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《》201212:,P2P,P2P,。:P2P;;;JEL:G10:F830:A:1006-1428(2012)12-0019-04!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!P2P*(,300072)*:/(71071109)。:2012-10-15:(1986-),,。、P2PP2P2006,P2P、、。P2P。,20078,,P2P()。,20125141584,76259,1.27。。:,,、、、、,。,、。20,。7,AAHR,、。。。,,、,。,。,。1,,,61%。,,,,。1,。1 6750160983629842730731476611272113848112466137601239212074112144111495《》20121212,,。27,AA、A、B、C、D、E、HR,,。2,80%D,。,D、E、HR87%,P2P、。234,,E65.16%,,E14.99%,E85.01%,,,,,,。3(%)4(%)5。,0-50,9602,,。027%,18.62%。01(35)。62%35,、。,25%。,45.9%,1/4。5,19.29%,18.11%,。,A、B、C16.81%,D、E、HR18.93%,,,。A、B、C18,7,,。19047,54.05%,57181,30.27%,,。 %(%)AA151~000A126-15040.0090.18B101-125710.171.87C76-1006571.589.91D51-75486011.6924.89E26-502315055.6746.10HR0-251279230.7616.88NC0500.120.1741584100100ABCDEHRNC0.363.418.742.730.663.860.27 ABCDEHRNC0.050.673.1211.1558.0126.910.09 9601.684518268.33741150000018.57%0.05430.000.276.705.65137(35=1=)0.620.49010.250.4301!#3908.618643.150500438/0.4590.4801$%(1=yes)0.250.4301&《》2012126(%)6,,,,,。P2P,,,,。,,。,、,。P2P,,,,、、、、、,,。P2P,,P2P,,,。、P2P()P2P。P2P,,。。BikhchandaniSharma(2011),,(DevenowWelch1996)。Duanetal.(2009)(),。SimonsohnAriely(2007)eBay,。DevenowWelch(1996)、Duanetal.(2009)、EunkyoungLeeByungtaeLee(2012)P2P,,,P2P,。5,,,,。:yjt=αYjt+βNjt+γPjt+C(1)(1),jt,t-1t、t-1t、t-1t,,。,Yjtjt,Yjtjt,Njtjt,Pjtjt,t=1,2,3,4,5。α,β,γ。7。7:***1%0。7,0,,,0.21,99.99%,,FProb(F-statistic)0.0001,F,,。,。,、、、,,,,,,。P2P。j t。。。。。0.23***j t。。。。。。34.97***j t。。。。。。185.09***C216.48**AdjustedR 0.21。1-67-1213-1819-2425-36 %48.935.03.90.30.6《》201212(),,,P2P。、、。,,,,,,,。(),,,。。、(),、、,,,:,,、、。()P2P,,,,,,P2P。(),,,,。,P2P,。:[1]GreinerM.E.andWangH.Theroleofsocialcapitalinpeople-to-peoplelendingmarketplaces[J].ThirtiethInterna-tionalConferenceonInformationSystemsPhoenix,2009:1-17.[2]Hiatt,ShonR.andWarnerP.Woodworth.AlleviatingPovertythroughMicrofinance:VillageBankingOutcomesinCentralAmerica[J].TheSocialScienceJournal,2006(43):471—477.[3],.[M].,2008.[4]Kamins,MichaelA,XavierDreze,ValerieSFolkes.Effectsofseller-suppliedpricesonbuyers’productevalua-tions:Referencepricesinaninternetauctioncontext[J].Jour-nalofConsumerResearch,2004(30):622-8.[5]FreedmanSandJinGZ.Learningbydoingwithasym-metricinformation:evidencefromProsper.com[D].UniversityofMaryland&NBER,2009:1-57.[6]LinM,PrabhalaNRandViswanathanS.Cansocialnetworkshelpmitigateinformationasymmetryinonlinemar-kets?ThirtiethInternationalConferenceonInformationSystemsPhoenix,2009:1-16.[7]BikhchandaniS,HirshleiferD,andWelchI.Atheoryoffads,fashion,custom,andculturalchangeasinformationalcascades[J].TheJournalofPoliticalEconomy,1992,100(5):9921026.[8]DevenowA,andWelchI.Rationalherdinginfinancialeconomics[J].EuropeanEconomicReview,1996(40):603615.[9]DuanW,GuBandWhinstonA.InformationalcascadesandsoftwareadoptionontheInternet:anempiricalinvestiga-tion[J].MISQuarterly,2009,33(1):23-48.[10]SimonsohnUandArielyD.Whenrationalsellersfacenon-rationalbuyers:evidencefromherdingoneBay.Workingpaper,2007.Availableatssrn.com/abstract=722484.[11]EunkyoungLeeandByungtaeLee.HerdingbehaviorinonlineP2Plending:Anempiricalinvestigation[J].ElectronicCommerceResearchandApplications,2012.[12].P2P[J].,2010,152(3):90-92.[13].[D],,2010.[14][15].[J].,2009(4).(:)《》201212FinancialRestraint,FinancialPreferenceandEconomicGrowth—AnEmpiricalAnalysisonChina'sFinancialResourcesAllocationTianShuxi/BaiQinxianAbstract:China'sfinancialresourcesallocationhaslongdependedonindirectfinancingandtakenpreferenceinownershipandsize.TheempiricalresultsinthispapershowthatthepreferentialallocationofChina'sfinancialresourcesresultsfromtheprimaryconditionsandprogressivemodeofChina'seconomictransformationandhaslongbeentakenforgrantedunderChina'sfinancialrestraintpolicy.Thereforethekeytomakechangesliesnotonlyinthepromotionofthedirectfinancingbutmoreimportantlyinthelesseningofspeculationandmoralhazardsinvolvedviatheeffectiveregulationstotransfertherentsofthefinancialrestraintsfromthestate-ownedsectorstotheprivateones.Bydoingso,itisexpectedtofostertheincentivesandinnerdemandsofbothtechnologyanddirectfinancingandgraduallychangetherouteofpreferential-allocation-dependencefortheeconomicgrowthsoastooptimizetheallocationofChina'sfinancialresources.Keywords:IndirectFinancing;DirectFinancing;FinancialRestraints;FinancialPreferenceAnAnalysisofthePotentialityofEstablishingRMBCurrencyAreainEastAsiafromtheViewpointofHigh-frequencyExchangeRateCuiRui/LiuLizhenAbstract:AftertheU.S.financialcrisis,theRMByuanincashandfinancialassetshasattractedincreasingattentionintheneighboringcountriesandregionsofEastAsia.MoreandmorevoicesareheardtobuildanRMBcurrencyareainEastAsia.Viathedataofthehigh-frequencyexchangeratedataoftheEastAsianeconomies,thethesisfirstrevealsalong-termintegrationbetweentheRMBexchangeratechangesandthatofotherEastAsiancountries(regions).Onthebasisofthesh
本文标题:中国P2P小额贷款发展现状研究
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