JFQA-金融科技的再中介化：来自网络借贷的证据-41页.docx

https

/10.1017/S0022109023000789PublishedonlinebyCambridgeUniversityPress

JOURNALOFFINANCIALANDQUANTITATIVEANALYSIS

?TheAuthor(s),2023.PublishedbyCambridgeUniversityPressonbehalfoftheMichaelG.FosterSchoolofBusiness,UniversityofWashington.ThisisanOpenAccessarticle,distributedunderthetermsoftheCreativeCommonsAttributionlicence(/licenses/by/4.0),whichpermitsunrestrictedre-use,distributionandreproduction,providedtheoriginalarticleisproperlycited.

doi:10.1017/S0022109023000789

ReintermediationinFinTech:EvidencefromOnlineLending

TetyanaBalyuk

EmoryUniversityGoizuetaBusinessSchool

tetyana.balyuk@(correspondingauthor)

SergeiDavydenko

UniversityofTorontoRotmanSchoolofManagement

davydenko@rotman.utoronto.ca

Abstract

Wedocumenttheuniquestructureofthepeer-to-peerlendingmarket.Originallydesignedasdecentralized,themarkethasbecomehighly,butnotfully,reintermediated.Theplatforms’softwarenowperformsessentiallyalltasksrelatedtoloanevaluation,whereasmostlendersarepassiveandautomaticallyfundmostapplicationsonoffer.Yetunlikebanks,andincontrasttotheoriespredictingfullreintermediation,theplatformsprovidedetailedloaninformation,andsomeactiveloanpickerscoexistwithpassiveinvestors.Wearguethatwhileintermediationattractsunsophisticatedpassiveinvestors,transparencyinthepresenceofactiveinvestorsresolvesthelendingplatform’smoralhazardprobleminherentininter-mediatedmarkets.

I.Introduction

OnlineplatformssuchasUber,Airbnb,andeBaybringtogetherbuyersandsellersofgoodsandservicesovertheInternet,reducingsearchcostsinamultitudeofverydifferentmarkets.Theriseoffinancialtechnology(FinTech)hassometimesbeenpredictedtoresultinsimilardevelopmentsinthefinancialsector,allowingprovidersandusersoffinancetointeractdirectlywithouttheinvolvementofbanksandother