中文摘要：

在信息不对称的P2P网络借贷市场,逆向选择和道德风险盛行。P2P网络借贷市场同传统的信贷市场一样,存在信贷配给现象,使得当利率高于一定水平之后借款利率的增加会降低借款成功率,平台整体借款成功率不高。投资者的期望收益取决于借款利率和借款人还款能力及概率两个方面。此外,投资者在资金出借时会看重借款人成功借款信息和标的已有投资人数信息。为了使P2P行业健康发展,提高信息透明度尤为重要。我国应加快征信体系建设步伐,完善互联网金融行业法律法规,制定行业准入细则,落实责任制。同时,借款人应诚信借款和还款,构建良好的信用;投资者应理性对待利率与风险,丰富自身投资知识。

英文摘要：

In Peer-to-Peer market under the background of asymmetric information, adverse selection and moral hazard is prevailing. The same as the traditional loan market, credit ration also exists in the P2P market, which leads to that the increase in lending interest rate will reduce the rate of success of the P2P platform when the rate is higher than a certain level. The investors＇ expect yield will be determined by both the lending interest rate and the borrowers＇ capability for repayment. Besides, the investors also pay more attention to borrower＇ s previous information of borrowing and the number of existing investors. The improvement of information transparency is the most important in promoting the healthy development of P2P industry. The government should accelerate the development of credit reporting system, perfect the related law and regulation system, formulate details of the industrial access system, and identify the responsibilities. At the same time, the borrowers should be honest and build the sound credit system： and the investors should rationally understand the interest rate and related risk, and enrich their own related knowledge.