P2P借貸平台個案研究

Abstract

人類借貸行為可回溯到古希臘雅典城邦，數千年來，即使科技不斷創新，然而人類對於「借貸」的需求並未改變。當前世界各國正迎來金融創新的浪潮，網際網路、行動技術及物聯網正在重新形塑金融業的面貌。\n金融科技（Financial Technology，簡稱FinTech）改變傳統的銀行及金融機構的方式中，即包含扭轉傳統金融行為必須透過金融機構的印象，不以銀行為「中介」的P2P 網路借貸平台（Peer-to-Peer Lending，P2P，以下簡稱P2P借貸）。P2P借貸是透過網際網路平台媒合有閒置資金的投資人以及有資金需求的借款者，從中收取服務費獲得報酬。\n本研究試圖以P2P借貸平台經營模式為基礎，探討在金融「去中介化」之價值主張下，P2P借貸平台於借貸交易中所需扮演之角色，以及其平台機制之設計，如何滿足投資人在一定風險下賺取合理報酬、借款者之資金需求與符合主管機關之規範，建立P2P借貸平台與三方之信任關係。因此，本研究之研究問題係總結為以下兩點：\n1. P2P借貸平台商業模式；\n2. ZOPA、Lending Club及宜人貸之平台經營模式。

The history of lending between humans can be traced back to the ancient Athenian Civilization. For thousands of years, regardless of constant technological advancement, the needs for loans have not changed at all. Nowadays, countries around the world are embracing the wave of financial innovations, while the Internet, mobile technologies, and the internet of things are reshaping the financial industry.\nFinancial Technology (FinTech) changes traditional banks and financial institutes in many ways including the web-based lending platforms, Peer-to-Peer lending platforms (P2P, P2P lending will be used as the abbreviation in the following section). P2P lending replaces banks as the intermediator, transforming the traditional idea that finance has to be handled through financial institutions. By merging investors holding idle capital with borrowers having funding needs through web platforms, P2P lending acquires remuneration for the service it provides.\nThe present study attempts to use the business model of P2P lending platforms as the basis and with the view of financial disintermediation, investigate the role P2P lending platforms play in loan transactions. In the meantime, the study looks into how the design of the platform mechanism can allow investors to gain reasonable rewards despite bearing certain risks, satisfy the funding needs of the borrowers, ad comply with government regulations, eventually building trust between P2P lending platforms, lenders, and borrowers. Therefore, the research questions of the present study are as follows:\n1. The business model of P2P lending platforms\n2. The business model of ZOPA, Lending Club, and Yirendai.com