Credit Sharing Economy : 자본시장 효율성 제고를 위한 P2P 대출의 역할과 가능성에 대한 실증 연구

The rapid advances in technology allows developing unprecedented and disruptive enterprises in various industries, wherein paradigm shift is especially prominent in the financial industry. By utilizing unique and detailed data from SME P2P loan flagship company in Korea, I examined whether emerging P2P loan can serve as complementary or substitutive system to the existing financial industry, thereby enable to enhance the efficiency of the financing brokerage and establish themselves as financial instruments. We also incorporate individual investors’ characteristics into the model to look into how observed individuals’ characteristics may affect their investment decision. This paper presents the new opportunity of P2P lending platform in financial market which may benefit both investors and borrowers.