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首页> 外文期刊>Asia-Pacific Journal of Financial Studies >The Impact of Venture Capital Investment on the Performance of Peer-to-Peer Lending Platforms: Evidence from China
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The Impact of Venture Capital Investment on the Performance of Peer-to-Peer Lending Platforms: Evidence from China

机译：风险投资对P2P借贷平台绩效的影响：来自中国的证据

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摘要

The Chinese peer-to-peer (P2P) lending market is expanding quickly but has a relatively poor level of operation. Using panel-structured data from a leading P2P lending portal in China, we investigate the effects of venture capital (VC) investment on the performance of P2P lending platforms. Specifically, we identify a short-term signaling effect and a long-term governance effect of VC investment on platform performance in terms of transaction volume, and numbers of lenders and borrowers. However, we only find a decrease in average interest rates after venture capitalists' (VCs') entry in the long run. Moreover, we verify both the effects of investment from listed VCs, but no signaling effect and a weak governance effect of investment from non-listed VCs. Our analysis provides new insights into how VC investment improves the performance of target firms.
机译：中国的点对点（P2P）贷款市场正在迅速扩张，但运营水平相对较差。我们使用来自中国领先的P2P贷款门户网站的面板结构数据，研究了风险投资（VC）投资对P2P贷款平台的绩效的影响。具体来说，我们从交易量，贷方和借方数量的角度确定了风险投资对平台绩效的短期信号传导效应和长期治理效应。但是，从长远来看，只有在风险投资家（VC）进入后，我们才能发现平均利率会下降。此外，我们既验证了来自上市风险投资家的投资效果，也没有验证非上市风险投资公司的信号效应和弱治理效果。我们的分析为风险投资如何提高目标公司的绩效提供了新见解。

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