Social Capital, Trusting, and Trustworthiness: Evidence from Peer-to-Peer Lending
利用中国P2P平台数据，研究发现区域社会资本影响借款人的可信度和贷款人的信任倾向，高社会资本地区借款人更易获得贷款且违约率更低，而贷款人则承担更高风险。
Abstract How does social capital affect trust? Evidence from a Chinese peer-to-peer lending platform shows that regional social capital affects the trustee’s trustworthiness and the trustor’s trust propensity. Ceteris paribus, borrowers from regions with higher social capital receive larger bids from individual lenders and have higher funding success, larger loan sizes, and lower default rates, especially for low-quality borrowers. Lenders from regions with higher social capital take higher risks and have higher default rates, especially for inexperienced lenders. Cross-regional transactions are most (least) likely to be realized between parties from regions with high (low) social capital.