網貸平台特性與借貸成效之實證分析 - 以中國為例

Exploring the Features of P2P Lending Platforms and Lending Effect - An Empirical Study in China

張永欣(YONG-SHIN CHANG)

指導教授 ： 汪志勇 ； 劉彩卿

國立臺北大學/公共事務學院/財政學系/碩士(2016年)

摘要

由於中國傳統銀行對小微企業與個人的放款不足，使得P2P借貸產業迅速興起，但P2P借貸平台究竟是單純訊息中介？抑或是同時提供某些重要資訊？其本研究核心在於探討中國P2P借貸平台扮演之角色類型，係屬於『直接金融』或是『間接金融』。本文係採用中國的『網貸之家』資料庫並以Panel模型分析P2P借貸平台特性與借貸成效之關係，然而本研究主要有兩大貢獻：（1）具結果顯示中國網貸平台的特性與借貸成效具有顯著之影響力。（2）中國的P2P網站不單單只進行訊息中介，網站本身亦提供了部分資訊。由於中國P2P產業的監管政策仍處於灰色地帶，使得問題日益增加，若是台灣欲開放P2P借貸產業，主管單位必須進一步審查並修訂相關法規，此外，網路業者亦須建立出完善的風險控管系統。有了事前的審查與事後的監督雙管齊下，才能使網貸產業健全地成長。

關鍵字

追蹤資料模型 ； 隨機效果模型 ； 訊息中介 ； P2P借貸平台 ； P2P借貸

並列摘要

Because of the insufficient SMEs loans and personal loans in China, the P2P lending has been growing recent years. However, the P2P sites only be information intermediates or also be information providers in China？In this paper, we discuss the role of P2P lending platforms in China, as well as “direct finance” or “indirect finance”. The method is based on a variation of China’s “Wangdaizhijia” database. We propose panel data regression model for the analysis of P2P lending platform patterns and lending effect. The main two contributions of this paper are as follows：（1）The features of P2P lending sites have significant relationship on the performance of lending.（2）The P2P lending platforms in China play a role in providing information. Due to the regulations on P2P lending are lacking of clarity, the problems are increasing daily in China. If we want to develop P2P lending in Taiwan, the authorities should review and revise our laws. Furthermore, the operators must establish complete systems of risk management. Both of the advance examination and ex-post monitor, the P2P lending industry can grow up steady.

並列關鍵字

Random Effect Model ； Information Intermediary ； P2P Lending Platform ； P2P Lending ； Panel Data Model

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