting the performance of different types of platforms and to seek countermeasures in the context of regulatory pressure in the industry.However,relevant studies are relatively scarce.To explore whether there are background differences in the performance influencing factors of P2P online lending platforms,this paper divides the whole industry into background platforms and ordinary platforms.By using the panel data of 157 online lending platforms,empirical analysis is made.Studies find that there are background differences in the impact of average expected rate of return and average borrowing period on the performance of P2P plat⁃forms and the former impact was most obvious.Specifically,there is a significant“positive U-shaped”relationship between the average expected return rate of the platform and its performance on background platforms,while“negative U-shaped”on ordinary platforms.The average borrowing period has a negative impact on the performance of background platforms,but no significant im⁃pact on ordinary platforms.Registered capital has a positive impact on the performance of P2P platforms,and there is no back⁃ground difference.The study shows that compared with the private sector,the platforms of banking,state-owned assets and listed companies have certain background advantages.Finally,from the perspectives of regulators and operators,suggestions are put for⁃ward for two types of platforms to improve their performance.