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首页> 外文期刊>Journal of electronic commerce research >LENDERS AND BORROWERS' STRATEGIES IN ONLINE PEER-TO-PEER LENDING MARKET: AN EMPIRIC ANALYSIS OF PPDAI.COM
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LENDERS AND BORROWERS' STRATEGIES IN ONLINE PEER-TO-PEER LENDING MARKET: AN EMPIRIC ANALYSIS OF PPDAI.COM

机译：点对点在线借贷市场上的借方和借方策略：PPDAI.COM的经验分析

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摘要

We investigate key factors affecting lenders' bidding strategies using three measurements for the popularity of loans: funding success, number of bids, and funding time. Also, we analyze borrowers' strategy in three groups according to the level of their expertise of online Peer-to-Peer lending: novice borrowers, pure borrowers, and mixed borrowers (as both borrower and lender). We use data from PPDai and find unanimous support for the interest rate, but partial evidence for the loan amount and the loan period. Particularly, we find that a larger loan amount could increase the probability of funding and attract more lenders. This implies that different lenders' strategies exist in the Chinese online P2P market where reliable individual credit information is unavailable. Information related to credit shows significant impact on all three measurements of the loan popularity. For borrowers, we find that different types of borrowers emphasize different components when designing a loan: mixed borrowers seem to put more weight on loan period while pure borrowers consider interest rate and loan amount more. Borrowers who have more expertise tend to propose a loan at a relatively lower cost. Our findings also suggest that Chinese borrowers, especially mixed borrowers, tend to utilize higher credibility to seek larger loans instead of lowering the cost of a loan.
机译：我们使用三种衡量贷款受欢迎程度的指标来调查影响贷方竞标策略的关键因素：融资成功，竞标数量和融资时间。此外，我们根据借款人在线对等借贷的专业知识水平，对借款人的策略进行了三组分析：新手借款人，纯借款人和混合借款人（既是借款人又是借款人）。我们使用来自PPDai的数据并找到一致支持的利率，但部分证据表明了贷款金额和贷款期限。特别是，我们发现较大的贷款额可能会增加融资的可能性并吸引更多的贷方。这意味着在中国在线P2P市场中，存在可靠的个人信用信息不存在的情况，存在不同的贷方策略。与信用有关的信息显示出对贷款受欢迎程度的所有三个度量的重大影响。对于借款人，我们发现在设计贷款时，不同类型的借款人会强调不同的组成部分：混合借款人似乎对贷款期限的重视程度更高，而纯借款人对利率和贷款金额的考虑更多。具有更多专业知识的借款人倾向于以相对较低的成本提出贷款。我们的发现还表明，中国借款人，尤其是混合借款人，倾向于利用较高的信誉来寻求更大的贷款，而不是降低贷款成本。

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