点对点借贷中的贷款定价

Q4 Business, Management and Accounting
David D. Maloney, Sung-Chul Hong, Barin Nag
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引用次数: 0

摘要

在点对点市场上发放贷款的贷款人承担着风险,并期待着预期回报。在目前的实施过程中,许多贷款人除了在整个还款期内持有贷款外,并没有退出策略。许多有意放贷的人都会被这种风险所吓倒,因为他们会被一种流动性不强的投资所困,而又没有办法根据整体经济状况进行调整。这种风险限制了贷款交易的总体数量。这种风险阻碍了许多有需要的申请人获得资金,同时也将资金引向了其他流动性更强的成熟市场。点对点借贷领域目前使用的估值方法尚不完善,这为建立贷款价值分配模型提供了机会。我们提供了一个基于所有贷款中常见的多种因素的点对点贷款定价模型的新应用。该方法可用于赋予点对点贷款价值,从而促成交易。这些交易有可能促进二级点对点贷款交易市场的参与和整体成熟。我们将既定的估值算法应用于点对点贷款,为贷款人提供一种可采用的方法,从而促成二级市场上的票据交易。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Loan Pricing in Peer-to-Peer Lending
Lenders writing loans in the peer-to-peer market carry risk with the anticipation of an expected return. In the current implementation, many lenders do not have an exit strategy beyond holding the loan for the full repayment term. Many would-be lenders are deterred by the risk of being stuck with an illiquid investment without a method for adjusting to overall economic conditions. This risk is a limiting factor for the overall number of loan transactions. This risk prevents funding for many applicants in need, while simultaneously steering capital towards other more liquid and mature markets. The underdeveloped valuation methods used presently in the peer-to-peer lending space present an opportunity for establishing a model for assigning value to loans. We provide a novel application of an established model for pricing peer-to-peer loans based on multiple factors common in all loans. The method can be used to give a value to a peer-to-peer loan which enables transactions. These transactions can potentially encourage participation and overall maturity in the secondary peer-to-peer loan trading market. We apply established valuation algorithms to peer-to-peer loans to provide a method for lenders to employ, enabling note trading in the secondary market.
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来源期刊
CiteScore
4.50
自引率
0.00%
发文量
512
审稿时长
11 weeks
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