从数据垄断到价格扭曲——数字金融平台利率定价机制研究

FROM DATA MONOPOLY TO PRICE DISTORTION:RESEARCH ON THE INTEREST RATE PRICING MECHANISM OF DIGITAL FINANCIAL PLATFORMS

利率定价机制是决定数字金融平台均衡利率和成交概率的关键因素,而平台的数据与算法垄断,会对成交结果产生重要影响。对数字金融平台利率定价机制中常见的拍卖定价和平台定价的研究发现:拍卖定价所达成的均衡利率和成交概率较低,但借款人的违约概率也较低;由于平台对数据和算法的垄断,平台定价的成交概率较高,但所达成的均衡利率也较高,增加交易成本的同时造成利率扭曲。运用倾向得分匹配法对平台数据的实证检验也证实了该结论,并且发现投资者“羊群效应”是造成成交结果差异的内在原因。因此,应将平台企业的金融业务纳入金融监管,谋求安全和竞争的平衡,兼顾数字要素市场培育与消费者信息保护。

The interest rate pricing mechanism is a key factor to determine the equilibrium interest rate and transaction probability of digital financial platforms.However,the monopoly of data and algorithms on the platform will have a significant impact on the final transaction result.This paper studies the common auction pricing and platform pricing in the interest rate pricing mechanism of digital financial platforms.We found that the equilibrium interest rate achieved and the final transaction probability are low in the auction pricing.Moreover,the default probability of borrowers is low.Due to the platform monopoly,the transaction probability of platform pricing is high,and the equilibrium interest rate achieved is also high,which increases transaction costs and causes interest rate distortion.We confirmed this conclusion by the propensity score matching method and other empirical test,and found that the herd effect of investors is the internal reason for the differences in transaction results.Therefore,it is necessary to include all financial businesses of platform enterprises in financial supervision,seek a balance between safety and competition,and combine the cultivation of digital factor markets with consumer information protection.