本文从理性和感性视角出发，应用实验研究法获取数据，建立基于面板数据的Probit模型和Tobit模型，分析P2P投资行为。结果表明，P2P投资者既有理性也有感性选择行为：投资者偏好额度大、期限短、利率高的借款，并且这类借款较易获得大额投资；投融资双方在籍贯、居住地等方面越相似，投资人越容易产生投资行为且投资额度越大，但随相似度进一步增加，投资额度将逐渐减小；理性、感性行为在投资额度决策中的主导地位取决于双方相似度。

This paper aims at the research on investor decision-making behaviors in P2P lending with Probit and Tobit models of panel data collected in experiments from the perspective of rationality and sensibility. The results show that investors are rational enough to invest in the loans of large amount, short duration and high interest rate and even with more funds, that borrowers are easier to get funded and larger amount when they are similar to investors in birthplace, residence etc., but the bidding amount would be less and less with more and more similarities, and that the degree of similarities between investors and borrowers decide whether rationality or sensibility dominates in P2P lending.