外文文献中英文翻译P2P网络借贷信用风险与贷款绩效评估.doc

毕设附件 外文文献原文及译文 原文 Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending Riza Emektera Introduction With the advent of Web 2.0, it has become easy to create online markets and virtual communities with convenient accessibility and strong collaboration. One of the emerging Web 2.0 applications is the online Peer-to-Peer (P2P) lending marketplaces, where both lenders and borrowers can virtually meet for loan transactions. Such marketplaces provide a platform service of introducing borrowers to lenders, which can offer some advantages for both borrowers and lenders. Borrowers can get micro loans directly from lenders, and might pay lower rates than commercial credit alternatives. On the other hand, lenders can earn higher rates of return compared to any other type of lending such as corporate bonds, bank deposits or certificate of deposits. One of the problems in online P2P lending is information asymmetry between the borrower and the lender. That is, the lender does not know the borrower’s credibility as well as the borrower does. Such information asymmetry might result in adverse selection (Akerlof, 1970) and moral hazard (Stiglitz and Weiss, 1981). Theoretically, some of these problems can be alleviated by regular monitoring, but this approach poses a challenge in the online environment because the borrowers and the buyers do not physically meet.1 Fostering and enhancing the lender’s trust in the borrower can also be implemented to mitigate adverse selection and moral hazard problems. In the traditional bank-lending markets, banks can use collateral, certified accounts, regular reporting, and even presence of the board of directors to enhance the trust in the borrower. However, such mechanisms are difficult to implement in the online environment which will incur a significant transaction cost. To reduce lending risks associated with information asymmetry, current online P2P lending has the following arrangements. First, the Lendi