声誉的信息含量——来自P2P网络借贷的证据

被引：31

作者：

李焰 ^{[1
]}

张迎新 ^{[1
]}

王琳 ^{[2
]}

机构：

[1] 中国人民大学商学院

[2] 中国证监会博士后科研工作站

来源：

管理评论 | 2019年 / 31卷 / 04期

关键词：

声誉机制; 信息含量; 信息不对称; P2P网络借贷;

D O I：

暂无

中图分类号：

F832.4 [信贷]; F724.6 [电子贸易、网上贸易];

学科分类号：

020206 [国际贸易学]; 020219 [财政学（含：税收学）];

摘要：

声誉作为信号传递信息,可以有效降低信息不对称,同时由于信号作用有强弱特征,因此声誉的信息含量也在动态变化。本文利用2011年7月至2013年7月P2P网络借贷平台拍拍贷的投资数据,考察了借款者声誉(成功借款次数)对投资者行为的影响及交易不确定程度对上述两者关系的调节作用。研究表明:声誉越高的借款者,其借款的可得性和投资者投资活跃度越高;进一步,投资者面临的交易不确定程度会增强两者间的相互作用,如在信用等级较差、纯信用借款及早期交易阶段,借款者声誉对借款结果的影响更大。上述结论在经过内生性等稳健性测试后依然成立,表明声誉的信息含量受其发挥作用环境的影响,即声誉对于降低经济主体的不确定感知程度越大,信息含量就越大。

引用

页码：3 / 18

页数：16

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