关键词: 网络借贷 , 羊群效应 , 投资效率

Abstract: This paper studies the existence of herding behavior in P2P lending market, as well as its driving mechanism and influence on investors investment efficiency. Empirical results show that there exists remarkable herding behavior in Chinese P2P lending market after the failureofbid risk and the time fixed effects being controlled. Furthermore, the extent of herding behavior is closely related to borrowers information and investors profile. Results show that lowquality borrowers and lowriskaversion investors will intensify herding behavior, which means herding behavior is driven by the motivation of lowriskaversion investors to eliminate default risk by mimic previous investors investment direction. Finally, this paper finds that herding behavior helps investors improve their investment efficiency, presented as herding behavior increases the success rate of investment and assists investors to invest in the loan which has lower potential default risk.

Key words: P2P leading , herding behavior , investment efficiency