普惠金融体系下P2P网络借贷平台的组织生存机理研究

The appearance of P2P microfinancial information service platform is expected to achieve the idea of inclusive financial system, but it is also controversial.Therefore, this new form of financial organization's survival principles, laws, efficiency and value associated with the survival mechanism remain to be resolved. Therefore, practitioners and macro financial managers are eager to clarify whether this new financial organization has survival value and efficiency, and what is its survival principle and law, and how to make it work better. This research is designed as follow, which is based on the revealing of "orgnization survial mechanism"，and then how to improve: (1)Measure the two indicators which represent the organization efficiency and value, respectively: P2P lending transaction costs and financial outreach to the poor. The relationship between these two indicators will be also tested. (2)Reveal survival principles and rules of P2P lending platform from theorial and emperical approach. (3)By constructing the P2P ending trust model in P2P network, structure the P2P network lending platform operation, so as to improve the efficiency of the organization.Finally，conclude with government regulation proposals. The research of this project will improve the P2P business model theory, extend the application of the theory of two-sided markets，and explore the measure method of related indicators and trust model construction method. The conclusions of the study will provide theoretical basis and structured method for macroeconomic financial managers and practitioners to do macro and micro management of P2P network lending platform.

P2P网络借贷平台的出现被寄予了实现普惠金融理念的厚望，同时也饱受争议。实务界和宏观金融管理者均迫切期望理清这一新的金融组织是否具有生存效率和价值,其生存原理和规律是什么，以及如何让其运作得更好等问题。 本项目将以揭示P2P网络借贷的组织生存机理为途径，以改善效率、提升价值为目标进行如下研究：(1)分别测度代表组织效率和价值的两个指标：P2P网络借贷的交易费用和金融弱势群体的融资可获得性，并进行关系检验。（2）理论与实证相结合揭示P2P网络借贷平台的生存原理和规律。（3）通过构建P2P网络借贷信任模型，使P2P网络借贷平台的运作结构化。最后基于理论与实证分析的结果提出政府规制建议。 本项目的研究将完善P2P商业模式理论，发掘双边市场理论的应用,探索相关指标的测度方法和信任模型的建模方法，研究结论将为宏观金融管理部门和实务界对P2P网络借贷平台的宏观和微观管理提供理论依据和结构化方法。

以揭示P2P网络借贷的组织生存机理为途径，以改善效率、提升价值为目标进行了如下研究：(1)分别测度代表组织效率和价值的两个指标：P2P网络借贷的交易费用和金融弱势群体的融资可获得性，并进行关系检验。（2）理论与实证相结合揭示P2P网络借贷平台的生存原理和规律。（3）通过构建P2P网络借贷信任模型，使P2P网络借贷平台的运作结构化。最后基于理论与实证分析的结果提出政府规制建议。.结论表明：（1）P2P网贷降低了小额借贷的交易费用，提高了金融弱势群体的融资可获得性。（2）P2P网贷平台作为金融生态的一部分，与传统金融是竞合关系，这主要是因为用户具有正的网络外部性以及业务上有互补合作的基础。（3）P2P网贷投资者对网贷投资的信任首先是对平台的信任，其次是对借款人的信任，平台的若干属性以及平台承诺本息保障的用语都显著影响投资者行为。所以对平台进行合规性监管是当务之急。