Visiones actuales sobre el crédito peer-to-peer online: la evidencia de China

• Iftekhar HASAN ^[1] ; Qing HE ^[2] ; Haitian LU ^[3]
  1. [1] Fordham University

     Fordham University

     Estados Unidos

     
  2. [2] Renmin University of China

     Renmin University of China

     China

     
  3. [3] Hong Kong Polytechnic University

     Hong Kong Polytechnic University

     RAE de Hong Kong (China)

     

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• Localización: Papeles de economía española, ISSN 0210-9107, Nº 162, 2019, págs. 27-47
• Idioma: español
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    El presente artículo examina la evolución del crédito peer-to-peer (P2P) online durante la última década. Comienza con una exhaustiva revisión de la investigación relevante publicada en ocho de las principales revistas especializadas en finanzas, contabilidad y dirección de empresas entre 2010 y 2019. Las claves y conclusiones obtenidas a partir de la literatura se emplean a continuación para analizar la industria del crédito de mercado (marketplace lending) en un país, China, cuyo mercado P2P supera en tamaño al de todo el resto del mundo junto. Paradójicamente, se da la circunstancia de que cerca de dos terceras partes de las plataformas de crédito P2P online en China han quebrado. La evidencia empírica resultante de datos operativos mensuales de 735 plataformas crediticias y de los datos a nivel de transacción procedentes de una prominente plataforma (Renrendai) confirma muchas de las predicciones teóricas. También se apuntan algunas observaciones con el fin de orientar la investigación futura sobre el crédito P2P.

  • English

    This article traces the evolution of online peer-to-peer (P2P) lending in the past decade. It starts with a comprehensive review of related research published in eight leading journals in finance, accounting and management from 2010 to 2019. Insights derived from the literature are then used to analyze the marketplace lending industry in one country, China, where the size of the P2P market is larger than that of the rest of the world combined. Ironically, it is also true that, in China, around two-third of the online P2P lending platforms have failed. Empirical evidence from monthly operating data of 735 lending platforms and transaction level data from one prominent platform (Renrendai) confirms many theoretical predictions. We also provide observations to help guide future research in P2P lending.

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