P2P網貸平台收益與營運風險影響因素之探討:以中國為例

Abstract

金融科技的崛起，令許多嶄新的金融服務出現，而網路借貸（Peer to Peer Lending）也讓身處異地的借方與貸方得以透過無遠弗屆的網路揭露彼此資訊後，達成原本需要金融中介－金融機構才可完成的借貸行為。資訊的對稱性在網路借貸過程中扮演重要的角色，投資人在少了金融機構介入進行評估與調查的借貸模式下，必須單憑網貸平台提供的借款者資訊評估是否為適宜的投資標的。本文希冀由投資人角度發想，找出影響P2P網貸平台期望收益率與平台營運風險的要素，讓投資人於參與P2P網貸的過程中可透過這些顯著要素的揭露與判讀，識別出適當而符合自己報酬要求與風險承受度的網貸平台來進行投資。 本文以網貸之家中的運營中網貸平台資料為樣本，發現網貸平台規模大小、平台資金存管機制的存管銀行規模大小、以及平台的營運風險對於平台投資人的期望收益率有顯著影響，而平台的營運風險則會受到平台的規模的顯著影響。另外，本文也發現，報酬率與風險間的抵換關係依然存在於P2P網路借貸中，而不同的主要業務範圍則因擔保品與質押品是否包含於該業務模式中而對收益率有顯著的影響。

As fintech becomes more and more prevalent, various new business models emerge in the financial services industry. The peer-to-peer (P2P) lending, which allows lenders to lend to borrowers via the internet without financial institutions working as intermediates, has soon grasped people’s attention. Using the data of P2P platforms in China, this thesis aims to find out the factors that have significant effects on the expected return and operating risk of a P2P platform. The results in this thesis will be valuable to investors for evaluating P2P platforms. The thesis finds that larger P2P platforms have lower operating risk and a lower expected return. The P2P platforms that employ large banks as their depository mechanism providers also have a lower expected return. In general, the tradeoff between return and risk remains solid. In addition, the platforms whose major business domains involve the use of collateral seem to have a higher expected return.