小微企业网贷风险定价模型研究
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摘要
对小微企业网贷平台的运营模式进行深入分析,发现其运行机制包括需求的同质化解构、需求的模块化生产、需求的风险评估、个性化需求加总,在此基础上构建小微企业网贷风险定价模型。为验证模型的有效性,抽取国内典型互联网金融平台"人人贷"上近期发生的小微企业标的并进行风险定价,将定价结果与实际利率进行比较,发现该模型适用于"卖方市场"的小微企业网贷,能够提供差异化的贷款利率,从而向小微企业提供个性化的网贷产品。
This paper makes an in-depth analysis of the operation modes of online loan platforms for small and micro enterprises. It finds their operating mechanism includes homogeneity deconstruction of demand, modular production of demand, risk assessment of demand,and addition of individual demand. The paper further constructs an individualized pricing model for small and micro enterprise online loans. In order to verify the validity of the model,it takes the " RenRen Loan",a typical domestic Internet finance platform, as an example,making risk pricing for the recent small and micro enterprise subjects on the platform, and comparing the pricing results with the real interest rate. We find the cost-oriented risk pricing model we have constructed is suitable for the small and micro enterprise net loans that are of"the seller's market", and can provide a differentiated loan price, which will be able to provide individualized net loan products for small and micro enterprises.
This paper makes an in-depth analysis of the operation modes of online loan platforms for small and micro enterprises. It finds their operating mechanism includes homogeneity deconstruction of demand, modular production of demand, risk assessment of demand,and addition of individual demand. The paper further constructs an individualized pricing model for small and micro enterprise online loans. In order to verify the validity of the model,it takes the " RenRen Loan",a typical domestic Internet finance platform, as an example,making risk pricing for the recent small and micro enterprise subjects on the platform, and comparing the pricing results with the real interest rate. We find the cost-oriented risk pricing model we have constructed is suitable for the small and micro enterprise net loans that are of"the seller's market", and can provide a differentiated loan price, which will be able to provide individualized net loan products for small and micro enterprises.
引文
[1]谢平,邹传伟.互联网金融模式研究[J].金融研究,2012(12):11-22.
[2]牛瑞芳.互联网金融支持小微企业融资的经济分析:基于“长尾理论”的视角[J].现代经济探讨,2016(7):47-51.
[3]STIGLITZ J E, WEISS A. Credit rationing in markets with imperfect information[J]. American Economic Review, 1981(3):393-410.
[4]徐晓萍,张顺晨,敬静.关系型借贷与社会信用体系的构建:基于小微企业演化博弈的视角[J].财经研究,2014(12):39-50.
[5]庄雷,赵天骄,黄玲.小微企业网络融资机制效率分析:基于“人人贷”的实证分析[J].贵州财经大学学报,2015(5):58-68.
[6]LIN M,PRABHALA N, VISWANATHAN S. Judging borrowers by the company they keep:friendship networks and information as my me try in online peer-to-peer lending[J]. Management Science,2013(1):17-35.
[7]傅一帆.社会网络视角的P2P平台机制设计研究[D].杭州:浙江大学,2015.
[8]王博,张晓玫,卢露.网络借贷是实现普惠金融的有效途径吗:来自“人人贷”的微观借贷证据[J].中国工业经济,2017(2):98-116.
[9]GRNROOS C,VOIMA P. Critical service logic:making sense of value creation and co-creation[J].Journal of The Academy of Marketing Science,2013(2):33-50.
[10]吴义爽,盛亚,蔡宁.基于互联网+的大规模智能定制研究:青岛红领服饰与佛山维尚家具案例[J].中国工业经济,2016(4):127-143.
[11]范懿.中国建设银行供应链融资产品个性化定制研究[D].济南:山东大学,2013.
[12]吴琼.中国商业银行利率定价管理[M].北京:中国财政经济出版社,2010.
[13]石晓军.Logistic违约率模型最优样本配比与分界点的模拟分析[J].数理统计与管理,2006(6):675-682.
[14]MANSKI C F,LERMAN S R. The estimation of choice probabilities from choice based samples[J].Econometrica,1977(45):1977-1988.
(1)引用银监会2009年11月23日下发的《商业银行资本计量高级方法验证指引》中对KS值的参考标准(资料来源:http:∥www.cbrc.gov.cn/govView_2B2D83E009CE418E8650192E57F51BE5.html)。
(1)数据来源:https:∥www.renrendai.com/pc/ppb/cv1/page/5a7ea3ad5a13c629011c1060.html。
(2)数据来源:http:∥yield.chinabond.com.cn/cbweb-mn/yield_main。
[2]牛瑞芳.互联网金融支持小微企业融资的经济分析:基于“长尾理论”的视角[J].现代经济探讨,2016(7):47-51.
[3]STIGLITZ J E, WEISS A. Credit rationing in markets with imperfect information[J]. American Economic Review, 1981(3):393-410.
[4]徐晓萍,张顺晨,敬静.关系型借贷与社会信用体系的构建:基于小微企业演化博弈的视角[J].财经研究,2014(12):39-50.
[5]庄雷,赵天骄,黄玲.小微企业网络融资机制效率分析:基于“人人贷”的实证分析[J].贵州财经大学学报,2015(5):58-68.
[6]LIN M,PRABHALA N, VISWANATHAN S. Judging borrowers by the company they keep:friendship networks and information as my me try in online peer-to-peer lending[J]. Management Science,2013(1):17-35.
[7]傅一帆.社会网络视角的P2P平台机制设计研究[D].杭州:浙江大学,2015.
[8]王博,张晓玫,卢露.网络借贷是实现普惠金融的有效途径吗:来自“人人贷”的微观借贷证据[J].中国工业经济,2017(2):98-116.
[9]GRNROOS C,VOIMA P. Critical service logic:making sense of value creation and co-creation[J].Journal of The Academy of Marketing Science,2013(2):33-50.
[10]吴义爽,盛亚,蔡宁.基于互联网+的大规模智能定制研究:青岛红领服饰与佛山维尚家具案例[J].中国工业经济,2016(4):127-143.
[11]范懿.中国建设银行供应链融资产品个性化定制研究[D].济南:山东大学,2013.
[12]吴琼.中国商业银行利率定价管理[M].北京:中国财政经济出版社,2010.
[13]石晓军.Logistic违约率模型最优样本配比与分界点的模拟分析[J].数理统计与管理,2006(6):675-682.
[14]MANSKI C F,LERMAN S R. The estimation of choice probabilities from choice based samples[J].Econometrica,1977(45):1977-1988.
(1)引用银监会2009年11月23日下发的《商业银行资本计量高级方法验证指引》中对KS值的参考标准(资料来源:http:∥www.cbrc.gov.cn/govView_2B2D83E009CE418E8650192E57F51BE5.html)。
(1)数据来源:https:∥www.renrendai.com/pc/ppb/cv1/page/5a7ea3ad5a13c629011c1060.html。
(2)数据来源:http:∥yield.chinabond.com.cn/cbweb-mn/yield_main。