| Summary: | 碩士 === 東吳大學 === 經濟學系 === 107 === With the rapid development of financial market and the continuous progess of
internet thchnology, the combination on internet thchnology and traditional finance model have promoted the birth and development on internet finance, a new industry.
P2P(Peer-to-Peer) is the most important business model under the “Internet Finance”. It’s emergence makes the inclusive finance, financial democracy and financial disintermediation have been popularized. It is the creation of internet thchnology and traditional lending.
The new combination used the internet between borrowers and lenders, and it has replaced the traditional indirect loan financing model of banks. P2P internet lending platforms divorce the lending business from the commercial bank. They provide an information intermediary platform to link borrowers (fund demanders) with lender (fund providers). P2P internet lending platform provides potential investment opportunities for lenders, and enables the disadvantaged people to have more channels to obtain loans.
P2P is a new financial tool. In the past, most of the research and policy recommendations on P2P internet lending were based on borrowers’ default and moral hazard. In recent years, some scholars have found the existence of herding effect between lenders in P2P lending platform. It actually causes the situation of financial risk by runs.
Though the framework of game theory, this paper explores the interaction of lenders’ decision-making with each other. First, it is found that when the lenders’ views or judgements on borrowers are similar and not very different from each other, the so- called herding effect is prone to occur between lenders in the P2P internet lending platform.
In order to increase own risk-free fee revenue and the investment of other lenders, “the strategists” who will promote their bidding strategies in the platform and relax the lending criteria, even if the borrower’s credit is not too good. Under the catalysis of system automatic bidding, the whole market will be made the turnover and risk of the market have increased.
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