台灣P2P網路借貸影響因素之探討

金融與科技的結合，發展出創新借貸方式：P2P網路借貸。本研究旨在探討顯著影響台灣發展P2P網路借貸市場的因素。基於向非金融機構借款多以企業主與個人為主要，因此本研究分別依據國內非金融機構借款金額、企業向非金融機構借款金額及民間(個人及非營利團體)向非金融機構借款金額等三個變數作為國內P2P網路借貸市場管道與規模的替代變數，並以此三個變數作為因變數，分別對國內P2P網路借貸市場(管道與規模)之影響因素進行迴歸分析，以瞭解台灣在發展P2P網路借貸市場的顯著影響因素。經多元迴歸分析實證結果顯示，個人及非營利團體融通可正向顯著影響企業與民間國內非金融機構借款金額及企業向國內非金融機構借款。此實證結果顯示「個人及非營利團體融通」為影響台灣發展P2P網路借貸市場的顯著影響因素。此實證結果亦與過去之文獻結果相一致。根據過去文獻指出，民間有一群「借貸弱勢族群」較不容易向金融機構成功借到資金，因此，這個族群偏好向非金融機構借款。民間融通亦為民間團體和個人向民間企業調動資金。當調動資金的金額愈多，表示民間對於資金的需求量較大，因此當發現民間融通的金額愈多時，連帶亦會正向影響國內P2P網路借貸市場的借款金額。

關鍵字

P2P網路借貸；金融科技；多元迴歸分析

並列摘要

The combination of finance and technology has led to the development of a innovative lending pattern: P2P Internet lending. This study aims to investigate the factors that have significantly affected domestic development of the P2P Internet lending market. As the majority of loans from non-financial institutions are mainly by business owners and individuals, the three variables in this study are based on the “domestic loans from non-financial institutions”,” the company loans from non-financial institutions”, and the “individual loans (individuals and non-profit organizations) from non-financial institutions. These three variables represent the pipeline of the domestic P2P lending market, and we take them as dependent variables to conduct a regression analysis to understand Taiwan P2P Internet lending market. The multiple regression analysis results show that the financing of individuals and non-profit groups can positively influence the “domestic loans from non-financial institutions” and ” the company loans from non-financial institutions”. It indicates that “individuals and non-profit groups financing” is a significant factor of Taiwan’s P2P Internet lending market. It is also consistent with the literature which pointed out some “borrowing disadvantaged groups” are less likely to successfully borrow funds from financial institutions. Therefore, this group prefers to borrow from non-financial institutions. The private financing also manipulates funds for private groups and individuals from private companies. The greater the amount of funds mobilized, the greater the demand for funds by the private financing. Therefore, when the amount of private financing is found to increase, it will also positively affect the amount of loans in the domestic P2P Internet lending market. This study suggests that researchers can use more detail data such as quarter data for future analysis to increase the sample size.