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1、本份文档包含：关于该选题的外文文献、文献综述一、外文文献标题:EmergenceofFinancialIntermediariesinElectronicMarkets:TheCaseofOnlineP2PLending作者:Berger,SvenC;Gleisner,Fabian期刊:BusinessResearch；卷:2；期:1；页:39-65；出版年份:2009EmergenceofFinancialIntermediariesinElectronicMarkets:TheCaseofOnlineP2PLendingAbstractWeanalyzetheroleofint
2、ermediariesinelectronicmarketsusingdetaileddataofmorethan14,000originatedloansonanelectronicP2P(peer-to-peer)lendingplatform.Insuchanelectroniccreditmarket,lendersbidtosupplyaprivateloan.Screeningofpotentialborrowersandthemonitoringofloanrepaymentcanbedelegatedtodesignatedgroupleaders.Wefindth
3、atthesemarketparticipantsactasfinancialintermediariesandsignificantlyimproveborrowers'creditconditionsbyreducinginformationasymmetries,predominantlyforborrowerswithlessattractiveriskcharacteristics.Ourfindingsmaybesurprisinggiventhereplacementofabankbyanelectronicmarketplace.Keywords:Asymmetri
4、cinformation,intermediation,sociallending,electronicmarkets1IntroductionTheevolutionofinformationtechnologyinrecentyearshasledtothedevelopmentofelectronicmarketplaceswheretraditionalintermediariesmaybelessimportantorevenredundantfortheeconomicinteractionofmarketparticipants(BenjaminandWigand19
5、95,EvansandWurster1997,Malone,Yates,andBenjamin1987).Withinthefinancialservicesindustry,thedebateaboutdisintermediationandthefuturerelevanceoffinancialintermediaries(AllenandSantomero2001,Nellis,McCaffery,andHutchinson2000,Schmidt,Hackethal,andTyrell1999)isfueledbytheincreasingroleofelectronic
6、lendingmarkets(P2PLendingorSocialLending)whereanelectronicmarketplacereplacesabankasthetraditionalintermediaryandenablesthebrokerageofconsumerloansdirectlybetweenborrowersandlenders(HulmeandWright2006,Meyer2007).Arecentstudypredictsthatwithinthenextfewyearssuchsocialbankingplatformsmayhaveamar
7、ketshareoftenpercentoftheworldwidemarketforretaillendingandfinancialplanning(GartnerInc.2008).FortheUS,theP2PlendingmarketisestimatedtogrowtoavolumeofuptotenbillionUSDwithinthenext10years(Bruene2007).Weexaminemorethan14,000credittransac
