국내 및 해외 P2P대출 플랫폼의 비교: 투자정보 영향요인 중심으로 (A Comparison of Domestic and Overseas P2P Platforms: Lender Decision Factors)

서지정보

· 발행기관 : 한국재무학회
· 수록지 정보 : 재무연구 / 33권 / 2호 / 245 ~ 278페이지
· 저자명 : 선정훈, 한석만

초록

이 논문은 소기업에 P2P대출을 제공하는 플랫폼인 미국의 랜딩클럽, 영국의 펀딩 써클, 국내의 에잇퍼센트와 펀다에서 대출정보, 차입자정보 등 투자정보가 투자자의 투자금액 결정에 미치는 영향을 분석하였다. 먼저 대출정보의 인당 투자금액에 대한 회귀 분석에서 대출신청금액, 대출기간 및 투자자수의 계수는 모든 플랫폼에서 통계적으로 유의하고 동일한 부호를 가졌으나, 대출금리의 계수 부호는 플랫폼에서 따라 상이하게 나타났다. 모든 플랫폼에서 대출신청금액이 클수록, 대출기간이 짧을수록, 그리고 투자자수가 적을수록 인당 투자금액이 증가하는 것으로 나타났다. 한편 차입자 정보의 인당 투자금액에 대한 회귀분석에서는 랜딩클럽의 사업기간 정보, 펀다의 업종 정보, 에잇퍼센트의 대출목적 정보의 계수들이 통계적 유의성을 가졌다. 또한 각 플랫폼의 재무 정보와 랜딩클럽의 파산정보, 연체정보 등 신용관련 정보가 인당 투자 금액 결정에 유의한 영향을 주고 있다. 이러한 결과는 국내 P2P대출 플랫폼에서도 랜딩클럽의 신용관련 정보와 같은 투자자들의 투자결정에 도움을 주는 차입자정보가 제공된다면, 정보비대칭 문제가 경감되고 결과적으로 더 많은 투자자들이 P2P대출에 참여함으로써 저신용 차입자의 금융제약이 감소될 수 있음을 시사한다.

영어초록

P2P lending has emerged as an alternative financing tool, complementing existing financial systems by allowing investments and loans without collateral or guarantees through an online brokerage platform. By reducing the cost of financial transactions, P2P increases the efficiency of financial markets. This paper investigates how the investment information provided by a P2P lending platform affects the investment decisions for small business loans. Small business P2P loans play an important role in alternative financing for small businesses with financial constraints and difficulties obtaining loans from traditional financial institutions. We collect data from 2007 to 2017 on investment amount per capita and investment information for four P2P lending platforms: Lending Club in the U.S., Funding Circles in the U.K., and Eight Percent and Funda in South Korea. re The regression analysis yieldsare two main findings. First, the investment amount per capita increases when (a) the loan application amount is larger, (b) the loan period is shorter, or (c) the number of investors is smaller. T; this finding holds on all platforms. Second, how the investment amount per person changes with the loan interest rate depends on the type of platform. In a posted-price platform, which matches borrowers' capital demands with investors' funds at a predetermined interest rate (as is the case with Landing Club, Eight Percent, and Funda), the higher the interest rate, the higher the per capita investment. In contrast, on platforms such as Funding Circle, which is an auction platform wherein the loan interest rate and theloan amount are determined through an auction, the investment amount per person decreases as the loan interest rate increases, perhaps because investors interpret high interest rates as a sign of high risk. The regression analysis involving borrower information shows that Landing Club's business period information, Funda's business type information, and Eight Percent's loan objective information have statistical significance in determining the loan amount. In addition, the financial information on each platform and the credit-related information on Landing Club, such as bankruptcy information and overdue information, significantly influence the decisions on the investment amount per person. These results demonstrate the importance of providing investors with reliable borrower information to help them make investment decisions by reducing information asymmetry problems. These findings suggest that the financial constraints of low-credit borrowers can be reduced and financial efficiency improved by having more investors participate in P2P lending. The development directions of the domestic P2P lending market identified in this study are as follows. Most domestic P2P lending platforms are small. Their loans tend to beinvolve short-terms, and involveto comprise more real estate loans than business loans. Most platforms need to improve their lending field by focusing on credit lending rather than mortgage lending. The domestic P2P lending market is still too small for financial resource allocation. There is a need to improve the participation of institutional investors who can contribute to the growth of the P2P lending market. BecauseAs most domestic P2P loan platforms are small, it is necessary to support the growth of large specialized platforms designed to improve financing efficiency and investor protection. For domestic P2P lending to evolve into a viable alternative financing venue, platforms must develop their own credit risk assessment models and provide borrowers’ financial and credit information to enhance trust. Domestic P2P lending platforms must provide reliable information about borrowers' credit, as is done by Lending Club. Providing high-quality investment information to P2P lenders reduces the information asymmetry between borrowers and investors and improves the efficiency of the P2P lending market. To develop the domestic small business P2P lending market, the government should incentivize P2P lending investment and develop the legal basis for investment protection and investment activation. The results in this paper provide a useful basis for improving investment decisions in P2P lending markets and supporting the role of an intermediary in the platform. This study is unique in that it examines the factors influencing investment information from an investor's perspective, a gap in the literature caused by a lack of public data. This empirical study focuses on the factors affecting the investment in domestic P2P lending platforms by comparing these platforms with P2P lending platforms in the United States and the United Kingdom. To the best of our knowledge, this is the first study to compare the impact of investment information on investment decisions in Landing Club, Funding Circle, Eight Percent, and Funda, which act as P2P lending platforms providing small business credit.

참고자료

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