P2P网贷出借人投资决策行为的影响因素及其监管要点――基于借款人信息的视角
On the influence factors of the lender’s investment decision-making behavior and regulation in P2P lending: From the perspective of borrower’s information

摘 要： 基于中国P2P 网贷平台拍拍贷的1640条交易数据,从借款人信息的视角出发，运用结构方程模型对影响P2P网贷出借人投资决策行为的主要因素及因素之间的关系进行了实证分析。分析结果表明：影响网贷出借人投资决策行为的因素依次是借款人的声誉、借款特征、借款人个人特征、财务特征。以此为依据，提出P2P网贷的行为监管框架必须包括三个要点，即明确网贷平台确保借款人信息真实性的义务、建立网贷信用体系和行业评价机制、建立网贷出借人权益保护制度。
Abstract: Based on 1640 transaction data of the first P2P network lending platform in China, and using structural equation model from the perspective of the borrower’s information, we conduct an empirical study on the main influence factors of lending behavior of investment decision and the relations among the factors. The results show that the factors that influence the lender’s investment decision-making behavior include the borrower’s reputation, loan characteristics, personal characteristics, and financial characteristics. Abiding by this, we suggest that regulatory framework in P2P network lending platform should include such three key points as a clear obligation of net loan platform, the establishment of net loan credit system and the industry evaluation mechanism, and the set-up of interests protection system for net loan investors’ rights