| P2P online lending is a kind of innovation of the Folk loan,which alleviates the pressure of financing of small and medium-sized enterprises and individuals to some extent,and promotes the development of Inclusive Finance.At the same time,the problem that the virtual network,information asymmetry between borrowers and lenders,causes the P2 P online lending market facing a serious credit risk.In the case that the personal credit system is imperfect and central bank credit data is not open,borrower's credit status could not be confirmed,and the P2 P online lending platform's access to get borrower's credit information is limited.Thus,P2 P online lending platform should establish a reasonable and effective risk control mechanism based on the characteristics of the P2 P online lending.Social capital is derived from social relations,and embedded in social networks,which can reflect some credit information of the individual,and standardize the individual's behavior.Therefore,it has important theoretical and practical significance to study the implications of social capital in the P2 P online lending,and the influence mechanism of social capital on borrower's Credit Behavior.This paper mainly launches the research from several aspects as following.Firstly,it combines the historical evolution of social capital,and then defines the connotation of social capital and credit behavior based on the characteristics of P2 P online lending.Secondly,it summarizes the logical relationship of social capital and credit theory,and then analyses the influence mechanism of Social Capital on borrower's Credit Behavior from the dimensions,attributes and functions of social capital.Thirdly,it builds structural equation models to test effect coefficients of social capital on borrower's credit behavior based on data from Prosper and Pai Pai Dai separately.Finally,the paper puts forward some policy suggestions according to the result of Prosper and Pai Pai Dai.The result shows that both social capital and borrower's basic information have significant effect on the borrower's credit behavior.Social capital can be divided into three dimensions: Structural social capital,Relational Social Capital and Cognitive Social Capital.Structural Social Capital and Relational Social Capital have capital property,which shows the incentive function to the borrower's repayment behavior,mainly through earnings mechanism and revenue mechanism to increase borrower's repayment ability and improve its repayment willingness.Cognitive Social Capital has system property,which shows the constraint function to borrower's default behavior,mainly through screening mechanism,supervision mechanism and punishment mechanism to affect the borrower's repayment behavior,and then to improve its repayment willingness and repayment ability indirectly.The effect of borrower's basic information on it's credit behavior is significant,which is consistent with the case that investors attach great importance to the the credit rating and other basic information in the process of investing.Finally,this paper puts forward some suggestions according to the result,such as increasing the social channels,improving the system of credit rating,and cultivating the culture of social capital,so as to promote the market development of P2 P online lending healthily and orderly. |
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