Information Disclosure, Investment Bias and Internet Loan Support for Mass Entrepreneurs——An Analysis based on RENREN DAI

Abstract

Abstract: Based on the data collected from the online loan platform RENREN DAI and literature review, this paper sets up binary Logistic Regression models to calculate the investment bias of investors in the creation and growing of startups between two kinds of borrowers, the salaried persons and small and micro businesses owners, and interpretations are presented to explain the bias from information disclosure aspect. The conclusions are as follows: Due to the information scarcity and low reliability of information about businesses owners, their borrowings are deemed as of high risk, and a rational investment bias in favor of salaried persons is thus formed. Based on the conclusions, some suggestions are presented from the prospectives of othe the P2P platform and the government.

Key words: Information Disclosure, Risk, Identity Bias, RENREN DAI

摘要： 基于抓取的P2P网贷平台人人贷中借款目的为“企业用途”的数据,在文献梳理基础上,建立二元逻辑回归方程,对小微企业在互联网融资过程中投资者形成的身份偏好问题进行了研究。通过将借款人身份分为工薪阶层和小微企业主两类,发现投资者存在对借款人的身份歧视现象,进而从信息披露的角度提出相应的解释。研究认为,由于信息披露不足与信息不可信,投资者认为具备“小微企业主”这一身份的借款人的借款存在较高的风险,从而形成了投资者更愿意支持“工薪阶层”借款的投资偏好。基于上述研究结论,从P2P网贷平台和政府部门的角度,提出了相应的政策建议。

关键词: 信息披露, 风险, 身份偏好, 人人贷

CLC Number:

F830.56

WANG Zimin, LI Chanjuan, JI Renchun. Information Disclosure, Investment Bias and Internet Loan Support for Mass Entrepreneurs——An Analysis based on RENREN DAI[J]. , 2017, 33(11): 33-42.

王子敏, 李婵娟, 季仁春. 信息披露、投资偏好与大众创业的互联网金融支持——基于人人贷数据的研究[J]. 财经论丛, 2017, 33(11): 33-42.

References

[1] 张高丽.加快实施创新驱动发展战略深入推进大众创业万众创新[N].人民日报,2015-10-20(1).
[2] Freedman S. M., Jin G. Z. Learning by Doing with Asymmetric Information: Evidence from Prosper. com[Z].National Bureau of Economic Research, 2011.
[3] 谈超,王冀宁,孙本芝.P2P网络借贷平台中的逆向选择和道德风险研究[J].金融经济学研究, 2014,(5): 100-108.
[4] Klafft M. Online Peer-to-Peer Lending: A Lenders' Perspective[J]. Social Science Electronic Publishing, 2009, 2(2):81-87.
[5] Wang H., Greiner M. E. Prosper: the eBay for Money in Lending 2.0[J]. Communications of the Association for Information Systems,2011, 29(1): 243-258.
[6] Shen D., Krumme .C, Lippman A. Follow the Profit or the Herd? Exploring Social Effects in Peer-to-Peer Lending[A]. Proceeding of the Second International Conference on Social Computing[C]. Minneapolis: IEEE, 2010: 137-144.
[7] Herzenstein M., Dholakia U. M., Andrews R. L. Strategic Herding Behavior in Peer-to-Peer Loan Auctions[J]. Journal of Interactive Marketing,2011, 25(1): 27-36.
[8] Prystav F. Personal Information in Peer-to-Peer Loan Applications: Is Less More?[J]. Journal of Behavioral and Experimental Finance,2016, 9(3): 6-19.
[9] Lin M., Viswanathan S. Home Bias in Online Investments: An Empirical Study of an Online Crowdfunding Market[J]. Management Science,2015, 62(5): 1393-1414.
[10] Duarte J., Siegel S., Young L. Trust and Credit: The Role of Appearance in Peer-to-Peer Lending[J]. Review of Financial Studies,2012, 25(8): 2455-2484.
[11] Riggins F. J., Weber D. M. A Model of Peer-to-Peer (P2P) Social Lending in the Presence of Identification Bias[A]. Proceeding of the 13th International Conference on Electronic Commerce[C]. Livepool: ACM, 2012: 1-8.
[12] 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.
[13] 廖理,李梦然,王正位. 中国互联网金融的地域歧视研究[J]. 数量经济技术经济研究,2014,(5): 54-70.
[14] Lin M., Prabhala N. R., Viswanathan S. Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending[J]. Management Science,2013, 59(1): 17-35.
[15] 李焰,高弋君,李珍妮,等. 借款人描述性信息对投资人决策的影响——基于P2P网络借贷平台的分析[J]. 经济研究,2014,(S1): 143-155.
[16] Yum H., Lee B., Chae M. From the Wisdom of Crowds to My Own Judgment in Microfinance Through Online Peer-to-Peer Lending Platforms[J]. Electronic Commerce Research and Applications,2012, 11(5): 469-483.
[17] Iyer R., Khwaja A. I., Luttmer E. F., et al. Screening Peers Softly: Inferring the Quality of Small Borrowers[J]. Management Science,2015, 62(6): 1554-1577.
[18] 彭红枫,赵海燕,周洋. 借款陈述会影响借款成本和借款成功率吗?——基于网络借贷陈述的文本分析[J]. 金融研究,2016,(4): 158-173.
[19] Dorfleitner G., Priberny C., Schuster S., et al. Description-text Related Soft Information in Peer-to-Peer Lending-Evidence from Two Leading European Platforms[J]. Journal of Banking & Finance,2016, 64: 169-187.
[20] Herzenstein M., Sonenshein S., Dholakia U M. Tell Me a Good Story and I may Lend You Money: The Role of Narratives in Peer-to-Peer Lending Decisions[J]. Journal of Marketing Research,2011, 48(SPL): S138-S149.
[21] 王会娟,廖理. 中国P2P网络借贷平台信用认证机制研究——来自“人人贷”的经验证据[J]. 中国工业经济,2014,(4): 136-147.
[22] 廖理,李梦然,王正位. 聪明的投资者:非完全市场化利率与风险识别——来自P2P网络借贷的证据[J]. 经济研究,2014,(7): 125-137.
[23] Lee E., Lee B. Herding Behavior in Online P2P Lending: An Empirical Investigation[J]. Electronic Commerce Research and Applications,2012, 11(5): 495-503.