利率市场化、干中学效应与网络借贷效率

Interest Rate Liberalization,Effects on Learning by Doing and Efficiency of Network Lending

分析互联网金融创新推进的利率市场化下P2P借贷双方对网络借贷模式的认知过程,测度网络借贷的干中学效应;并借助"拍拍贷"网站的交易数据,从借款的信用等级、中标概率以及利率水平等三个角度来检验资金借贷过程中的学习效应。实证结果显示,网络借贷中的借款订单次数与信用等级和中标概率呈正相关,与借款利率呈负相关;反映了人们在网络借贷的自主学习能够选择合适的信息披露质量提高借款中标概率来降低借款成本;说明网络借贷中存在着显著的干中学效应;有助于借贷双方在一个逐渐利率市场化的环境下通过多次借款博弈寻找均衡利率,提高资金配置效率。

The paper studies the effects of Learning by Doing in the network lending,which verifies the process of tentative understanding of people on the internet financial model. With the transaction data of 'ppdai. com',we test the effects of Learning by Doing from the angles of credit rating,the probability of bid- winning and interest rates,by using cross- section and panel model approaches. The empirical results show the borrower's credit rating and the probability of winning on the numbers of borrowing orders are positively correlated,but the borrowing rate on the orders is negatively correlated. It illustrates that there is a significant effect of learning by doing in the network lending and contributes to understanding that lenders and borrowers reach a balanced interest rate through multiple game in the environment of market- oriented interest rate gradually,which improves the efficiency of capital allocation.