投資者採用P2P 網路借貸平台意圖之影響因素研究：以中國大陸為例

Abstract

隨著資訊科技在社會經濟活動中的深入應用與變革創新，互聯網時代催生了新的金融業 務形態——P2P 網路借貸。作為一種新型的民間借貸模式，P2P 網路借貸提供了及時便捷的 服務，有效地降低借貸交易的成本，促成了借貸雙方的資訊流動和資金流動，填補了傳統金 融市場中小微貸款的空缺。 P2P 網路借貸起源於歐美，而引入中國大陸之後，得以快速發展，與此同時,也出現了相 關法律建立緩慢，政府監管缺失，平台為了盈利，忽視借貸風險，進行盲目擴張，甚至違規 操作，導致平台頻繁倒閉或「跑路」等現象，嚴重損害了投資者的權益，由此引發P2P 網路 借貸產業發展的信任危機。在這種情況下，如何重塑投資者對P2P 網路借貸市場的信心就成 為了一個非常重要的議題。 然而，目前關於 P2P 網路借貸的研究主要集中在網路借貸的商業模式、風險量化、平台 運營及借款者相關資訊對投資者評估的影響以及投資者自身羊群行為等方面的研究，而關於 投資者採用借貸平台行為的研究則相對匱乏。此外，相較於歐美國家P2P 網路借貸的發展， 中國大陸的P2P 網路借貸市場具有一定的特殊性，存在平台數量多、模式異化嚴重、平台監 管不嚴、平台事故頻發等特點。為此，本研究以中國大陸P2P 網路借貸市場為背景，結合信 任理論，分析影響投資者對借貸平台信任的因素，以及這種信任對其後續採用借貸平台意圖 的影響。 本研究基於 Kim 的電子商務消費者信任研究框架，從投資者信任傾向、監管制度、成熟 技術、平台聲譽、交易保障及資訊品質等六個構面，並通過問卷調查法對影響投資者對借貸 平台初始信任的因素進行分析。分析的結果表明投資者個人的信任傾向作為一種基本因素會 影響到投資者對網路借貸監管制度、平台技術、平台聲譽、平台交易保障及平台資訊等方面 的感知，另外由於中國大陸P2P 網路借貸市場發展不成熟，法制不完善、群眾網路安全意識 薄弱等問題，導致借貸平台的聲譽機制、平台技術、監管制度等因素未能如理論預期般發揮 應有的作用。而本研究對P2P 網路借貸市場的信任機制進行深入分析，有助於進一步完善互 聯網金融的基礎理論,為P2P 網路借貸平台的運營及發展、政府監管和投資者引導提供參考， 促進P2P 網路借貸行業的繁榮。

With the development and innovation of information technology in social economic activities,the Internet era has given rise to a new financial business pattern - P2P lending. As a new model of private lending, P2P lending provides convenient services,reduces transaction cost, accelerates circulation of capital and information, fills the gap of small and medium-sized loans markets.P2P lending originates in Europe and America, and develops rapidly in China. However, P2P lending companies collapse or escape frequently in China, resulting from the loopholes of legal system and the wrong behaviors of companies such as ignoring transaction risk, expanding blindly. The interests of investors are damaged seriously, which led to the crisis of confidence in P2P lending market. In this case, how to reshape investor confidence becomes more and more important. Unluckily, many researches on P2P lending just focus on the business model, the quantification of transaction risk, the operation of platform, the impact of borrowers’information on investors, and investors’ herd behavior. The research on what affect the investors to adopt P2P lending platform is relatively scarce. Moreover, compared with the development of P2P lending in Europe and America,the P2P lending market in China has special characteristics, such as the large number of platforms,the serious alienation of the model, the lax regulation of the platform and the frequent occurrence of platform accidents. To this end, this study analyzes the factors that affect the trust of investors on the platform and the impact of this trust on the intention to adopt platform with trust theory. This study, with questionnaire survey, is based on the trust framework of Kim's research on consumer trust in e-commerce, which includes six aspects: investor’s disposition to trust,supervisory institution, technology, platform reputation, transaction safeguards and information quality. The results of the analysis show that the investor’s disposition to trust as a fundamental factor will affect the investor's evaluation of others factors which also affect the investor’s initial trust on P2P lending platform. Moreover, because of the immaturity of the P2P lending market, the leaky legal system and the weak consciousness of the Internet security of people in China, the reputation, technology, supervisory institution and other factors of the platform cannot play its due role as expected. With the help of this study, we can know the trust mechanism of the P2P lending market more clearly, which will help us to make correct decision in the operation of P2P lending platform, government supervision and investor guidance.