Lending Club平台風險與借款人品質

本文旨在研究美國最大的線上P2P借貸平台Lending Club於2016年發生高階主管辭職與股權異動事件，如何影響平台借款人之借款條件與行為，進而了解此事件對平台借款人品質與風險之影響。本研究透過Lending Club 2015年11月到2016年底共計564,911筆借款資料進行上述目的之驗證。結果發現，在控制借款人特徵與美國總體經濟變數後，2016年Lending Club平台高層主管辭職與股權異動事件，確實顯著提高了平台的系統性風險，使得投資人對於在Lending Club平台上的投資，要求更高的風險溢酬，阻卻了投資人與借款人於平台上的投資與借款意願，出現價漲量跌期縮的現象。且此事件的發生，使得平台上高風險借款人的借款需求金額與期間增加，而低風險借款人的借款需求金額與期間減少，使得平台借款人的品質出現惡化的現象；且高風險借款人的借款利率上漲，而低風險借款人的借款利率下降，不同信用風險等級借款人之借款利率價差隨著事件發生後而擴大，使平台風險因而加劇。

關鍵字

P2P借貸； Lending Club ；信用風險等級

並列摘要

The paper focuses on the resignation of senior executives and stock ownership change of Lending Club, the largest online P2P Lending platform in U.S. , in 2016, how to influence the borrowing conditions and behaviors of the platform borrowers, and the impact of such events on the quality and risk of the platform borrowers.In this study, a total of 564,911 loan from November 2015 to the end of 2016 were used to prove the above purposes. The results show that the occurrence of research events significantly increases the systemic risk of the platform and makes investors demand higher risk bonus for investment on Lending Club platform, which hinders investors and borrowers' willingness to invest and borrow on the platform.In addition, the occurrence of the event makes the interest rate difference of borrowers with different credit risk levels on the platform expand with the occurrence of the event, thus exacerbating the risk of the platform.