作    者:   Yu Wu（吴昱）; Tong Zhang*（张彤）

期    刊: 《Finance Research Letters》

出版时间:  MAY 2021  卷: 40  

DOI: 10.1016/j.frl.2020.101724

论文地址: https://www.webofscience.com/wos/alldb/full-record/WOS:000691743000007

摘    要

By investigating a Chinese peer-to-peer online lending platform, Renrendai, we find that the credit ratings of new borrowers do not accurately predict their default. Moreover, we find that on this platform the probability of default by new borrowers is 56%. These findings indicate that in China, in the absence of authoritative credit agencies, platforms' assigning credit ratings themselves, not only induces high investment risk for lenders, but also high systemic risk for platforms since most of these platforms guarantee the loan principal. Our results might explain why over 86% of Chinese lending platforms experience operational difficulties.

关键词

Peer-to-peer online lending； Default risk； Credit rating； New borrowers

基金资助：

Guangdong Basic and Applied Basic Research Foundation (2020A1515010456)；

Guangdong Provincial University Innovation Team Project (2017WCXTD001).

责任编辑：董晓玲

审    定：黄  松