臺灣博碩士論文加值系統

隨著金融市場的快速發展與互聯網技術的不斷進步，將互聯網技術與傳統金融
模式的結合與創新，從而推動了「互聯網金融」一新興產業的誕生和發展。
P2P(Peer-to-Peer)是「互聯網金融」下最重要的一種商業模式，它的出現使得普 惠金融、民主金融以及金融脫媒的概念得以普及。它是互聯網技術與傳統借貸的創 新式結合，取代了傳統銀行間接貸款融資模式，在借款人與出借人之間通過互聯網 平台直接發生借貸關係的業務模式。P2P網路貸款平台將債權債務關係脫離了傳統 商業銀行的金融仲介機構，提供一個資訊仲介平台連結借款人(資金需求者)與出借 人(資金供給者)的借貸需求，從而為出借人提供了潛在的投資機會，為弱勢的借款 人拓寬了融資管道。
P2P 是一種新興的金融工具，過去大多對 P2P 網路借貸的研究與政策建議多以 借款人的違約與道德風險為主，近年來已有學者陸續發現網路貸款平台的出借人存 有羊群效應的跟風現象，並實際造成擠兌而引發金融風險的情形。
本文透過賽局理論的架構對出借人之間彼此決策的相互影響進行探討，我們首 先發現當出借人間對於借款人的看法或判斷的方式相似且差異不大的情況下，彼此 的預期報酬效用函數相近，因此在P2P網路借貸市場中，容易出現所謂的「羊群效 應」。而在平台中推銷自己投標策略的策略師，為了增加無風險的手續費收入，將 有可能放寬出借的標準，即使認為借款人信用並非太好，但為了增加其他出借人投 標金額，也會冒險納入自己的投標項目。在系統自動投標的催化下，將使得整體市 場的成交額與風險有所提升。

With the rapid development of financial market and the continuous progess of
internet thchnology, the combination on internet thchnology and traditional finance model have promoted the birth and development on internet finance, a new industry.
P2P(Peer-to-Peer) is the most important business model under the “Internet Finance”. It’s emergence makes the inclusive finance, financial democracy and financial disintermediation have been popularized. It is the creation of internet thchnology and traditional lending.
The new combination used the internet between borrowers and lenders, and it has replaced the traditional indirect loan financing model of banks. P2P internet lending platforms divorce the lending business from the commercial bank. They provide an information intermediary platform to link borrowers (fund demanders) with lender (fund providers). P2P internet lending platform provides potential investment opportunities for lenders, and enables the disadvantaged people to have more channels to obtain loans.
P2P is a new financial tool. In the past, most of the research and policy recommendations on P2P internet lending were based on borrowers’ default and moral hazard. In recent years, some scholars have found the existence of herding effect between lenders in P2P lending platform. It actually causes the situation of financial risk by runs.
Though the framework of game theory, this paper explores the interaction of lenders’ decision-making with each other. First, it is found that when the lenders’ views or judgements on borrowers are similar and not very different from each other, the so- called herding effect is prone to occur between lenders in the P2P internet lending platform.
In order to increase own risk-free fee revenue and the investment of other lenders, “the strategists” who will promote their bidding strategies in the platform and relax the lending criteria, even if the borrower’s credit is not too good. Under the catalysis of system automatic bidding, the whole market will be made the turnover and risk of the market have increased.

致謝辭 I
摘要 II
Abstract III
目錄 IV
第一章 緒論 1
第二章 文獻探討 3
第一節 中國P2P借貸平台的發展現況與營運模式 3
第二節 羊群效應的理論文獻 4
第三節 P2P借貸市場出借人羊群行為的實證文獻 5
第三章 模型設定與均衡分析 8
第一節 模型設定 8
第二節 賽局均衡分析 10
第三節 策略分享收益與行為影響 15
第四章 結論與建議 17
第一節 研究結論 17
第二節 研究建議 17
第三節 政策建議 18
參考文獻 19

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