P2P网贷平台上的债权转让具有风险识别效应吗?

Does the Transfer of Creditor’s Rights on P2P Lending Platforms Have the Effect of Risk Identification?

P2P网贷平台投资者的债权转让行为是否传递了借款标的风险相关的信息?相关学术研究与实践探讨暂付阙如。本文基于"人人贷"平台41.7691万个借款标的所形成的7246.1519万次债权转让事件,以及1亿多次投资事件的大样本数据,对P2P网络借贷中的债权转让行为进行了研究。结果表明,人人贷平台上90%以上的标的发生过债权转让,每个借款标的平均转让次数超170次,且债权转让累计金额达原始借款金额的数倍。风险识别检验的结果发现,标的债权发生转让,转让的次数越多、金额越大以及转让的投资者人数越多,借款标的违约风险越高,揭示了债权转让具有一定的风险识别效应。拓展性分析还发现,债权转让的风险识别效应在高利率、未婚与无房的借款标的中更为凸显。进一步研究显示,学习效应与经验积累是债权转让投资者获取信息优势的主要来源。

Does the creditor’s right assignment of investors on P2 P lending platforms convey information about the default risk of the loan?Relevant academic researches are absent.Based on the 72.461519 million debt transfer events generated from 417,691 bids on the P2 P platform‘RenRenDai’and the large sample data of more than 100 million investment events,this paper studies the debt transfer behaviors in P2 P online lending.The results show that the transfer of creditor’s rights on the RenRenDai platform is widespread,with more than 90%of the underlying debt transferred.On the average,the creditor’s rights under each loan bid get transferred for more than 170 times,and the cumulative amount of the transfer of creditor’s rights is several times of the original loan amount.Based on the results from the perspective of risk identification,it is found that for more times,in larger amount and to more transferees the underlying creditor’s right are transferred,the higher default risk may happen to the underlying loan,which indicates that the transfer of creditor’s right has certain risk identification effect.Further analysis also finds that such risk identification effect of creditor’s rights transfer is more prominent when the interest rate is high and the borrower is unmarried and/or has no house assets,which reveals that the transfer behavior of investors can provide incremental risk identification information,and there is a substitutional relationship between creditor’s rights transfer behavior and traditional borrowers’characteristics.In addition,further research also shows that learning effect and experience accumulation are what transferring-investors rely mainly on to gain information advantage.