Journal of Empirical Finance, Volume 48, September 2018, Pages 307-320

金融素养与借贷表现的性别差异

作者：Jia Chen (Peking University)

Jiajun Jiang (Fudan University)

Yu-jane Liu (Peking University)

摘要：我们使用来自中国主要个人对个人借贷市场的数据来研究女性和男性投资者是否以不同方式评估贷款业绩。控制投资者人口统计，投资者经验和贷款特征的变量，我们发现女性投资者投资的贷款更有可能违约，并且未来的贷款收益率低于男性投资者投资的贷款。我们将异常违约或异常贷款收益定义为贷款违约的一部分或贷款收益的一部分（贷款特征无法解释），并发现女性投资者投资的贷款违约率高于男性投资者，异常贷款收益率低于男性投资者。此外，当投资者具有高水平的教育或收入或投资者在金融或信息技术行业工作时，女性投资者在异常违约或异常贷款回报方面的表现与男性投资者相似。

关键词：金融素养；违约贷款；性别差异；个人对个人借贷

Financial literacy and gender difference in loan performance

Jia Chen (Peking University)，Jiajun Jiang (Fudan University)，Yu-jane Liu (Peking University)

ABSTRACT

We use data from a major peer-to-peer lending marketplace in China to study whether female and male investors evaluate loan performance differently. Controlling for variables of investor demographics, investor experience, and loan characteristics, we find that loans invested by female investors are more likely to default and have lower loan return in the future than loans invested by male investors. We define abnormal default or abnormal loan return as the part of the loan default or the part of loan return that is not explained by loan characteristics and find that the loans invested by female investors have higher abnormal default and lower abnormal loan return than the loans invested by male investors. Furthermore, female investors perform similarly to male investors in abnormal default or abnormal loan return when investors have high levels of education or income or when investors work in finance or information technology industries.

Keywords: Financial literacy; Loan default; Loan return; Gender difference; Peer-to-peer lending

原文链接：

https://www.sciencedirect.com/science/article/pii/S0927539818300422

翻译：陈然