Cheap Talk? The Impact of Lender-Borrower Communication on Peer-to-Peer Lending Outcomes
Cheap Talk? The Impact of Lender-Borrower Communication on Peer-to-Peer Lending Outcomes
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DOI：
10.1080/07421222.2018.1440776
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发表时间：
2018-01-01
影响因子：
7.7
通讯作者：
Chau, Michael
中科院分区：
文献类型：
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作者：
Xu, Jennifer J.;Chau, Michael
P2P借贷平台提供的有限信息往往不足以让贷款人确定借款人是否值得信赖，是否有能力偿还贷款。使用来自P2P借贷平台的独特数据集，该平台允许贷方直接从借款人和借款人那里寻求信息以回应问题和评论，我们研究了借贷人沟通对融资结果和贷款绩效的影响。我们的研究结果表明，不仅数量，而且内容的直接沟通事项。具体而言，贷款人的意见是负相关的融资成功，而借款人的反应是积极的融资成功，虽然只有意见有助于降低最终利率。沟通的作用对于信用等级差的上市公司来说甚至更强。此外，出贷人受到其他出贷人（正面或负面）评论的影响，借款人答复中披露的信息质量可能影响到供资结果。贷款业绩（例如，违约率），但是，不能预测的基础上贷款人借款人通信量。本研究拓宽和深化了我们对信息披露、社会影响力、信息质量和信任在网络环境下经济交流中的作用的理解。
The limited information provided by peer-to-peer (P2P) lending platforms often is not sufficient for lenders to determine if a borrower is trustworthy and able to repay the loan. Using a unique dataset from a P2P lending platform, which allows lenders to seek information directly from borrowers and borrowers to respond to the questions and comments, we examine the impact of lender-borrower communication on funding outcomes and loan performance. Our results show that not only the amount but also the content of such direct communication matters. Specifically, the number of lender comments is negatively associated with funding success, while the number of borrower responses is positively associated with funding success, although only comments help reduce the final interest rate. The role of the communication is even stronger for listings with poor credit grades. Moreover, lenders are influenced by other lenders' (positive or negative) comments and the quality of the information disclosed in borrower responses can affect funding outcomes. Loan performance (e.g., default ratio), however, cannot be predicted based on the amount of lender borrower communication. This research broadens and deepens our understanding of the roles of information disclosure, social influence, information quality, and trust in economic exchanges in online settings.