The Impact of Rising Housing Price on Peer-to-Peer Lending: Evidence from Renrendai
WU Yu, LI Jie, YIN Zhichao
Institute of Chinese Finance Studies,Survey and Research Center for China Household Finance, Southwestern University of Finance and Economics; Research Institute of Economics and Management,Southwestern University of Finance and Economics; School of Finance,Capital University of Economics and Business
Abstract:
By using the transaction data of RenrenDai, a representative online Peer-to-Peer lending platform, and the housing price data of 70 large and medium-sized cities in China, this paper investigates the impact of the rising housing price on the borrowing cost of P2P online lending market. Empirical results suggest that the rising housing price significantly increases the borrowing rate of P2P lending. Further analysis finds that rising housing price has significant positive effects on the borrowing rate of the production and operation, house-purchase and other consumption loan projects in the P2P lending market, and the increasing effect is more obvious in the business operation and house-purchase loan projects. In addition, heterogeneity analysis finds that the increasing effect of rising housing price on the P2P borrowing rate is more obvious in the third-tier and fourth-tier cities compared with first-tier and second-tier cities. Our findings indicate that the mechanism of rising housing prices on the emerging Internet credit market exists, which provides references and supplements for relevant departments to formulate policies on housing price regulation and Internet financial supervision policies.
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