Wang Qi, Liu Xin, Zhang Chenghu
School of Economics and Finance, Xi'an Jiaotong University, Xi'an, China.
Front Psychol. 2022 Dec 7;13:954132. doi: 10.3389/fpsyg.2022.954132. eCollection 2022.
Benign exit has become the main theme of the transformation in China's peer-to-peer (P2P) lending industry. To protect the interests of investors in the benign exit process, this paper proposes a social co-governance pattern using a tripartite evolutionary game model to capture the behavior strategies of P2P lending platforms, investors, and financial regulators. The results demonstrate that there are four evolutionary stable strategies for the game model, among which the positive disposal of P2P lending platforms, the participation of the investors, and the co-governance policy of financial regulators is the optimal strategy in the benign exit process. The results also show that the initial proportion of P2P lending platforms, investors, and financial regulators would significantly affect the convergence speed of the evolutionary stable strategy. The proposed social co-governance pattern would effectively safeguard the interests of investors if incentive, penalty, and reputation mechanisms are well-designed. This paper provides in-depth implications for protecting investors' interests in the transformation of the P2P lending industry and enhancing the sustainable development of the FinTech industry.
良性退出已成为中国网络借贷(P2P)行业转型的主题。为保护投资者在良性退出过程中的利益,本文提出一种社会协同治理模式,运用三方演化博弈模型来刻画P2P借贷平台、投资者和金融监管机构的行为策略。结果表明,该博弈模型存在四种演化稳定策略,其中P2P借贷平台积极处置、投资者参与以及金融监管机构协同治理政策是良性退出过程中的最优策略。结果还表明,P2P借贷平台、投资者和金融监管机构的初始比例会显著影响演化稳定策略的收敛速度。如果激励、惩罚和声誉机制设计得当,所提出的社会协同治理模式将有效保障投资者利益。本文为保护P2P借贷行业转型中投资者利益以及促进金融科技行业可持续发展提供了深刻启示。