Incentive and Coordination in the Two-Sided Market: Evidence from the P2P Lending Market
Table 14
The influence of coupon strategy on the participant by using the subset of the data sample.
Lender
Lreturn
Borrower
2018
2019
2018
2019
2018
2019
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
Coupons
0.374
0.985
0.660
1.262
0.326
0.017
0.025
1.901
0.184
0.108
1.581
0.052
(3.31)
(2.79)
(4.99)
(5.59)
(6.29)
(1.83)
(2.36)
(3.92)
(1.76)
(1.89)
(8.88)
(1.95)
Interest
−7.488
−17.11
−10.61
3.451
(−2.81)
(−6.01)
(−7.54)
(1.22)
Month
2.089
1.456
0.466
−2.340
(3.97)
(6.73)
(2.79)
(−4.18)
Amount
−0.920
−0.208
0.003
0.892
(−5.12)
(−3.03)
(0.04)
(4.54)
Lendert−1
0.283
0.167
−0.215
−0.053
0.0004
(9.92)
(7.48)
(−6.91)
(−0.6)
(1.67)
Lcoupon
−0.499
(−6.11)
Borrower
0.707
0.946
0.017
(22.45)
(31.79)
(0.50)
Bcoupon
0.131
0.166
0.341
(2.54)
(5.81)
(4.48)
Lendert−1
−3.811
9.969
(−1.06)
(2.00)
Borrowert−1
0.593
0.964
(7.49)
(12.34)
C
7.913
2.13
10.67
9.24
4.437
27.10
4.746
−3.621
6.646
11.79
7.043
−19.42
(10.25)
(3.72)
(10.02)
(5.86)
(7.63)
(8.08)
(8.29)
(−0.60)
(2.96)
(1.45)
(9.19)
(−1.68)
N
353
352
365
365
717
717
353
352
353
352
365
365
0.073
0.784
0.062
0.889
0.10
0.376
0.050
0.327
0.063
0.302
0.176
0.794
Table 14 shows the regression analysis in 2018 and 2019, respectively. The number of investors, borrowers, and trading volume are the dependent variables. The independent variable is the coupon, and the control variables are similar to those in Tables 8-10. LCoupon is the cross-term of the number of lenders and coupons. statistics are given in parentheses. <0.01, <0.05, and <0.1.