以信任為基礎的理性計算：臺灣P2P網路借貸交易

Trust as a Rational Calculation Foundation: P2P Lending in Taiwan

P2P網路借貸（onlinepeer-to-peer lending）為目前全球金融科技（FinTech）主要發展類型之一，近年也在臺灣快速成長。網路平台業者媒介貸方與借方完成借貸交易，且在過程中提供各類型服務，向一方或雙方收取費用。本文指出，貸與人與P2P網路平台連結共同展演實踐（perform）理性經濟人（homo economicus），經由平台中完整的借用人資訊、案件信用評比、分散投資機制、風險保護與法律協助，讓個人間信用借貸可脫離（disentangle）社會關係置入於經濟市場框架，成為可理性計算風險與預期報酬的投資活動。然而，目前臺灣P2P平台制度的正當性尚未充分，參與者對於平台的信任成為這個經濟活動可存在的前提。平台信任由不同社會機制所共同產生，這些機制包含：專業經營團隊使平台成為金融專家系統、平台與銀行（正式金融機構）進行結盟以提高自身地位（status）、業者強調守法且朝向正式制度化發展，另外也有人際連帶產生的信任。本研究成果可以回應金融社會學與金融社會研究對於市場上理性經濟人構成與存在的討論，指出常民與市場工具可共同型構為具有理性計算能力的社會科技組構集合體（socio-technical agencements），但是在新興金融的制度正當性尚未全然建立的情況下，交易需仰賴各項社會機制使參與者可對於市場平台產生信任。

This study explores the performativity of homo economicus on Taiwan's emerging peer-to-peer (P2P) lending market. As market devices, P2P platforms transform lay practitioners (lenders) into agents who rationally calculate risk and expected returns using information on credit ratings, default protection policies, diversified portfolio models, and legal advice. Although the P2P lending market in Taiwan is not illegal, it has yet to achieve institutional legitimacy, mostly because platforms and transactions are not regulated, supervised, or assured by the state, which makes it different from all other financial institutions and transactions. The lenders' trust of platforms is a foundation of the P2P lending market and calculative sociotechnic agencements. This trust is supported by the professional backgrounds of platform management teams, collaborations between platforms and banks, abidance with laws and regulations, and personal relationships.