本文从前景理论的微观视角出发,基于国内首家P2P(个人对个人)纯信用无担保网络借贷平台——PPDai.com进行借贷行为的数据挖掘,结果表明,影响放贷行为的首要因素是借款人的历史违约率,但超额补偿会导致资金涌向高违约风险的借款;此外,借款人的“硬信息”(hard information,是指能用准确的硬指标表示的信息,是正式的、精准的、符合逻辑的、可追溯的,如业绩报告、任务指标、财务报表等)能直接地造成贷款人的非理性投资行为,借款人的社交网络信息能间接地造成贷款人的非理性投资行为。 From the microscopic perspective of the prospect theory, this article based on the data mining of the first P2P (Personal to Individual) pure credit unsecured online lending platform - PPDai.com, the results show that the primary factor affecting the lending behavior is that the borrower Of the historical default rate, but the overcompensation will lead to capital flock to high risk of default loans; In addition, the borrower’s “hard information” (hard information, refers to the information can be accurate hard indicators, is formal, accurate Logistic, traceable, such as performance reports, mission indicators, financial statements, etc.) can directly cause the lender’s irrational investment behavior, and the borrower’s social network information can indirectly cause the lender’s irrational investment behavior .