Purpose

The purpose of this study is to examine the effects of social disclosure on loan funding and repayment within the fixed-rate peer-to-peer (P2P) lending model.

Design/methodology/approach

By analyzing 31,637 loans from the largest P2P lending company in the USA, the authors study the effects of different forms of social disclosures and the specific contents of such disclosures on the speed of funding, amount borrowed, recovered principal amount and loan default.

Findings

Some social disclosures help to fund a loan and are positively associated with loan repayment. The findings reveal prescriptive ways P2P borrowers indicate creditworthiness through social disclosure on loan listings.

Practical implications

The results suggest that it is advantageous for P2P borrowers to invest time into well-written loan descriptions and remain engaged with potential lenders.

Originality/value

The authors show that some social disclosure factors that affect funding time and likelihood do not necessarily affect the loan default and repayment in the same way.

中文翻译：

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社会信息披露对贷款资金和还款的不同影响：来自固定利率对等贷款的证据

目的

这项研究的目的是在固定利率对等（P2P）贷款模型中检验社会披露对贷款资金和还款的影响。

设计/方法/方法

通过分析美国最大的P2P贷款公司的31637笔贷款，作者研究了不同形式的社会披露以及这些披露的具体内容对资金速度，借入金额，收回的本金金额和贷款违约的影响。

发现

一些社会信息披露有助于为贷款筹集资金，并且与还贷有正相关关系。调查结果揭示了P2P借款人通过对贷款清单进行社会披露来表明信誉的规定性方式。

实际影响

结果表明，对P2P借款人而言，将时间投入到书写良好的贷款说明中并与潜在贷方保持联系是有利的。

创意/价值

作者表明，一些影响融资时间和可能性的社会披露因素并不一定以相同的方式影响贷款的违约和还款。