基于脆弱性和压力视角的网贷市场风险研究

Research on the Risk of Internet Lending Market from the Perspective of Vulnerability and Pressure

以P2P行业脆弱性为分析基础,通过梳理金融脆弱性的文献,在国内首次构建衡量P2P网贷市场金融脆弱性的金融压力指数--P2PCFSI,并得出以下结论:P2PCFSI能较好地测度网贷市场的金融脆弱性;金融压力变动对风险事件变动具有预测作用。为了降低金融压力,短期内应加强网贷市场风险事件的监管,参照网贷压力指数预期市场风险;长期看应完善平台运作机制,降低网贷市场自身的脆弱性,并注重平台参与者素质教育,提升参与者的风险应对能力。

Based on the analysis of the vulnerability of P2P industry, P2PCFSI, a financial stress index measuring the financial vulnerability of P2P online lending market, was constructed for the first time in China by combing the literature on financial vulnerability, and the following conclusions were drawn: P2PCFSI can better measure the financial vulnerability of online lending market;the change of financial pressure can predict the change of risk events. In order to reduce the financial pressure, we should strengthen the supervision of the risk events in the Internet lending market in the short term, referring to the expected market risk of the Internet lending pressure index. In the long run, we should improve the operation mechanism of the platform, reduce the vulnerability of the online lending market, pay attention to the quality education of the platform participants, and improve their risk response capability.