臺灣博碩士論文加值系統

P2P借貸逐漸影響傳統金融體系的運作。然而國內是由金融監督管理委員會將2015年訂定為金融創新元年，我國才逐漸趕上Fintech的風潮。由於本國P2P lending發展處於起步階段，為要協助大眾瞭解運作方式以及如何成功貸款，本研究以美國最具規模的P2P lending平台Lending Club作為研究樣本，並分析2010年及2015年共超過九萬多筆的借貸資料，探討借貸成功與否的影響因素。實證結果發現，較低的貸款額度、較低的利率、較長的貸款期間與較佳的信用評價可以提高貸款成功率。並進一步針對不同信用評價的貸款人分析貸款策略。最後發現2015年的投資人比2010的投資人更在意信用評價的表現，並從中發現跨年度之間變數影響方向的不確定性，顯示隨著時間的推進以及平台使用者的多樣性會使這些影響因素無絕對的準則。

P2P lending has been an unstoppable trend and gradually affect the operation of the traditional financial system. Financial Supervisory Commission decide to boost financial innovation since 2015. Our country gradually catch the wave of Fintech. Due to the development of P2P lending is in its infancy and in order to assist public to understand the operation and how to fully funded, I use data from Lending Club, the largest P2P lending platform in the USA, to analyze more than 90,000 loan requests from 2010 and 2015 for the influences for lending success rate. The results find that lower loan amount, lower interest rates, longer loan term and better credit scores will increase the probability of successful funding. I further analyze the loan strategy for borrowers in different credit conditions. Finally, I compare the factors in year 2010 and 2015 respectively and find that, from the investors point of view, the credit condition is a more important factor in 2015 than it is in 2010. However, there is no absolute criteria in the process of time and the variety of the platform users.

致謝辭 i
摘要 ii
Abstract iii
目次 iv
表目次 vi
圖目次 vii
第壹章、 緒論 1
一、 研究背景與動機 1
(一) P2P lending 新興借貸方式 1
(二) P2P lending與傳統借貸差異 3
(三) 研究動機 4
二、 研究目的 5
第貳章、 文獻回顧 6
第參章、 P2P lending平台營運模式分析 14
一、 P2P lending信貸模式概要 14
二、 Lending Club 15
(一) 發展背景 15
(二) 貸款流程 16
(三) 信用評估模式 18
(四) 違約處理機制 20
(五) 結論 20
第肆章、 研究方法 21
一、 研究樣本 21
(一) 樣本來源 21
(二) 樣本數據處理 21
二、 模型設計 23
(一) Probit模型 23
(二) 研究模型建構 25
第伍章、 實證結果分析 26
一、 敘述性統計分析 26
(一) 敘述性統計表 26
(二) 分群敘述性統計 28
二、 自變數相關係數矩陣 31
三、 影響P2P Lending成功因素 33
(一) 貸款成功因素之分析 33
(二) 樣本分群分析 38
第陸章、 結論與建議 42
一、 結論及貢獻 42
二、 未來展望 43
參考文獻 44
一、 中文部分 44
二、 英文部分 44
三、 網站資料 45

一、中文部分
王會娟, 何琳 (2015), 借款描述對 P2P 網路借貸行為影響的實證研究. 金融經濟學研究 30(1): 77-85.
二、英文部分
Duarte, J., et al. (2012). Trust and credit: the role of appearance in peer-to-peer lending. The Review of Financial Studies 25(8): 2455-2484.
Feng, Y., Fan, X., & Yoon, Y. (2015). Lenders and borrowers' strategies in online peer-to-peer lending market: an empirical analysis of ppdai. Com. Journal of Electronic Commerce Research, 16(3), 242.
Gonzalez, L. (2014). Online social lending: the effect of cultural and legal frameworks, Fordham University.
Gonzalez, L. and K. McAleer (2011). Online social lending: A peak at US Prosper and UK Zopa. Journal of Accounting, Finance and Economics 1(2): 26-41.
Iyer, R., Khwaja, A.I., and Luttmer, E.F.P. (2009).Screening in new credit markets: Can individual lenders infer borrower creditworthiness in peer-to-peer lending? Working Paper, National Bereau of Economic Research.
Kaplan, R. S. and G. Urwitz (1979). Statistical models of bond ratings: A methodological inquiry. Journal of business: 231-261.
Peter Renton, A Look Back at the Lending Club and Prosper Quiet Periods.
Puro, L., Teich, J.E., Wallenius, H., and Wallenius, J. (2010). Borrower decision aid for people-to-people lending, Decision Support Systems, Vol.49, 52–60.
Turner, A. (2013). Debt, money, and Mephistopheles: how do we get out of this mess? Annual address at the Cass Business School.
三、網站資料
Autonomous Research (2016, January 13). Digital Lending: The 100 Billion Dollar Question. Retrieved July 27, 2017. From https://www.autonomous.com/fintech/af8fe529-c188-46ba-bf25-d25e9596a09d
Adair Turner (2013, February 6), Debt, Money and Mephistopheles: How Do We Get Out of This Mess? From http://positivemoney.org/issues/recessions-crisis/
Federal Reserve Economic Data (2016), Real Mean Personal Income in the United States, From https://fred.stlouisfed.org/series/MAPAINUSA672N
Katie Tegtmeyer (December 19, 2011), A Look Back at the Lending Club and Prosper Quiet Periods, From http://www.lendacademy.com/a-look-back-at-the-lending-club-and-prosper-quiet-periods/
Lending Club, From https://www.lendingclub.com/
Morgan Stanley Research (2015, January 17). Can P2P Lending Reinvent Banking? From https://www.morganstanley.com/ideas/p2p-marketplace-lending
Prospectus of Lending Club, August 22, 2014, From https://www.lendingclub.com/info/prospectus.action
ZOPA, From https://www.zopa.com/