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外文文献翻译 (含:英文原文及中文译文 译文字数4400多字) 文献出处: Emekter R, Tu Y, Jirasakuldech B, et al. Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending[J]. Applied Economics, 2015, 47(1):54-70. 英文原文 Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending Riza Emekter, Yanbin Tu, Benjamas Jirasakuldech, Min Lu Abstract Online Peer-to-Peer (P2P) lending has emerged recently. This micro loan market could offer certain benefits to both borrowers and lenders. Using data from the Lending Club, which is one of the popular online P2P lending houses, this article explores the P2P loan characteristics, evaluates their credit risk and measures loan performances. We find that credit grade, debt-to-income ratio, FICO score and revolving line utilization play an important role in loan defaults. Loans with lower credit grade and longer duration are associated with high mortality rate. The result is consistent with the Cox Proportional Hazard test which suggests that the hazard rate or the likelihood of the loan default increases with the credit risk of the borrowers. Finally, we find that higher interest rates charged on the highrisk borrowers are not enough to compensate for higher probability of the loan default. The Lending Club must find ways to attract high FICO score and high-income borrowers in order to sustain their businesses. Key words: Peer-to-Peer lending; credit grade; FICO score; default risk 1 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

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