信任危机、逆向选择与品牌重建——来自网贷之家的经验证据

以中国P2P行业信任危机为背景,借助网贷之家公布的数据,利用面板固定效应模型研究信任缺失情形下的逆向选择问题以及政府和行业协会重建品牌信任的效果,结果表明:P2P行业信任危机下的平台旨在通过建设品牌形象来吸引投资人与借款人的做法是徒劳的,信任缺失导致合规平台的诚信经营并不为公众所认可,长此以往这些平台很可能会退出市场,进而引发逆向选择问题;自上而下的制度建设在重建品牌信任中取得了可喜的成绩,有效缓解并逆转了P2P行业的逆向选择问题,且市场整治初见成效。此研究成果对于目前正在进行的P2P行业整顿具有十分现实的指导意义。

Trust Crisis,Adverse Selection and Brand Reconstruction:An Empirical Study on Wangdaizhij ia

Based on the trust crisis in China's P2P industry and the data from Wangdaizhijia,this paper studies the problem of adverse selection under the lack of trust as well as the performance of brand reconstruction by government and industry association.The findings as follows:firstly,on account of the lack of public trust in P2P platforms,the effort platforms have made to attract popularity is fruitless, which has led to the problem of adverse selection.Secondly,government as well as industry association is able to play a role in brand reconstruction,which has already made a success.Moreover,this paper will guide the current retrenchment of P2P industry.