借款陈述会影响借款成本和借款成功率吗？——基于网络借贷陈述的文本分析

Journal of Financial Research

2016, Vol. 430

Issue (4): 158-173 DOI:

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Could the Loan Description Affect the Loan Cost and the Loan Success Rate? Textual Analysis Based on the Loan Description

PENG Hongfeng, ZHAO Haiyan, ZHOU Yang

Economics and Management School,Wuhan University

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Abstract Whether the loan descriptions have effects on P2P lending behaviors in different formation mechanisms of interest rate is tested from the perspective of textual analysis, using the transaction data on Prosper between December 2007 and February 2012. The results show, in the auction mode of interest rates, borrowers whose credit ratings are lower are more inclined to provide the loan description; both of fog indexes and lengths of loan descriptions form an inverted U-shaped relation to the loan success rate and have a linear positive correlation with the interest rate. Second, the interest rates form a U-shaped relation to the lengths of loan descriptions and are positively correlated with the fog indexes in the pre-set rates mode. Third, providing the loan description could decrease the interest rate, but fails to increase the success rate, and the impacts of providing the loan description are more obvious for borrowers with a lower credit rating in both mechanisms.

Key words： Loan Description P2P Lending Textual Analysis

Received: 10 June 2015 Published: 01 January 1900

JEL分类号:	G11
	G12
	G14

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PENG Hongfeng,ZHAO Haiyan,ZHOU Yang. Could the Loan Description Affect the Loan Cost and the Loan Success Rate? Textual Analysis Based on the Loan Description[J]. Journal of Financial Research, 2016, 430(4): 158-173.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V430/I4/158

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