画中有意:网络借贷与人物头像

以网络借贷平台人人贷的交易数据为研究样本,将借款人头像依据内容划分为系统默认头像和非默认头像,其中非默认头像包括人物头像和非人物头像,进而探讨头像内容对投资偏好和违约风险的影响,可以发现:借款人使用女性人物头像与非人物头像,因受到投资人偏好的影响而拥有较高的融资可能性和融资进度;使用男性人物头像,其融资可能性与融资进度较低。而按照借款人性别分样本分析发现,男性借款人使用女性人物头像并不会增加融资可能性和融资进度,而女性借款人选择男性人物头像则会显著降低融资可能性和融资进度。此外,使用男性人物头像的借款人违约可能性与违约程度较高,而使用女性人物头像的借款人违约风险与基准组无显著差异。因此,借款人选择头像需慎重,投资人辨别内容需仔细,平台校验信息需尽责。

The Connotation in Pictures:Online Peer-to-Peer Lending and Individual Avatar

Based on the transaction data of Renrendai.com,one of the most famous peer-to-peer lending platforms in China,this paper investigates the influence of avatar content on investment preference and default risks.The avatars of borrowers in Renrendai are divided into system default avatars and non-default avatars.The latter includes human avatars and non-human avatars.Empirical analysis shows that the borrowers using female or non-human avatars are preferred by lenders and enjoy higher financing possibilities and faster financing progress while those using male avatars have lower financing possibilities and slower financing progress.The heterogeneity by gender shows that male borrowers using female avatars cannot increase the financing possibilities and progress.And the female borrowers using male avatars will significantly reduce the financing possibilities and progress.Furthermore,the borrowers using male avatars are more likely to default and have a higher default ratio,and there is no significant difference between the default risk of borrowers using female avatars and that of the benchmark group.Therefore,borrowers should be careful when selecting avatars,lenders should be careful when identifying avatar content,and the platform should be responsible for verifying the information.