P2P网络借贷金融文献综述及外文文献资料Word下载.docx

P2P网络借贷金融文献综述及外文文献资料Word下载.docx

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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:

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