【时间】2019年10月22日12:00-13:30

【地点】理科五号楼521

【主题】When FinTech Meets Privacy: The Consequence of Private Information Misuse in Debt Collection

【主讲人】王正位（清华大学五道口金融学院）

清华大学五道口金融学院党委副书记、助理教授、智慧金融研究中心副主任。王正位博士的研究领域包括金融科技、消费金融等多个领域。他的研究成果发表于《经济研究》、《金融研究》、《管理世界》、《管理科学学报》、Social Indicators Research、Economics Letters等多个刊物；著有学术专著《中国股票市场管制与干预的经济学分析》。王正位老师曾获得 “清华大学学术新秀”、“清华大学优秀博士论文”等多项荣誉称号，其研究多次获得“小林实中国经济研究基金”优秀论文奖。

【摘要】

Developments in FinTech, particularly the application of big data in finance, have led to increasing cases of private information misuse. In this paper, we examine the effect of a debt collection practice driven by the misuse of borrowers’ private information with data from a large cash loan platform in China. The platform contacts borrowers' social network for collection without obtaining clear permission. Statistics show that, without controlling for endogeneity, this collection practice seems to reduce the default rate by 21 percentage points. However, using collectors’ choice not to collect some borrowers due to excessive workloads as a quasi-natural experiment, we find that the actual effects of the collection practice correspond to a 17-percentage-point increase of default rate, which is contradictory to collection intention. We show that the misuse of private information has elicited negative reciprocity; that is, borrowers retaliate by choosing deliberate default. Furthermore, based on the online consumption data, we did not find evidence supporting the higher default rate of the collected borrowers is related to a tighter liquidity constraint.