摘要
网络融资平台差异化有助于降低平台停业风险。本文发现平台差异化的作用机制在于丰富了标的种类和完善信用风险控制措施,获得更好的产品垄断竞争优势。一方面差异化平台为投资者提供更精准满足风险偏好的多元化产品,吸引投资者进入;另一方面,当差异化程度较高时,平台差异化能提升信息质量和风险甄别的技术水平,降低高风险借款人数量,为投资者提供安全保障,从而降低停业风险。在渠道检验上,针对市场份额较小、平均借款较少、平均投资较多、累计待还金额较少、平均借款周期较短的平台,增加差异化程度能明显减少平台的停业风险。政策建议上我国应该鼓励平台规范差异化发展,防范化解平台暴雷风险。
Differential innovation of financial technology internet lending platform helps to reduce the risk of platform Bankruptcy.Our paper finds that the technological upgrading after platform differentiation can enrich the target category and improve the credit risk control measures to obtain better product monopoly competitive advantage. On one hand, investors can be attracted by diversified products that more accurately meet their risk preferences. On the other hand, when the degree of differentiation is high, platform differentiation can improve the quality of information, upgrade the risk screening ability, and reduce the number of high-risk borrowers. Differentiation of platform can provide security for investors and reduce the risk of bankruptcy. In the channel test, we find increasing the degree of differentiation of platforms can significantly reduce the risk of closure of platforms, especially for platforms with small market share, less average borrowing, more average investment, less cumulative amount to be repaid and shorter average borrowing cycle. Therefore, the sensitivity of market to differentiated demand has improved. In practice, we should continue to encourage the platform to develop differentiated standardization and prevent the platform bankruptcy risk.
出处
《投资研究》
CSSCI
北大核心
2020年第7期58-82,共25页
Review of Investment Studies
关键词
金融科技
网络融资
差异化
停业风险
Fintech
Internet Lending
Differentiation
Bankruptcy Risk
作者简介
通讯作者:洪祥骏,厦门国家会计学院,讲师;蒋维,清华大学经济管理学院,金融系博士生;张炜霄,清华大学经济管理学院,金融系博士生;肖刚,清华大学经济管理学院,金融系博士生。
