CAJ | 학술논문

P2P借贷是一种金融创新模式，将互联网技术与民间借贷相结合。互联网信贷的巨大需求推动P2P借贷平台的爆发式发展，而P2P借贷发展核心的两个问题是信用评级和风险定价。由于我国未完全实现利率市场化，P2P平台采用的是量化借款人信息的方式计算贷款利率。信息不对称导致P2P平台的贷款利率不能充分反映借款人风险，同时造成信誉良好的借款人不能获得低成本的贷款。文章利用拍卖机制模型对公开竞标的贷款定价方式进行探究，认为公开竞标方式可以改善信息披露，降低借款人的成本，借款人和投资人在公开竞标的贷款定价方式下都可以获得灵活的选择空间，从而提高借贷成功的比例。
P2P차대시일충금융창신모식，장호련망기술여민간차대상결합。호련망신대적거대수구추동P2P차대평태적폭발식발전，이P2P차대발전핵심적량개문제시신용평급화풍험정개。유우아국미완전실현리솔시장화，P2P평태채용적시양화차관인신식적방식계산대관리솔。신식불대칭도치P2P평태적대관리솔불능충분반영차관인풍험，동시조성신예량호적차관인불능획득저성본적대관。문장이용박매궤제모형대공개경표적대관정개방식진행탐구，인위공개경표방식가이개선신식피로，강저차관인적성본，차관인화투자인재공개경표적대관정개방식하도가이획득령활적선택공간，종이제고차대성공적비례。
P2P lending platform is a kind of financial innovation. It combines internet technology with people to people lending. The demand of Web lending promote boom of P2P lending development. Two primary keys of P2P lending are credit rating and risk pricing. Due to the uncompleted interest rate liberalization in China, P2P calculate the debt rating basing on quantification of borrowers' information. The rate of debt cannot reflect risk totally and borrowers with good reputation cannot borrow money at low rate for Information asymmetry. This paper employs auction mechanism for studying on open biding debt pricing. This paper concludes that open biding debt pricing improve information disclosure, lower debt rating and make borrowers and investors have more choice. That will raise the percentage of successful debt transaction.