金融中介的价值：来自网络债务众筹的证据

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-07-09 DOI:10.1016/j.jfineco.2025.104113

Fabio Braggion , Alberto Manconi , Nicola Pavanini , Haikun Zhu

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引用次数: 0

摘要

大多数在线市场都是点对点的。然而，信贷机构并非如此，它们复活了传统金融中介机构的许多特征。为了理解其中的原因，我们将在线信贷作为研究金融中介价值的实验室。我们建立了一个网络债务众筹的结构模型，并在一个新的数据库上对其进行了估计。我们发现，放弃点对点模式会提高出借人盈余、平台利润和信贷供应，但会使投资者面临流动性风险。当流动性较低且贷款人厌恶风险时，平台与承担流动性风险的银行类似的反事实可以产生更大的贷款人盈余和信贷供应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The value of financial intermediation: Evidence from online debt crowdfunding

Most online marketplaces are peer-to-peer. Credit ones, however, are not and they have resurrected many features of traditional financial intermediaries. To understand why, we use online credit as a laboratory to investigate the value of financial intermediation. We develop a structural model of online debt crowdfunding and estimate it on a novel database. We find that abandoning the peer-to-peer paradigm raises lender surplus, platform profits, and credit provision, but exposes investors to liquidity risk. A counterfactual where the platform resembles a bank by bearing liquidity risk can generate larger lender surplus and credit provision when liquidity is low and lenders are risk averse.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.