CAJ | 학술논문

个人对个人（P2P）网络借贷市场的快速发展体现了我国民间巨大的融资和投资需求。然而由于缺乏信任，该市场目前仍然处于初始发展阶段，参与者不多，借款成功率也很低。本文以社会认知理论为基础，从放贷人的角度构建交易信任理论框架，研究交易信任的形成过程及影响因素。数据分析结果表明，放贷人信任倾向、借款请求信息质量、借款人社会资本以及借贷平台安全保障水平是影响交易信任的关键因素，但是不同维度的社会资本对交易信任的影响并不相同。本文建立了理论驱动的P2P放贷行为模型，对互联网金融理论体系构建和企业管理实践都有重要的意义。
개인대개인（P2P）망락차대시장적쾌속발전체현료아국민간거대적융자화투자수구。연이유우결핍신임，해시장목전잉연처우초시발전계단，삼여자불다，차관성공솔야흔저。본문이사회인지이론위기출，종방대인적각도구건교역신임이론광가，연구교역신임적형성과정급영향인소。수거분석결과표명，방대인신임경향、차관청구신식질량、차관인사회자본이급차대평태안전보장수평시영향교역신임적관건인소，단시불동유도적사회자본대교역신임적영향병불상동。본문건립료이론구동적P2P방대행위모형，대호련망금융이론체계구건화기업관리실천도유중요적의의。
Online peer-to-peer （P2P） lending has experienced fast growth since its inception. It embodies the huge demands of financing and investing for Chinese borrowers and investors. However, this online P2P lending market is still in its infancy due to a lack of trust between borrowers and lenders. By far, the number of participants on P2P lending is still small, and the funding probabilities of loan requests in this market are still very low. In order to have a bettering understating of the trust-building process of lenders in this market, a trust framework from the perspective of lenders is developed based on the social cognitive theory. The framework is empirically tested using surveyed data from 209 online lenders of a leading lending website in China. The results show that the following factors such as a lender＇s disposition to trust, information quality of borrowing listing, social capital, and the structural assurance of lending intermediary are critical to the formation of lending trust. Furthermore, different dimensions of social capital may have different impacts on lending trust： the relational aspect of social capital has a significant impact on lending trust, while the impact of structural social capital is not. Our study also confirms that lending trust is a primary determinant of willingness to lend. Such findings imply that, in order to develop lenders＇ trust, borrowers should not only provide high-quality personal information about themselves, but also develop relational social capital to enhance their credit profiles. Moreover, for the purpose of facilitating P2P lending, lending platforms should provide high-quality services regarding security and protection. Finally, in order for the P2P lending market to run smoothly, policy makers should enact regulations regarding disclosure of borrowers＇ credit information to mitigate the problem of information asymmetry between borrowers and lenders. More importantly, third party credit institutions should be encouraged to participate in this market for potential lenders to have a better judgment of borrowers. Overall, we constructed a theory-based behavioral model for P2P lending, which has significant research and managerial implications.