- 學位論文
個人對個人貸款價值創造與平台策略之分析-以Lending Club為例
An Analysis on Peer-to-Peer Lending Value Creation and Platform Strategies: Case Study of Lending Club
摘要
P2P貸款依靠網路的力量，有效地將借款人和放款人的利益聯繫在一起，為借貸雙方創造顯著的價值。本研究透過對美國最大的P2P貸款平台Lending Club的個案研究，分析其商業模式如何為參與者創造價值，並探討P2P貸款如何運用平台策略來擴充市場，並分析P2P平台間的競爭與覆蓋威脅。 P2P貸款利用「證券化」與「預設利率」的商業模式創造出投資人與借款人之間債權憑證的交易平台，並降低投資人與借款人之間的資訊不對稱的現象，有效降低參與者的風險。此外，該平台有助於降低貸款者的融資成本，並增加投資人的投資回報，加上該產品具有合法性與正當性，也讓參與者有繼續使用的誘因，不但吸引新的參與者持續加入，也吸引機構投資人的參與及Google的投資，對整體產業具有正面的訊號效果，加速該產業的網路效應。 P2P貸款產業具高進入門檻、高品牌忠誠度，及利潤邊際遞減的特性，讓P2P貸款企業間競爭出現「贏者通吃」的行業壟斷現象。此外雖然目前美國P2P貸款業者尚未出現其他產業平台覆蓋的案例，但也不排除未來出現他業併購的可能性。 基於P2P貸款平台已經創造出良好的營運模式，未來的研究建議就是產品的多元化及業務的國際化。至於台灣本身雖然有發展P2P貸款產業的環境，但最大的困難還是在於法令開放程度及監理機制不足。 在可預見的未來，金融行業的去中介化與科技的應用仍不斷在演進，網際網路與金融產業之結合與應用將會更加緊密與全面。
並列摘要
The P2P lending services industry is flourishing worldwide. The platforms effectively link the interests of borrowers and lenders together by the internet, and create significant value for both. This research based on the case study of America's largest P2P lending platform, Lending Club, to analyze how its business model to create value for the participants, and how to explore the market by platform strategy, and the competition and envelopment threat among P2P lending platforms. P2P lending utilizes “securitization “and” pre-set interest rates” business model to create a debt obligation trading platform between investors and borrowers. The mechanism can decrease participations’ risks by reducing information asymmetry. The platform allow participants to have an incentive to continue to use by reducing lender’s financing costs and increasing investor’s return on investment. Moreover, with the legality and legitimacy of the product, the platform attract new participants and institutional investors to join，and the investment from Google. These bring the positive signal effect for the whole industry, and accelerate the network effect. Due to its high barriers to entry, high brand loyalty, and profit margins diminishing features, P2P lending competition among enterprises appear monopoly, or “the winner takes all”. Moreover, P2P lending industry did not face the envelopment threat so far, but it does not rule out the possibility of future business acquisitions from other platforms. Based on P2P lending platforms have created a good business model, future research could be how to provide diversification products and international services. In term of Taiwan, the biggest barrier is lack of regulation openness and supervision mechanism, even the environmental is favorable for P2P lending. In the foreseeable future, the application of disintermediation and technology in the financial sector has continued to evolve, combined with application of internet and financial industry will be even more closely and comprehensively.