摘要
摘要
P2P 网络借贷（Peer-to-Peer Lending）是一种基于互联网，通过网络借贷平台
达成借贷双方交易的信息金融服务模式。这种网络借贷模式最早发源于西方国家，如
美国的 Prosper 和英国的 Zopa。Prosper 和 Zopa 经过数十年的发展，具备方便快捷
和友好的操作界面、较低且差异化的借款利率，在国际 P2P 网络借贷领域中享有最高
的声誉。在我国，P2P 网络借贷市场自 2007 年开始成立，十年间，也涌现出大批优秀
的借贷平台，如拍拍贷、人人贷、宜人贷等。中低收入阶层及有借款需求的小微企业
往往借款规模较小风险较大，使得其从银行借款相对较难，那么，新的融资方式即 P2P
网络借贷可以帮助其摆脱融资困境，寻求融资出路

P2P 网络借贷市场发展迅速，但同时也面临着以下三个问题：第一、网络借贷平
台上借款人的借款成功率相对较低；第二、网络借贷平台上借款人的融资成本远远高
于银行同期借款利率；第三、网络借贷平台大量兴起，伴随着风险平台的倒闭跑路，
使得借款人和投资者资金安全无法得到可靠保障，那么，对于投资者来说，选择相对
安全的综合评级较高的网络借贷平台尤为重要

P2P 网络借贷市场以借贷平台作为中介，借贷双方之间存在严重的信息不对称，
导致较低的借款成功率和较高的借款利率。那么，降低借款人和投资者之间的信息不
对称成为网络借贷市场发展的重点，借款人若提供表现较好的硬信息和软信息，则能
够有效地缓解借贷双方的信息不对称程度

本文拟通过对国内外文献和相关理论的收集和整理，以拍拍贷作为相关网络借贷
问题的研究平台。首先，将影响借款人融资的因素划分为借款基本信息、硬信息和软
信息三大变量，运用理论和实证研究相结合的方式找出影响借款人融资成功率和融资
成本高低的因素，并提出提高融资成功率和降低融资成本的可行性建议。其次，从资
金分散度、资金流动性和资金杠杆率三个方面对网络借贷平台的风险控制水平进行因
子分析评价，将影响借贷平台综合评级的因素浓缩为四个公共因子，对平台的风险大
小进行综合评分和排名，促使各网络借贷平台通过建立自身风险控制系统以提高自身
抵抗风险能力，成为借贷双方愿意交易的安全平台，在此基础上，给予投资者选择优
质平台进行投资交易的建议，为网络借贷市场的健康发展提出市场监管建议

关键词
：P2P网络借贷、融资可得性、融资成本、风险评估
I广东工业大学硕士学位论文
Abstract
P2P Lending（Peer-to-Peer Lending）is a kind of financial service model based on the
Internet, through the network lending platform to achieve the transaction between the two
sides of the loan. This kind of network lending model originated in western countries, such
as Prosper in the United States and Zopa in Britain. By decades of development, Prosper
and Zopa enjoy the highest reputation in the field of International P2P network lending
with a convenient and friendly interface, low and differentiated loan rates. In China, P2P
lending market set up for about ten years since 2007, emerging a large number of
outstanding lending platforms in these ten years, such as PaiPaiDai. RenRenDai and
YiRenDai. This new model of lending provides financing for the low-income people and
small micro enterprises who need funds urgently. Because of their smaller scale and higher
risk, it’s difficult to get a loan from the bank, so the new financing way helps them get rid
of the financing difficulties.
P2Plending market is developing rapidly, but also faces the following three problems.
Firstly, the loan availability on the network lending platform is relatively low. Secondly, the
loan cost on the network lending platform is much higher than the bank borrowing rate.
Thirdly, a large number of network lending platforms emerged, and some risk platforms run
away with a lot of debts. Some platforms cannot guarantee the safety of investors’funds. So
for investors, it is particularly important to choose a platform with higher comprehensive
rating.
There is a serious asymmetry of information between borrowers and investors in the
P2P network lending market, which has a negative impact on the loan availability and cost.
So reducing the information asymmetry between borrowers and investors become the focus
of the development of network lending market. If a borrower providesbetter “hard”
informationand “soft” information, it can effectively alleviate the information asymmetry
of the both.
In this paper, PaiPaiDai is used as a research platform for related issues. Based on the
collection of domestic and foreign literature and relatedtheories, the factors that affect the
borrower’s financing are divided into three basic variables: loan information, hard
IIAbstract
information and soft information. It will use the combination of theoretical and empirical
research methods to find out the factors that affect the loan availability and financing cost,
and put forward some feasible suggestions to improve the present situation. At the same
time, the paper will use the factor analysis method to grade the risk of the P2P lending
platforms from the aspects of capital dispersion, capital liquidity and financial leverage.
And, it will concentrate four common factors to give the comprehensive risk rating of the
lending platforms. Then, it will give the suggestions to investors for selecting high-quality
platform. The results will prompt the network lending platform to improve their ability to
resist risks by establishing their own risk control system. It will be the security platform
that both sides are willing to trade. At Last, the paper will put forward some suggestions of
the market supervision for the lending market healthy development.
Key words：P2P Lending, Financing Availability, Financing Cost,Risk Assessment
III广东工业大学硕士学位论文
目录
摘要...........I
Abstract...II
目录........ IV
ContentsVI
第一章 绪论..... 1
1.1 研究背景与意义 . 1
1.1.1 研究背景 ... 1
1.1.2 研究意义 ... 2
1.2 研究思路与方法 . 3
第二章 文献综述 ......... 5
2.1 P2P 网络借贷平台职能综述 ...... 5
2.2 P2P 网络借贷融资效率综述 ...... 6
2.3 P2P 网络借贷风险控制综述 ...... 8
第三章 P2P 网络借贷相关理论 ........ 10
3.1 社会交换理论 ... 10
3.2 信息不对称与信贷配给 10
3.3 社会资本理论 ... 19
第四章 P2P 网络借贷融资影响因素分析..... 21
4.1 融资可得性与融资成本影响因素 ........ 21
4.2 数据描述 ........... 25
4.3 基于拍拍贷的 P2P 网络借贷融资可得性的实证分析30
4.3.1 二元 Logistic 回归模型 ... 30
4.3.2 回归结果分析...... 31
4.4 基于拍拍贷的 P2P 网络借贷融资成本的实证分析 .... 38
4.4.1 多元线性回归模型 .......... 38
4.4.2 回归结果分析...... 39
4.5 本章小结 ......
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