上海财经大学投资系
年系列学术报告第5期
:MediaandtheFinTechMarket:Thecaseofpeer-to-peerlendinginChina
:王靖一,中央财经大学金融学院金融科技系讲师
:年10月22日(周二),15:00-16:30
:凤凰楼室
:上海财经大学公共经济与管理学院投资系
:郭峰,上海财经大学投资系副教授
:Whatroledoesthemediaplayinnascentfinancialmarkets,likeChina’speer-to-peer(P2P)lendingmarket,whereprofessionalinformationserviceisscarce?Inthisstudy,wefirstconstructmediacoverageandnewssentimentindices,usingtextualdataof18millionnewsarticlespublishedbetweenMarchandJuly,whichofferafairlyaccurateaccountofthetrendsandturnsofthemarket.WethenanalyzetheimpactoftheaboveindicesontheP2Plendingmarket,arrivingatthefollowingfindings.Firstly,moremediacoverageandhighernewssentimentarelinkedtohigherP2Ptransactionvalue,andtheseimpactsareeconomicallysignificant.Onestandard-deviationincreaseincoverage(sentiment)predictsa2.1(3.77)percentagepointsincreaseingrowthofthetransactionvalue.Secondly,thispositiveshort-termimpactshowsnosignoflong-runreversal,indicatingthatitisprobablythenovelinformationconveyedwithinthenews,ratherthanpuresentiment,thatinfluencestheP2Pmarket.And,finally,mediaeffectsareheterogeneous,withsmallerplatformsmoresensitivetomediathanlargerones.
:王靖一,中央财经大学金融学院金融科技系讲师、北京大学数字金融研究中心特约研究员,博士毕业于北京大学国家发展研究院,研究方向为金融科技。在《经济学(季刊)》、《金融研究》等中英文刊物上发表金融科技领域论文6篇。
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