中文摘要：

网络借贷与传统借贷最大的差异就在于对信息的处理,而长尾群体＂硬信息＂不足只能靠＂软信息＂来弥补,所以对借款人＂软信息＂的征集与处理是网络借贷平台运营的关键,基于＂软信息＂的信用评级机制能够有效的将不同级别的借款人进行甄别,实现借贷市场的分离均衡,从而更加有效的配置资金。通过对人人贷与Prosper平台的实证检验,该文发现人人贷平台的信用评分主要基于借款人的＂硬信息＂,所以平台的利率定价机制缺乏弹性,而Prosper平台则更注重对借款人＂软信息＂的征集,尤其是基于第三方和社会公开的信用记录更能体现借款人的信用状况,在利率定价中发挥着更为重要的作用。

英文摘要：

The largest difference between network lending and traditional lending is their processing of information.The deficiency of the‘hard information＇6of the long tail group can only be compensated by the ‘soft information＇.The collection and processing of the ‘soft information＇of the borrower is the key to the operation of the network borrowing and lending platform.The credit rating mechanism based on the ‘soft information＇can effectively screen borrowers of different levels,thus realizing the separation equilibrium of the borrowing and lending market and allocating the capital more effectively.By empirically test the Peer-to-peer lending platform and the Prosper platform,this paper finds that the credit scoring of the Peer-topeer lending platform is mainly based on the‘hard information＇of the borrower,so the interest rate pricing mechanism of the platform lacks elasticity.The Prosper platform,on the other hand,is more concentrated on the collection of the‘soft information＇of the borrower,especially that obtained from the third party institutions and social public credit records,which can better reflect the credit condition of the borrower,and the Prosper platform therefore plays more important roles in interest rate pricing.