基于价值创造理论的P2P贷款人参与度影响因素分析

商业研究

基于价值创造理论的P2P贷款人参与度影响因素分析

吴庆田，李彬

中南大学商学院，长沙 410000

收稿日期:2016-09-18 出版日期:2017-03-19
作者简介:吴庆田(1970-)，女，湖南岳阳人，中南大学商学院教授，管理学博士，研究方向：互联网金融、农村金融与经济管理、财务管理理论与实务；李彬（1991-），女，长沙人，中南大学商学院研究生，研究方向：互联网金融。
基金资助:
国家社科基金项目“基于利益相关者异质性的P2P网贷价值网的构建、价值共创与政府规制研究”，项目编号：16BJY159。

Research on Lender Participation of P2P Lending based on Value Creation Theory

WU Qing-tian, LI Bin

School of Business, Central South University, Changsha 410000,China

Received:2016-09-18 Online:2017-03-19

摘要/Abstract

摘要： P2P网贷作为一种新型网络融资模式，尽管发展迅速但仍存在贷款人参与度低下的问题。本文基于人人贷的交易数据，通过引入价值创造理论，采用因子分析法和PLS-SEM法，从贷款人感知价值和感知风险两个维度实证分析P2P网贷贷款人参与度的影响因素及其影响程度，结果表明借款人的信用水平与贷款人的投资收益对贷款人参与度有显著影响，借款人个人特征因素和偿债能力因素对贷款人参与度影响不显著，P2P网贷发展离不开借款人信用水平和贷款人投资收益的提高。

关键词: 价值创造, P2P网络借贷, 贷款人参与度

Abstract: As a new network financing pattern, P2P lending financing is facing the problems of low-lender-participation. By using the transaction data of RenRenDai, based on value creation theory, the paper discussed influence factors and extent of lender-participation from two aspects of perceived value and perceived risk from the lender with factor analysis and PLS-SEM. Research shows that the borrower′s credit risk and lenders′ return on investment have an important impact on the lender participation,but borrowers′ characters and solvency have no significant impact. Healthy development of P2P network lending is inseparable from the borrower′s creditworthiness and increase of lenders′ investment revenue.

Key words: value creation, P2P lending, lender participation

吴庆田，李彬. 基于价值创造理论的P2P贷款人参与度影响因素分析[J]. 商业研究.

WU Qing-tian, LI Bin . Research on Lender Participation of P2P Lending based on Value Creation Theory [J]. 商业研究.

参考文献

注释： ① 本文搜集的数据中身份认证均为已认证；因此实证分析中不予讨论身份认证；部分借款人的房产与车产的所有权归属混乱，且质押抵押等情况无从证实，因此分析不予考虑房产、车产情况。 ② 收入单位为元。 ③ 本文对东、南、西、北、中部区域划分如下：西部地区：宁夏，青海，陕西，甘肃、云南，贵州，西藏，新疆；北部地区：辽宁，吉林，黑龙江，内蒙古，河北；中部地区：江西，安徽，河南，湖南，湖北，山西，四川，重庆；东部地区：山东，天津，北京，江苏，上海，浙江；南部地区：广东，广西，海南，福建；港澳台地区未列入其中。〖ZK）〗参考文献：［1］张婧婕.P2P网贷成功率影响因素实证研究［D］．西安：陕西师范大学，2015. ［2］Lloyd A E.The role of culture on customer participation in services［J］．Hong Kong Polytechnic University，2003. ［3］Ravina E. Beauty, Personal Characteristics, and Trust in Credit Markets［J］．Ssrn Electronic Journal，2007. ［4］Pope D G, Sydnor J R. What′s in a Picture?: Evidence of Discrimination from Prosper.com［J］．Journal of Human Resources,2011，46(1):53-92. ［5］Barasinska N, Schaefer D. Does Gender Affect Funding Success at the Peer-to-Peer Credit Markets? Evidence from the Largest German Lending Platform［J］．Ssrn Electronic Journal，2010. ［6］Puro L, Teich J E, Wallenius H, et al. Borrower Decision Aid for people-to-people lending［J］．Decision Support Systems,2010，49(1):52-60. ［7］Lin M, Prabhala N R, Viswanathan S, et al. Social Networks as Signaling Mechanisms: Evidence from Online Peer-to-Peer Lending［J］．Wise，2009. ［8］Herzenstein M，Andrews R L，Dholakia U M. The Democratization of Personal Consumer Loans? Determinants of Success in Online Peer-to-Peer Lending Communities［EB/OL］.（2008-06-19）［2013-03-12］. http：//ssrn.com/abstract=1147856. ［9］Kumar S.Bank of One: Empirical Analysis of Peer-to-Peer Financial Marketplaces［J］．Aap News,1997(2):26. ［10］Berger S C, Gleisner F. Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending［J］．Business Research,2009,2(1):39-65. ［11］Greiner M E, Wang H. The Role of Social Capital in People-to-People Lending Marketplaces［C］//International Conference on Information Systems, Icis 2009, Phoenix, Arizona, Usa, December,2009. ［12］Grnroos C.Service logic revisited: who creates value? And who co-creates?［J］．European Business Review, 1989,20:298-314. ［13］Zeithaml V A. Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence［J］．Journal of Marketing,1988,52(3):2-22. ［14］Woodruff R B. Customer Value: The Next Source for Competitive Advantage［J］．Journal of the Academy of Marketing Science, 1997,25(2):139-153. ［15］Grewal D, Krishnan R.The Effects of Price Comparison Advertising on Buyers′ Perceptions of Acquisition Value and Transaction Value［J］．Journal of Marketing,1998,62(2):46-59. ［16］叶乃沂,周蝶. 消费者网络购物感知风险概念及测量模型研究［J］．管理工程学报,2014,28(4):88-94. ［17］王崇,李一军,叶强.互联网环境下基于消费者感知价值的购买决策研究［J］．预测,2007,26(3):21-25. ［18］Pavlou P A. Consumer Acceptance of Electronic Commerce: Integrating Trust and Risk with the Technology Acceptance Model［J］．International Journal of Electronic Commerce, 2003,7(7):101-134. ［19］Dan J K, Ferrin D L, Rao H R. A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents［J］．Decision Support Systems,2008,44(2):544-564. ［20］陈冬宇, 林漳希.网络信贷中的双重信任及其对借贷意愿的影响机制［J］．福州大学学报:哲学社会科学版,2013,27(1):22-29. ［21］徐晨飞,陈珂祺.众筹网站用户参与度影响因素研究——以“众筹网”为例［J］．情报杂志,2015(11):175-182. ［22］Fornell C, Larcker D F. Evaluating Structural Equation Models with Unobservable Variables and Measurement Error［J］．Journal of Marketing Research,1981,18(1):39-50. ［23］米子川.统计软件方法［M］．北京：中国统计出版社，2002.

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