科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (11): 71-79.

• 论文 • 上一篇    下一篇

基于实验研究法的P2P投资行为分析

陈晓红1,2,3,靳馥境1,林永会4   

  1. 1. 中南大学商学院，湖南 长沙410083；
    2.湖南商学院湖南省移动电子商务协同创新中心，湖南 长沙410205；
    3.湖南商学院移动商务智能湖南省重点实验室，湖南 长沙410205；
    4.河北民族师范学院， 河北 承德067000
  • 收稿日期:2015-01-26 修回日期:2016-04-01 出版日期:2016-11-20 发布日期:2016-11-17
  • 通讯作者: 靳馥境
  • 基金资助:

    教育部哲学社会科学研究重大课题攻关项目（13JZD0016），起止时间：2013.09-2016.12；国家自然科学基金委重大国际合作项目（71210003），起止时间：2013.12-2017.12；国家自然科学基金重点项目（71431006），起止时间：2015.01-2019.12；中南大学创新驱动项目（2015CX010），起止时间：2015.07-2017.06。

Research on P2P Investment Behaviors Based on Experimental Methodology

Chen Xiaohong1, 2, 3, Jin Fujing1, Lin Yonghui4   

  1. 1. School of Business, Central South University, Changsha 410083, Hunan, China; 
    2. Mobile E-Business Collaborative Innovation Center of Hunan Province, Hunan University of Commerce, Changsha 410205, Hunan, China; 
    3. Key Laboratory of Hunan Province for Mobile Business Intelligence, Hunan University of Commerce, Changsha 410205, Hunan, China; 
    4. Hebei Normal University for Nationalities, Chengde 067000, Hebei, China
  • Received:2015-01-26 Revised:2016-04-01 Online:2016-11-20 Published:2016-11-17

摘要： 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。

关键词: P2P投资决策, 理性选择行为, 感性选择行为

Abstract: 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.

Key words: P2P investment decision, rational behaviors, perceptual behaviors