P2P网络借贷金融文献综述及外文文献资料.docx
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P2P网络借贷金融文献综述及外文文献资料
本份文档包含:
关于该选题的外文文献、文献综述
一、外文文献
文献信息
标题:
EmergenceofFinancialIntermediariesinElectronicMarkets:
TheCaseofOnlineP2PLending
作者:
Berger,SvenC;Gleisner,Fabian
期刊名称:
BusinessResearch;第2卷;第1期;页码:
39-65
年份:
2015.
EmergenceofFinancialIntermediariesinElectronicMarkets:
TheCaseofOnlineP2PLending
Abstract
Weanalyzetheroleofintermediariesinelectronicmarketsusingdetaileddataofmorethan14,000originatedloansonanelectronicP2P(peer-to-peer)lendingplatform.Insuchanelectroniccreditmarket,lendersbidtosupplyaprivateloan.Screeningofpotentialborrowersandthemonitoringofloanrepaymentcanbedelegatedtodesignatedgroupleaders.Wefindthatthesemarketparticipantsactasfinancialintermediariesandsignificantlyimproveborrowers'creditconditionsbyreducinginformationasymmetries,predominantlyforborrowerswithlessattractiveriskcharacteristics.Ourfindingsmaybesurprisinggiventhereplacementofabankbyanelectronicmarketplace.
Keywords:
Asymmetricinformation,intermediation,sociallending,electronicmarkets
ManuscriptreceivedJuly7,2008,acceptedbyChristianSchlag(Finance)March5,2009.
1Introduction
Theevolutionofinformationtechnologyinrecentyearshasledtothedevelopmentofelectronicmarketplaceswheretraditionalintermediariesmaybelessimportantorevenredundantfortheeconomicinteractionofmarketparticipants(BenjaminandWigand1995,EvansandWurster1997,Malone,Yates,andBenjamin1987).Withinthefinancialservicesindustry,thedebateaboutdisintermediationandthefuturerelevanceoffinancialintermediaries(AllenandSantomero2001,Nellis,McCaffery,andHutchinson2000,Schmidt,Hackethal,andTyrell1999)isfueledbytheincreasingroleofelectroniclendingmarkets(P2PLendingorSocialLending)whereanelectronicmarketplacereplacesabankasthetraditionalintermediaryandenablesthebrokerageofconsumerloansdirectlybetweenborrowersandlenders(HulmeandWright2006,Meyer2007).Arecentstudypredictsthatwithinthenextfewyearssuchsocialbankingplatformsmayhaveamarketshareoftenpercentoftheworldwidemarketforretaillendingandfinancialplanning(GartnerInc.2008).FortheUS,theP2PlendingmarketisestimatedtogrowtoavolumeofuptotenbillionUSDwithinthenext10years(Bruene2007).Weexaminemorethan14,000credittransactionsontheAmericanelectronicP2PlendingplatformP,coveringalltransactionsthattookplaceinthemarketbetween2005-11and2007-09.OuranalysisoftheP2Pcreditmarketstartswiththeobservationthat,despitethedirectmediationofloansinthemarketplace,newtypesofintermediariesemergeasmarketparticipantsprovidepaidintermediaryservices.Inthepaperwethenfocusonthefollowingquestions:
(1)Fromatheoreticalpointofview,howcantheseintermediariescreatevalueintheinteractionbetweenborrowersandlenders?
(2)Shouldallborrowersmakeuseofanintermediary,andcanitmakesensetopayforintermediaryservices?
(3)Fromtheborrowers'perspective,whatistheeconomicimpactofintermediationintheelectroniclendingmarketplace?
Ourempiricalanalysisisconfirmatoryinnature.Itisbasedontheliteratureonfinancialintermediation(e.g.,Diamond1984,LelandandPyle1976)fromwhichwederivehypothesesontheroleofintermediariesinelectronicmarketplaces.
TheelectroniclendingplatformProsperprovidesanexcellentlaboratoryforstudyingintermediariesinelectronicmarketplaces.Prosperisthelargestproviderwithnearly90millionUSDinloansoriginatedintheexaminationperiodfrom2005-11to2007-09,asmarketparticipantswerepermittedtoactaspaidintermediariesinthisperiod.Asof2008-09-30,ProsperdominatedtheUSmarketforP2Plendingwithatotalof176millionUSDinissuedloans,followedbyitscompetitorLendingClubwith19millionUSD.1Atthattime,themarketshareofP2Pconsumerloansrepresentedafractionofthearound490billionUSDofnon-revolvingconsumercreditoutstandingatcommercialbanks(FederalReserve2008).AllloansonProsperhaveanidenticalmaturityof36months.Ourdatasampleincludesdetailedinformationon14,321financialtransactionsaswellasthemarketparticipantsthatchosetoparticipateinthemarketandcoverstransactionswithandwithouttheuseofanintermediary.Thisallowsustotestforaspectsofthefinancialtransactionandindividualfactorsthatmightinfluencetheusageofintermediaryservices.Inlinewithtraditionalintermediationtheory,wefindthatfinancialintermediariesonelectronicP2Plendingplatformshavesignificantimpactonborrowers'creditconditions,suggestingthatintermediationhelpstoreducetheprevalentinformationasymmetries.Theintermediaryprimarilycontributesbyscreeningpotentialborrowers.Amandatoryscreeningprocessbymeansoftheintermediary'scommitmenttoscreeneveryborrowerwithinthegroupsignificantlyimprovesborrowers'accesstocredit.Followingdiligentscreening,theintermediary'srecommendationofaborrowersignalsbetterinformationaboutcreditworthinessandthusleadstobettercreditconditions.Moreover,biddingonthescreenedborrower'screditlistinghasanevenstrongerimpactontheresultinginterestrate.
Ourresultsindicatethatborrowersshouldconsiderthereputationofanintermediaryasitservesasagoodproxyforthefuturediligentassessmentofborrowers.Intermediationcostscanbecompensatedbylowerinterestmarginsforborrowers.Theseresultsarerobusttoself-selectionregardingthechoiceofanintermediaryandcharacteristicsofthefinancialtransaction.Allinall,ourresultssuggestthatfinancialintermediariesinelectroniccreditmarketplacesmaycreatesubstantialvalueforborrowers.Ourfindingsareconsistentwithastreamofliteraturesuggestingthatelectronicmarketscreatebusinessopportunitiesfornewintermediaries(ChircuandKauffman2000,MethlieandPedersen2002,Bakos1991,Bakos1998,SenandKing2003).Despitetheelectroniccreditmarketplaceenablesthedirectmediationofloans,newfinancialintermediariesemergebetweenborrowersandlenders.Thereareseveralreasonswhyourresultsareofparticularinterestalsoforbanksandotherfinancialserviceprovidersthatfacethestrategicdecisionofanactiveinvolvementinelectroniclendingmarkets.Oneoptioncouldbetoparticipateinthesemarketplacesandofferfinancialadvisory.AnotherinterestingpossibilitycouldbetoentertheP2Plendingmarketandtoestablishanewmarketplacetosupporttheexistingretailoperationsandenablecross-selling.Eventually,lendingmarketplacesarepotentialcustomersforbanks'transactionservices.
Ourapproachtoexaminingtheroleoffinancialintermediariesonelectroniclendingplatformsmakesthreeimportantcontributionstotheliterature:
First,thisisoneofthefirststudiesanalyzinganelectroniclendingmarketplace,andthefirststudytoempiricallyexamineintermediationonanelectronicP2Plendingplatform.Weexplainhowelectroniccreditmarketswork,andprovideinsightsintotheroleofintermediariesinthemarketplace.Second,wetesttheoreticalpredictionsfromtheliteratureonfinancialintermediationwithnewdata.Oursampleofmorethan14,000transactionsonaP2Plendingmarketplaceincludesdetailedinformationontheinvolvedmarketparticipantsandtheloancharacteristics.Thedatasetcoversthecompletetransactionhistoryofthecreditmarketplaceforatimeperiodofalmosttwoyears.Third,wequantifytheeconomicimpactofintermediationandothertransactioncharacteristicsonborrowers'loanspreadandshowthattheusageoffinancialintermediarieswhichareneitherprofessionalnorinstitutionalbutmembersofthenetworkmaysignificantlyimprovethetermsoftradefortheborrowers.
Theremainderofthepaperisorganizedasfollows:
thenextsectiongivesanoverviewofelectronicP2Plendingplatformsandexplainsthefunctioningofthesemarketplaces.Section3summarizestherelevantpreviousliteratureonfinancialintermediationandderiveshypothesesabouttheroleofintermediariesonelectroniclendingplatforms.Section4overviewsthemethodologyemployed,describesthedata,andpresentstheempiricalresultsofouranalysesaswellasrobustnesstests.Insection5weconcludewithasummaryandthelimitationsofourstudy.
2Intermediariesinelectroniccreditmarketplaces
2.1Electronicmarketplacesanddisintermediation
Marketsareessentialforeconomicactivityinmediatingthedemandforandsupplyofgoodsandservices.Intermediarieshelptofacilitatetransactionsbetweenbuyersandsellersby
(1)providingtransactionprocessingcapabilities,
(2)bringingenhancedlevelsofknowledgeandexpertise,and(3)addingtothetransactabilityofagivengoodorservice(ChircuandKauffman2000).
Theinternethasmadee-commercepossiblewhereelectronicmarketsarebecomingmoreimportantincoordinatingsupplyanddemand(Grieger2003,Segev,Gebauer,andFarber1999).Electronicmarketscanfacilitateeconomicactivityevenundercomplexandinsecureconditions(Cordella2006),significantlyreduceinformationandtransactioncosts,andmayinthiswaydisplacetraditionalintermediaries(Malone,Yates,andBenjamin1987).Manyauthorsarguethatonceelectronicmarketsemerge,traditionalintermediariesmaybethreatenedbyanelectronicbrokerageeffectalsocalleddisintermediation(foraliteratureoverviewseeChircuandKauffman2000).Insharpcontrasttothat,thetheoreticalcontributionsonelectronicmarketsanddisintermediationhavenotyetbeensupportedbyconvincingempiricalevidence(ChircuandKauffman2000,SenandKing2003).Mo