中文摘要：

构建行业选择影响借款人融资状况的理论模型,分析互联网金融市场上行业声誉对借款人融资可得性的影响程度。利用P2P网络借贷——“人人贷”网站的交易数据,从借款订单的中标概率、利率水平两个角度检验网络借贷过程中借款人所在的行业属性对融资可得性的影响程度,并采用倾向得分匹配法进行稳健性检验。实证结果显示,网络借贷融资中对借款人选择存在着明显的行业偏向,说明借贷市场存在行业信号传递作用,并进一步估算各行业的声誉价值,以提高网络借贷市场效率。

英文摘要：

This paper constructs a theoretical model that industry selection can affect the borrower＇s financial situation, and analyzes the impact of borrower＇s availability of financing on the reputation of the industry on the internet financial market. With the transactions data of P2P networks lending, ＂renrendai. com＂, it researches the influence of financing availability on the industry attribute of borrowers from the probability of winning and interest rate levels of orders in the network lending, and makes a robustness testing with the method of propensity score matching. The empirical results show that there is a clear selection bias of borrowers in the industry on the network lending market, indicating the presence on the effect of industry signal, and further estimates the value of the industry＇s reputation, which improves the efficiency of network lending market.