摘要
以我国“人人贷”平台上2011年10月至2017年3月期间2016名投资者交易数据为研究样本,运用Markowitz均值—方差理论框架,实证检验了网络借贷市场上投资分散化行为策略对投资风险的影响。研究表明,相比集中投资,投资分散化行为能够有效降低网络借贷投资风险;且随着资产组合分散化程度的提升,分散P2P债权标的资产的非系统性风险效果越显著。这对合理引导我国网络借贷投资者分散化投资,优化资产配置,实现财富的保值增值以及规范网络借贷市场健康发展提供了一定的经验证据。
By collecting the transaction data of 2016 investors from October 2011 to March 2017 on Renrendai(a peer-to-peer lending platform)in China as the research sample,this paper uses Markowitz's mean-variance theory framework to empirically tests the impact of decentralization of investment risk in online lending market.The research shows that compared with centralized investment,decentralization of investment can effectively reduce the risk of online lending investment;and with the improvement of the degree of asset portfolio decentralization,the non-systemic risk effect of the decentralization of the underlying assets of P2P debt is more significant.This provides some empirical evidence for reasonably guiding Chinese online lending investors to diversify their investments,optimizing asset allocation,maintaining and increasing the value of their wealth,and regulating the healthy development of the online lending market.
作者
田秀娟
张智颖
TIAN Xiu-juan;ZHANG Zhi-ying(School of Banking & Finance, University of International Business and Economics, Beijing 100029, China)
出处
《湘潭大学学报(哲学社会科学版)》
CSSCI
北大核心
2020年第5期68-74,共7页
Journal of Xiangtan University:Philosophy And Social Sciences
基金
国家社会科学基金项目“大数据背景下金融与科技融合机理及风险管控研究”(18BGL059)。
关键词
分散化
网络借贷
投资者行为
投资风险
decentralization
online lending
investor behavior
investment risk