中文摘要：

P2P网络借贷是互联网技术与民间借贷相结合的一种金融创新模式。信用是影响P2P网络借贷交易的重要因素．然而中国缺少高度透明的个人信用体系，借款人的信用评级完全由P2P网络借贷平台的信用认证机制做出。本文基于“人人贷”的数据，从信息不对称的理论框架出发，研究P2P网络借贷平台的信用认证机制对借贷行为的影响。结果发现，信用评级越高，借款成功率越高且借款成本越低。进一步分析认证指标和认证方式对借贷行为的影响．研究发现．对借贷行为影响较大的是工作认证、收入认证、视频认证和车产、房产认证等认证指标。另外．相比单纯的线上信用认证方式，线上和线下相结合的信用认证方式更能提高借款成功率并降低借款成本。本文的研究结果表明，“人人贷”的信用认证机制能够揭示信用风险．缓解借贷双方的信息不对称问题，但评级指标的单一决定了其风险揭示作用的局限性。为了进一步发挥信用认证机制的风险揭示作用并降低借贷双方信息不对称问题．应丰富和完善多层次认证指标，规范线下信用认证方式，加强政府对P2P网络借贷平台信用认证机制的监管。

英文摘要：

P2P lending is an innovative financial model of combining internet technology with private lending. Credit is an important factor which affects the behavior of P2P lending. However, highly transparent personal credit system is lack in China. The establishment of personal credit system is entirely rely on P2P platform＇s authentication mechanism. This paper uses a data from Renrendai, to test the effect of P2P platform＇s authentication mechanism on P2P lending behavior. We find the higher the credit rating of the borrower, the higher probability of success of borrowing and lower borrowing costs. Further, we test the effect of credit certification indicators and credit certification methods on lending behavior and find that work certification, income certification, video certification, car certification, and real estate certification are the greater impact indicator for P2P lending behavior. Our study also find that compared to a simple online credit authentication, the combination of online and offline credit authentication can enhance the success rate of borrowing and reduce borrowing cost. The results indicate that authentication mechanism can reveal credit risk and alleviate the problem of information asymmetry, but the simple certification indicators determine the limitations of the revealing risk role. In order to further develop the revealing risk role of authentication mechanisms and reduce information asymmetry between lenders and borrowers, multi-level certification indicators should be enriched and improved, offline credit authentication should be standarded, government regulation of P2P platform＇s authentication mechanism should be strengthened.