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本文选取了P2P网络借贷平台“人人贷”中2014年11月22日我国央行实施宽松货币政策前后两个月日交易数据,使用Probit模型实证检验了宽松货币政策这一宏观政策冲击对投资者风险偏好的影响。研究发现:宽松货币政策实施后,名义利率更高的高风险项目比普通风险项目更容易受到投资者青睐。具体表现为:高风险项目融资成功率显著上升,平台项目整体融资成功率并没有显著改变;高风险项目融资成本相较于普通风险项目并没有显著下降,这表明投资者投资高风险项目主要是看重其名义利率;高风险项目违约率并没有显著上升,因此并不能断定投资者增加对高风险项目投资的行为是非理性的。
This paper selected the P2P online lending platform “Renren Lo” November 22, 2014 China’s central bank implemented two months before and after the loose monetary policy transaction data, the use of Probit model empirical test of loose monetary policy macroeconomic policy impact on Impact of investor risk appetite. The study finds that after the implementation of the loose monetary policy, high-risk projects with higher nominal interest rates are more likely to be favored by investors than ordinary risk projects. The concrete manifestation is that the success rate of high-risk project financing has risen significantly, and the overall financing success rate of platform projects has not changed significantly. The financing cost of high-risk projects has not decreased significantly compared with that of ordinary risk projects, which indicates that the high-risk investment projects of investors are mainly Valuing their nominal interest rate. The default rate of high-risk projects has not risen significantly, so it can not be concluded that it is irrational for investors to increase the investment in high-risk projects.