商业研究

商业研究

• 经济学研究 • 上一篇    下一篇

P2P网络借贷市场审核机制分析

周正龙，马本江，胡凤英   

  1. （中南大学 商学院，长沙 410012）
  • 收稿日期:2017-07-06 出版日期:2017-11-16
  • 作者简介:周正龙（1989-），男，贵州毕节人，中南大学商学院博士研究生，研究方向：金融工程；马本江（1972-），男，内蒙古通辽人，中南大学商学院教授，博士生导师，研究方向：保险契约、金融工程；胡凤英(1989-)，女，湖北黄冈人，中南大学商学院博士研究生，研究方向：供应链
  • 基金资助:
    国家自然科学基金面上项目，项目编号：71372061；中南大学中央高校基本科研业务费专项资金资助项目，项目编号：2017zzts043，2017zzts050。

An Analysis of the Auditing Mechanism of Online P2P Lending Market

ZHOU Zheng-long, MA Ben-jiang, HU Feng-ying   

  1. (Business School, Central South University, Changsha 410012,China)
  • Received:2017-07-06 Online:2017-11-16

摘要： 针对非对称信息下P2P网络借贷契约执行中的逆向选择问题，本文提供了以最优契约为基础的审核机制，用于改善中国P2P网络借贷契约的配置效率：通过激励可行的借贷契约分析，无套利行为的借款人不存在产出水平的扭曲，而有套利行为的借款人存在产出水平向下扭曲，并且只有无套利行为的借款人得到一个严格正的信息租金；为了放松无套利行为类型借款人的激励约束，引入审核机制用以改进契约的资源配置效率，并放松了贷款人承诺审核机制实施的假设条件，对审核机制拓展到不完全承诺情形；通过数值模拟进一步讨论了借款人分布概率、贷款人的审核概率以及承诺概率对P2P网络借贷契约的配置效率的影响。本研究对构建中国PSP网络借贷市场的金融契约有一定的启示作用。

关键词: 互联网金融, P2P网络借贷契约, 审核机制 , 配置效率

Abstract: According to the adverse selection in the implementation of online P2P lending contract under asymmetric information, this paper provides an auditing mechanism based on the optimal contract to improve configuration efficiency of China′s online P2P lending contract. By analyzing incentive feasible lending contract, the output level of arbitrage borrower isn′t distorted, while the output level of arbitrage borrower is distorted, and only the non-arbitrage borrower gets a strictly positive information rent; in order to relax the incentive condition of no-arbitrage borrower, the paper introduces an auditing mechanism to improve the efficiency of resource allocation contract, relaxes the assumption that the lenders promise to implement the mechanism, and the audit mechanism is extended to a model of incomplete commitment; the paper further discusses the impact of the borrower′s distribution probability, the lenders′ auditing and committing probability on the allocative efficiency of online P2P lending contract by using example simulation. This study has some inspiration to build the financial contract of China′s online P2P lending market.

Key words: Internet finance, online P2P lending contract, audit mechanism, allocative efficiency