基于P2P平台的低收入分配效应研究

论文总字数：31640字

摘 要

P2P平台作为新型小额借贷平台，它的出现改变了人们的投资方式，对人们的收入分配产生了一定的影响。这一新型数字媒介建立在小额信贷原则的基础上，近年来发展迅速，具有重要的现实意义。本文在分析了P2P平台的发展背景及现状的基础上，着重分析P2P平台的出现对于公平与效率的影响。在理论模型的构造上，本文选取了Greenwood和Jovanovic提出的G-J模型。这是一个动态的理论模型，讨论了收入分配与金融发展的关系。在这个模型中，金融中介的发展成熟是随着经济的增长而内生发展形成的。在经济发展的初级阶段，金融中阶段发展程度还不高，穷人没有足够的支付能力而踏进财富门槛，难以进入金融市场，只能享受极低的投资收益率，累积财富的速度就会远远慢于富人，贫富差距就会由此拉大，收入分配不公的问题更为严重。当经济得到很大程度的发展以后，金融市场逐渐成熟，穷人在有了长期的财富累积基础后能够进入财富市场，获得门槛内的高投资收益率，从而收入差距逐渐减小，收入分配趋向公平，呈现出倒U字的趋势。由于P2P平台的收益性较高且相对稳定，在实证模型方面，本文采用洛伦茨曲线和基尼系数的方法，分两个方面考察公平性：第一，以金陵E贷为例，考察不同收入水平的投资人群体在平台中的交易量占比情况，得出P2P平台对不同收益水平的投资人收入分配的影响；第二，由于全国各省市贫富差距较大，本文辅以全国各省P2P平台的成交量和人数为研究对象，从人口分布来分析P2P平台在全国范围内的收入分配的公平性。在经过理论和实证分析后，本文将针对存在问题提出政策和建议。

关键词：P2P借贷平台 公平与效率 G-J模型 洛伦茨曲线 基尼系数 低收入分配效应

IS IT AN INVESTMENT PLATFORM OF LOW-INCOME INVESTORS? A STUDY BASED ON LOW INCOME DISTRIBUTION

Abstract

As a new platform of micro financial transactions, peer-to-peer lending has changed people’s investment style, as well as has great influence on income distribution. This new digital intermediary was created on the basis of microcredit principles and has rapidly grown in recent years. It has extremely important practical significance. This article is based on the analysis of the background and development of peer-to-peer platform and then will focus on the influence which is laid on fairness and efficiency. G-J models, the abbreviation of Greenwood and Jovanovic models is selected here as a theoretical model. This is a dynamic theoretical model which discusses the relationship between income distribution and financial development. In this model, a financial intermediation is growing with economic growth and the endogenous development. During the early stages of economic development, the financial intermediary is at a low growth degree. The poor do not have enough ability to pay and step into the wealth threshold and it is difficult for them to access to financial markets. They can only have extremely low return on investment and the speed of the accumulation of wealth will be much slower than the speed of the rich. Thus, the gap between rich and poor will be widened and the problem of unfair distribution will be more serious. With the development of economic and financial market, the poor may have the ability to enter the wealth market after a long-term wealth accumulation. Then they can get higher return on investment and the gap between the rich and poor will be gradually narrowed. The tendency of distribution will presents as a upside-down “U”. Considered that the profitability is relatively high and stable, this article use Lorenz Curve and Gini coefficient as an empirical model. This model is focused on fairness from two respects: First, use a certain peer-to-peer platform as an example, conclude the effect on investors at different income levels. Second, in view of the giant gap between rich and poor, this article will analysis the fairness of income distribution across the world. After the theoretical and empirical analysis, this article will put forward policies and suggestions.

Keywords：peer-to-peer lending platform； fairness and efficiency； Greenwood and Jovanovic models ；Lorenz Curve；Gini coefficient,；low income distribution

目 录

摘要……………………………………………………………………..……………….…..………….…Ⅰ

Abstract……………………………………………………………...………………….………….………Ⅱ

第一章 绪论……………………………………………………………………….…………………..…1

1.1 问题的提出...………………………………………………………………….……………………1

1.2 研究内容、思路方法及结构………………………………………………..……………………..2

第二章 文献综述…………………………….………………………………….………….……………4

2.1 金融发展与收入分配….. …….…………………………………………….…………………...…4

2.2 公平与效率……..…………………………………………………….…….………………………5

2.3 我国P2P活动发展状况及问题…………………………………………..………………………..6

2.4 本文创新点……………………………………………………………….………………………...8

第三章 P2P平台关于G-J模型及库兹涅茨倒U模型的理论分析………….………………………..9

3.1 G-J模型理论假..…… ……………………………………………………………………………...9

3.2 G-J理论模型及库兹涅茨倒U型曲线..…………………………………………………………...9

3.3 P2P平台理论分析…..………………………….…………………………………………….……10

3.4 理论结论…………….………………………………………....…………………. ………….…...17

第四章 P2P平台收入分配公平性实证分析…………………………………..…….……..…...…........19

4.1 洛伦茨曲线和基尼系数实证假设…………………………….…………………………….…….19

4.2 洛伦茨曲线和基尼系数实证模型及分析………………………………………….……………..20

4.3 实证结论与不足…………………………………………………………………….………….….24

第五章 政策与结论……………………………………………………………………………..………..26

致谢……………………………………………………………………………………………….……….28

参考文献………………………………………………………………………………….………….……29

第一章 绪论

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