关键词: P2P,网贷,信息不对称,融资效率,逆向选择

Abstract: Information asymmetry has a negative effect on financing efficiency; financing interest rate can ease the impact of information asymmetry on financing efficiency, while financing term can enhance the impact of information asymmetry on financing efficiency. The credit-keeping financiers should disclose all information as much as possible. When the information disclosure is frustrated, it can be made up by raising interest rates and shortening the time limits. The investors should resist the temptation of high interest rates and choose the financing projects with well-disclosed information. The P2P intermediary platforms should establish smooth channels for information disclosure and improve the degree of intelligence for automated bidding. The regulators should establish a mandatory information disclosure system and strive to reduce the level of equilibrium interest rates in the markets.

Key words: P2P; online lending; information asymmetry; financing efficiency; adverse selection