摘要
本文利用网络爬虫工具收集网贷平台微观数据,使用内生转换模型,发现获得银行资金存管会直接影响网贷平台生存状况,在克服内生偏误后,测算得到正向效应为563天。部分可观测Bivariate Pobitr模型和渐进DID法证实,这种积极作用同时来自“筛选”和“指导”,证实银行在网络借贷中发挥着第三方认证的作用。中介效应模型的结果显示,获得银行资金存管是一个有效的外部声誉信号,并且通过资金利率、资金期限两个中介途径影响网贷平台的生存状态。
We collect microdata on peer-to-peer lending platforms and adopt the endogenous switching regression model to quantify the positive effect of bank depository.After correcting for endogenous bias,the average reputation effect is calculated to be 563 days.The Bivariate Probit model and the time-varying Difference-in-Differences(DID)approach validate that this positive effect arises from“screening”and“mentoring”,confirming that banks play a role of third-party certification.The intermediary effects model results suggest that bank exerts an effective external reputation signal and affects the viability of online lending platforms through two intermediary pathways:funding rate and funding maturity.
作者
张帅
侯鑫彧
巴曙松
ZHANG Shuai;BA Shusong;HOU Xinyu(Peking University;SunYat-sen University)
出处
《经济学（季刊）》
CSSCI
北大核心
2022年第6期1977-2000,共24页
China Economic Quarterly
基金
国家自然科学基金青年项目(71903207、72103009)
中国博士后科学基金(2020M670004、2021M693688)资助。
关键词
网贷平台
银行资金存管
声誉
peer-to-peer lending
bank depository
reputation
