[雙語(yǔ)翻譯]互聯(lián)網(wǎng)金融外文翻譯--p2p網(wǎng)絡(luò)借貸——文獻(xiàn)綜述（英文）

1、 Journal of Internet Banking and Commerce An open access Internet journal (http://www.arraydev.com/commerce/jibc/) Journal of Internet Banking and Commerce, August 2011, vol. 16, no.2 (htt

2、p://www.arraydev.com/commerce/jibc/) Online Peer-to-Peer Lending – A Literature ReviewAlexander Bachmann (Alexander.Bachmann@stud.leuphana.de), Alexander Becker (Alexander.Becker@stud.leuphana.de), Daniel Buerckner (D

3、aniel.Buerckner@stud.leuphana.de), Michel Hilker (Michel.b.Hilker@stud.leuphana.de), Frank Kock (Frank.Kock@stud.leuphana.de), Mark Lehmann (Mark.Lehmann@stud.leuphana.de) Phillip Tiburtius (phillip.tiburtius@uni.leu

4、phana.de) All authors mentioned above are graduate students at the Leuphana University in Lüneburg, Germany, in the field Management and Entrepreneurship. Burkhardt Funk Full Professor, Leuphana University, L

5、2;neburg, Germany Postal Address: Scharnhorststraße 1, 21335 Lüneburg, Germany Email: funk@uni.leuphana.de Burkhardt Funk is a full professor in the field of information systems. His research interests cove

6、r a wide range of topics, e.g. decision making in the context of E- Commerce scenarios and the integration of ERP systems and Environmental Management Information Systems. As a member of the presidential board of the

7、university he is responsible for the overall IT strategy of the Leuphana University. He has founded several companies and consulted major European Enterprises. JIBC August 2011, Vol. 16, No.2 - 3 - INTRODUCTION With th

8、e upcoming popularity of online communities in the past decade a new way of loan origination has entered the credit market: online peer-to-peer (P2P) lending. It transfers the old idea of personal credits into the Worl

9、d Wide Web. In this kind of lending model the mediation of financial institutions is not required (Herzenstein et al., 2008; Galloway, 2009). The decision process of loan origination is given into the hand of private

10、lenders and borrowers, and websites like Prosper.com offer them a platform to engage with each other. Within these platforms borrowers generally describe the purpose of their loan request and provide information about

11、their current financial situation, like income or open credit lines. Lenders then have the opportunity to offer a loan with an interest rate derived upon this information. For borrowers, online P2P lending is a way to

12、 receive a loan without a financial institution involved in the decision process and might also be a possibility to receive better conditions than in the traditional banking system. For lenders it can be seen as an inv

13、estment model where the investment risk is coupled to the credit rating of the funded loans. The platforms themselves often benefit by raising fees for successful realized transactions (Galloway, 2009). Although onli

14、ne P2P lending is a relatively young field of research an increasing amount of scientific contributions has been published in recent years (Iyer, Khwaja, Luttmer, Pope Ravina, 2007). With the emergence of the first on

15、line P2P lending platform “Zopa” the new lending model raised attention for the first time in the year 2006 (Hulme & Wright, 2006). However it was Prosper.com, who caused a wave of scientific contributions by maki

16、ng the entire platform’s data public in 2007. Since then, the topic has attracted researchers from the fields of economics, information technology and social sciences to investigate the relationships between lenders an

17、d borrowers in online P2P lending platforms. Following this emergent research area, we saw the need for a comprehensive literature- review that gives an overview of the current state of scientific research in P2P lendi

18、ng. It is our goal to integrate different representative research contributions and provide a synopsis of the determinants in P2P-lending. Our main target groups are readers from the information system and financial m

19、anagement communities. After describing the paper selection approach a short overview of the online P2P lending market and its stakeholders is given. The main part of this review covers the determinants in P2P lending

20、. We divide them into financial characteristics, also called hard-factors, and soft-factors like demographic characteristics and group intermediation. We conclude with ideas for future research in online P2P lending. P

21、APER SELECTION In the summer of 2010 we conducted a keyword-search in Google Scholar with the terms “P2P Lending” and “Peer-to-Peer Lending” and included further articles through backward- and forward search. Since the