文章摘要
姜琪.中国P2P网贷平台效率差异及成交量影响因素研究[J].数量经济技术经济研究,2018,(6):60-77
中国P2P网贷平台效率差异及成交量影响因素研究
Research on the Efficiency Difference and the Influencing Factors of the Volume of P2P Loan Platform in China
  
DOI:
中文关键词: P2P  网贷  效率差异  成交量  双重差分法
英文关键词: P2P Loan  Efficiency Difference  Volume  DID
基金项目:本文获得国家社会科学基金青年项目(16CJY077)的资助。
作者单位
姜琪 山东财经大学公共管理学院 
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中文摘要:
      研究目标:中国P2P网贷平台的效率水平、规模经济及成交量的影响因素。研究方法:采用DEA-Mamquist方法从地区和类型两个维度来测度P2P网贷平台全要素生产率、规模经济及效率差异。利用2014年1月~2017年11月地区、类型及代表性平台的面板数据实证检验影响中国P2P网贷平台成交量的因素,并运用双重差分法来测度银行存管对成交量的政策冲击效应。研究发现:P2P网贷行业不具备规模经济,规模大小对全要素生产率的影响不明显,技术进步是推动全要素生产率增长的主要因素,行业整体效率较低。具有双边市场性质的P2P网贷行业市场集中度提高,不但不会引起垄断带来的明显效率损失,而且会显著提高行业整体效率和技术进步。平台数量、综合利率、平均借款期限与成交量之间呈显著负相关关系,当月投资人数、当月借款人数与成交量之间呈显著的正相关关系,双边网络外部性效应明显。银行存管政策能显著地抑制成交量,降低行业风险。研究创新:不局限于P2P网贷行业短期内的风险防控问题,从产业组织视角对长期中如何提升平台经营效率和实现行业有效竞争进行系统研究。研究价值:有针对性地提出中国P2P网贷平台提高经营效率和成交量,实现有效竞争的政策启示。
英文摘要:
      Research Objectives:The efficiency level,economies of scale and the factors affecting the volume of P2P loan platform in China.Research Methods:The DEA-Mamquist method is used to measure the total factor productivity of P2P loan platform and the difference of scale economy and efficiency from two dimensions of region and type.Based on the panel data from January 2014 to November 2017,we empirically test the factors that affect the volume of P2P loan platform in China,and use difference-in-differences method to measure the policy impact effect of bank depository on volume.Research Findings:P2P loan industry does not have scale economy,and the impact of scale on TFP is not obvious.Technological progress is the main factor to promote TFP growth,and the efficiency of the industry is low.The market concentration of P2P loan industry with two sided market nature will not only cause significant loss of efficiency due to monopoly,but also significantly improve the overall efficiency and technological progress of the industry.There is a significant negative correlation between the number of platform,the comprehensive interest rate,the average loan term and the volume.There is a significant positive correlation between the number of investment,the number of borrowers and the volume,and the external effect of the bilateral network is obvious.The bank deposit management policy can significantly reduce the volume and reduce the industry risk.Research Innovations:It is not limited to the risk prevention and control problems in the P2P loan industry in the short run.From the perspective of industrial organization,we need to systematically study how to enhance platform operation efficiency and achieve effective competition in the long run.Research Value:put forward the P2P loan platform in China to improve the management efficiency and volume,to achieve effective competition policy inspiration.
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