한국경영과학회지 (Journal of the Korean Operations Research and Management Science Society)

  • 제38권4호
  • /
  • Pages.79-94
  • /
  • 2013
  • /
  • 1225-1119(pISSN)
  • /
  • 2733-4759(eISSN)
한국경영과학회 (The Korean Operations Research and Management Science Society)
권호 표지
DOI QR코드

DOI QR Code

온라인 개인간 대출시장에서의 차입자 특성 연구

A Study on the Determinants of the Characteristics of Online Peer-to-Peer Lending

  • Kim, Hakkon (Department of Management Engineering, College of Business, KAIST) ;
  • Park, Kwangwoo (Graduate School of Finance and Accounting, College of Business, KAIST)
  • 투고 : 2013.10.01
  • 심사 : 2013.12.02
  • 발행 : 2013.12.31
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

In this paper, we examine factors of success in online P2P (peer-to-peer) lending auctions. This paper finds the following empirical results. First, loan applicants with a stable employment status are more likely to succeed in the auction than loan applicants with an unstable employment status. Second, loan applicants, who actively share personal information and interact with lenders through online message boards, are likely to succeed in the auction. Third, the purpose of a loan for debt repayment has a significant impact on the success of the auction. However, the purpose of a loan for essential living expenses such as housing, living, and medical expenses has an insignificant relationship with the success of the auction. Our results imply that the characteristics of loan applicants such as employment status and social interaction are the factors of success in online P2P lending auctions.

키워드

참고문헌

  1. 김경아, "국내가계의 부채증가 추세 및 요인에 관한 연구 : 미시자료에 대한 분석을 중심으로", 응용경제, 제13권, 제1호(2011), pp.209-237.
  2. 김우영, 김현정, "가계부채의 결정요인 분석", 국제경제연구, 제16권, 제1호(2010), pp.39-78.
  3. 김영준, 남주하, "소비행태와 개인파산", 금융연구, 제23권. 제4호(2009), pp.1-31.
  4. 김성환, 설병문, "혁신형 중소기업 정책금융에 대한 금융기관 지원금 결정모형", 한국경영과학회지, 제34권, 제2호(2009), pp.1-13.
  5. 김학건, 박광우, 이병태, 최은호, "온라인 개인간(P2P) 대출의 상환 성공요인에 관한 연구", 재무연구, 제26권, 제3호(2013), pp.381-415.
  6. 박광우, 임성준, 성상용, "은행과의 관계가 최초 공모주 가격결정에 미치는 영향에 관한 연구", 재무관리연구, 제23권, 제1호(2006), pp.135-163.
  7. 유병준, 전성민, 도현명, "인터넷 대부시장에서의 정보비대칭성 문제 : P2P 금융회사 사례를 중심으로", 한국전자거래학회지, 제15권 제4호(2010), pp.285-301.
  8. 정광재, 이은경, "온라인 개인간 대출거래에서 정보 갱신이 투자 결정에 미치는 영향에 대한 실증적 연구", 경영관리연구, 제4권. 제1호(2011), pp.49-65.
  9. 정영석, 이기영, "불완전한 정보하에서 역선택 모형을 이용한 서민금융 시장의 이해", 금융연구, 제25권, 제3호(2011), pp.63-92.
  10. Duarte, J., S. Siegel, and L. Young, "Trust and Credit : The Role of Appearance in Peerto- peer Lending," Review of Financial Studies, Vol.25, No.8(2012), pp.2455-2484. https://doi.org/10.1093/rfs/hhs071
  11. Guiso, L., P. Sapienza, and L. Zingales, "The role of social capital in financial development," American Economic Review, Vol.94, No.3(2004), pp.526-556. https://doi.org/10.1257/0002828041464498
  12. Herzenstein, M., R.L. Andrews, U.M. Dholakia, and E. Lyandres, "The Democratization of Personal Consumer Loans? Determinants of Success in Online Peer-to-Peer Lending Communities," Working Paper, University of Delaware, 2008.
  13. Lin, M., N.R. Prabhala, and S. Viswanathan, "Judging Borrowers by the Company They Keep : Social Networks and Adverse Selection in Online Peer-to-Peer Lending," Working Paper, University of Maryland, 2009.
  14. Nargis, F., S.H. Lee, and K.S. Kwon, "Evaluating the Success Factors of Microfinance : A Case Study of Grameen Bank," Asia- Pacific Journal of Business Venturing and Entrepreneurship, Vol.7, No.3(2012), pp.65-73.
  15. Petersen, M.A., "Estimating Standard Errors in Finance Panel Data Sets : Comparing Approaches," Review of Financial Studies, Vol. 22, No.1(2009), pp.435-480. https://doi.org/10.1093/rfs/hhn053
  16. Zhu, N., "Household Consumption and Personal Bankruptcy," The Journal of Legal Studies, Vol.40, No.1(2011), pp.1-37. https://doi.org/10.1086/649033