本文選題：P2P網(wǎng)絡借貸平臺效率　切入點：影響因素　出處：《浙江財經(jīng)大學》2017年碩士論文　論文類型：學位論文

【摘要】：P2P網(wǎng)絡借貸起源于民間小額借貸模式,借助互聯(lián)網(wǎng)技術將社會閑置、零散資金出借給資金短缺者,實現(xiàn)微觀經(jīng)濟體的資金匹配。作為對傳統(tǒng)金融中介機構(gòu)的創(chuàng)新與發(fā)展,P2P網(wǎng)絡借貸既拓寬了中小企業(yè)的融資渠道,又契合了個人投資者的高收益需求。然而P2P網(wǎng)絡借貸行業(yè)在經(jīng)歷了一段時間的自我成長和競爭成長之后,有些平臺得以幸存,有些平臺卻相繼倒閉。這一方面與平臺自身風控措施不夠完善或違規(guī)從事自融業(yè)務有關,另一方面也反映出我國P2P網(wǎng)絡借貸行業(yè)發(fā)展不平衡以及平臺間效率差異較大的現(xiàn)實。目前我國P2P網(wǎng)絡借貸行業(yè)的效率水平究竟怎樣,哪些因素提升或降低了平臺的效率,對這些問題的研究不僅具有理論價值,而且在現(xiàn)實中也具有應用價值。本文首先明確所研究的效率為P2P網(wǎng)絡借貸平臺作為中介機構(gòu)的中介效率,并用DEA方法測算了我國332家P2P網(wǎng)絡借貸平臺的效率。為了進一步分析不同因素對平臺效率的影響,本文建立計量模型,利用Tobit模型中的半?yún)?shù)估計方法,分析不同因素對于平臺效率的影響,最后根據(jù)結(jié)果提出相應的政策建議。具體內(nèi)容如下:首先本文對我國P2P網(wǎng)絡借貸行業(yè)的發(fā)展現(xiàn)狀及存在的主要問題做了總結(jié),發(fā)現(xiàn)現(xiàn)階段我國P2P網(wǎng)絡借貸行業(yè)發(fā)展數(shù)速度仍較快,但在經(jīng)歷了高增長、高收益的爆發(fā)式發(fā)展階段后逐漸趨于理性。而且我國P2P網(wǎng)絡借貸行業(yè)仍存在大量問題,如平臺風險控制措施不完善,信息披露不到位、平臺的道德風險較為嚴重等。其次,本文用DEA方法對我國P2P網(wǎng)絡借貸平臺效率進行測度,從結(jié)果來看,我國網(wǎng)絡借貸行業(yè)效率存在不足,僅有8.3%的平臺為DEA有效。且平臺發(fā)展狀況極不平衡,其綜合效率最小值僅為0.04,從規(guī)模報酬率變動來看,89%的平臺為規(guī)模報酬率遞增,需適度擴大平臺規(guī)模提高平臺效率。再次,本文用Tobit模型對可能影響我國P2P網(wǎng)絡借貸行業(yè)效率的因素進行實證分析,因變量是平臺的綜合效率,自變量主要是平臺的特征性變量如平臺的股東背景、是否加入互聯(lián)網(wǎng)金融協(xié)會等;以及平臺部分交易數(shù)據(jù)指標,如平臺借款人集中度、投資人集中度等。實證結(jié)果表明風投背景與上市公司背景、加入互聯(lián)網(wǎng)金融協(xié)會、平臺引入債權轉(zhuǎn)讓功能、平臺資金第三方托管、平臺借款人集中度以及資金杠桿倍數(shù)等因素對平臺效率有顯著的正向影響;而引入第三方擔保機構(gòu)擔保、平臺抽取風險準備金、平臺投資人集中度以及平臺收取費用等因素對平臺效率有顯著負向影響。另外國資或銀行股東背景、地域因素、平臺自動投標功能和運營時間等對平臺效率影響不顯著。由于對于P2P網(wǎng)絡借貸行業(yè)效率的研究尚處于初期階段,本文對于平臺效率的測度以及影響因素的研究比較初步。在之后的研究中可以用面板數(shù)據(jù)利用DEA-Malmquist指數(shù)分析平臺的全要素生產(chǎn)率變化、純技術效率變化、規(guī)模效率變化和技術進步等。在影響因素方面的研究可以通過深度挖掘影響平臺效率的因素,如以積分的形式量化平臺的技術條件、管理人員的能力水平、平臺的透明度等,深化對影響平臺效率的因素的研究。
[Abstract]:The origin of the P2P network lending to private microfinance mode, the Internet technology will be idle, scattered funds to the shortage of funds, implementation of the micro economy, innovation and development. As the capital of traditional financial institutions, lending P2P networks both to broaden the financing channels for small and medium enterprises, but also fit the individual investors high returns but the P2P network lending industry demand. After a period of self growth and competitive growth, some of the platform survived, but some platforms have been closed down. On the one hand, with the platform of their own risk control measures is not perfect or relevant regulations in the self financing business, on the other hand also reflects the development of the P2P network lending industry in China the difference is not balanced and the efficiency of the platform between the great realistic. The current efficiency level of the network lending industry in China P2P how, what factors promote or reduce the platform The efficiency of the research on these problems is not only of theoretical value, but also has application value in reality. This paper firstly clarify the research efficiency of P2P network lending platform intermediary efficiency as intermediaries, and measure the efficiency of China's 332 P2P network lending platform with the DEA method. In order to further analyze the influence of different factors on the efficiency of the platform, this paper established the econometric model estimation method using semi parametric Tobit model, analysis of the influence of different factors on the efficiency of the platform, and according to the results put forward the corresponding policy suggestions. The specific contents are as follows: firstly, the development status of the online lending industry of P2P in China and the main problems were summarized, found at the present stage of China's P2P network lending industry development speed is still relatively fast, but has experienced high growth, high-yield explosive development stage in China and gradually become more rational. P2P network lending industry, there are still a lot of problems, such as the platform for risk control measures is not perfect, the information disclosure is not in place, the moral risk platform is serious and so on. Secondly, by using the DEA method on the efficiency of China's P2P network lending platform to measure, as a result, China's network lending industry efficiency problems, only 8.3% of the platform DEA. And development platform is very uneven, the comprehensive efficiency of the minimum value is only 0.04, the rate of change from the scale point of view, the 89% platform for increasing return to scale, to expand the size of the platform platform efficiency. Thirdly, we use the Tobit model on the factors that may affect China's P2P network lending industry efficiency the empirical analysis, the dependent variable is the comprehensive efficiency of the platform, the platform is the main variable characteristic variables such as shareholder background platform, whether to join the Internet Finance Association; and cross platform part Easy data, such as the platform borrower concentration, investors and so on. The empirical results show that venture capital background and the background of a listed company, to join the association of Internet financial platform for the introduction, debt transfer function, funding platform for third party hosting platform, the borrower concentration and capital leverage and other factors have a significant positive impact on the efficiency and the introduction of guarantee platform; the third party guarantee institutions, platform extraction risk reserve platform, investors focused on fee and platform on the platform efficiency have a significant negative impact. In addition to bank shareholders or state-owned background, geographical factors, affect the function and operation platform of automatic bid time on the platform of efficiency is not significant. Because the research for the P2P network lending industry efficiency is in the early stages, the measure platform efficiency and influencing factors of the comparative study. After the preliminary study can By using the panel data analysis of TFP change platform by using the DEA-Malmquist index, pure technical efficiency change and scale efficiency change and technological progress. In the factors of influencing factors can affect the efficiency of the platform through the depth of excavation, such as technology platform integration forms, management ability level, platform transparency, deepen the research on the factors affecting the efficiency of the platform.

【學位授予單位】：浙江財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F724.6;F832.4

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