| 何光辉,杨咸月,蒲嘉杰.中国P2P网络借贷平台风险及其决定因素研究[J].数量经济技术经济研究,2017,(11):44-62 | | 中国P2P网络借贷平台风险及其决定因素研究 | | Risks and Their Determinants of P2P Internet Lending Platforms in China | | | | DOI： | | 中文关键词: 网络借贷平台 风险 决定因素 | | 英文关键词: Internet Lending Platforms Risks Determinants | | 基金项目:本文获得国家自然科学基金项目（71773022）、国家社会科学基金项目（14BJL033）的资助。 | | | 中文摘要: | | 研究目标：中国网络借贷平台风险及其决定因素。研究方法：在分析整体特征、检验问题与正常平台风险差异基础上，运用Logistic模型分析平台出险的决定因素，并进行包括Probit模型在内的稳健性检验。研究发现：整体上，平台基本为民营公司，整体实力弱；股东少，公司治理机制弱；利率高，业务集中度风险高，违约控制措施少；营运两极分化。结构上，问题类平台与正常平台之间的道德风险及公司治理、营运风险差异显著；标的利率、业务多元化、违约控制措施也差异显著。道德风险及公司治理、信用管理和营运风险越高，平台出问题的可能性越大。研究创新：提出四类风险假设及指标体系并进行实证检验。研究价值：防范平台出险，确保其健康发展。 | | 英文摘要: | | Research Objectives：This paper is to study the risks and their determinants of P2P internet lending platforms in China.Research Methods:Based on the overall characteristics of P2P platforms,significant differences of risks between troubled and normal ones,Logistic models are applied to analyze the determinants of risks,and then robustness tests are conducted.Research Findings:Generally,most platforms are private-owned with weak strength,have few shareholders with weak corporate governance,charge higher rates for borrowings,have higher concentration risks,less default control measures,and are obvious polarization.Moral hazards,corporate governance risks,and operation risks show significant difference between the troubled platforms and normal platforms.Rates,diversification and default control measures of credit risk management are also significant between both types of platforms.The higher the moral hazard risks,corporate governance risks,credit risks and operational risks,the greater the probability of troubled platforms would be.Research Contributions:This paper puts forward four types of risk hypotheses and corresponding proxies,and tests them.Research Value:Realistic implications for controlling the high risks and ensuring sound development of P2P platforms in China. | | 查看全文 |
| | |
