P2P的用户认知偏差、市场有效性与资金错配

基于行为金融理论的分析框架,研究发现P2P网络借贷市场上的用户(借贷双方)普遍存在启发式简化、自欺效应、情绪和自我控制、社会交互效应等认知偏差,但其表现和特征不同于传统的银行信贷市场。在非完全有效市场上,P2P用户的认知偏差容易产生定价错误并导致资金错配。为提升P2P市场上资金的配置效率,应优化平台信息披露机制,实施"去刚兑"的还款保障措施,增强利率弹性,加大对P2P投资者的风险教育,强化P2P行业的监管和指引。

User Cognitive Bias,Market Efficiency and Fund Mismatch in P2P Lending Market

Based on the behavioral finance analysis framework,this paper finds that the P2P users,debtors and creditors both,are suffering cognitive biases,including heuristic simplification,self-deception,emotions and self-control,social interactions,while its performance and characteristics are different from the traditional credit market.In the weak efficient market,these cognitive biases may cause mispricing and lead to fund mismatch.In order to improve the efficiency of fund allocation,the P2P market should optimize the information disclosure mechanism,break rigid redemptions for new payment assuring system,enhance interest flexibility,improve the education of risk to P2P users and strengthen supervision and guidance of P2P industry.