关键词: 平台标价, 利率区分度, 贷款质量, 交易行为

Abstract: As transaction data and credit data accumulate, interest price mechanism in peer-to-peer lending has moved to posted price mechanism. A leading peer-to-peer lending company in China has accomplished the promotion of loan quality and decreased default rate after changing to posted price mechanism. This step also improved investors bidding behaviors and bidding percentage, and decreased herding behavior. Using Propensity Score Match method, the author finds that compared to former price mechanism which can be concluded as “borrower chooses price-platform chooses borrower”, platform under posted price has the information advantage to recognize and price loan interest. Posted price mechanism also increases interest distinction degree between good loan and bad loan to decrease information asymmetry. Interest rate discrimination perfectly explains all the changes in trading behavior. This attempt to post price mechanism improves platform’s operation performance.

Key words: posted price, interest rate discrimination, loan quality, trading behavior