Access to finance is crucial for sustaining entrepreneurial activity. Elaborating on resource dependence theory, we argue that the adverse impact of a loan rejection by a crowdlending platform is more severe than that of a rejection by a traditional financial institution. The data indicate that a failed crowdlending loan attempt is associated with a 14.80% increase in the probability of transitioning out of self-employment. This effect is 1.62 times that of revolving lines of credit and 3.08 times that of non-revolving lines of credit. We highlight that these effects are amplified for marginal borrowers and credit- and income-constrained entrepreneurs. In addition, we show that successful crowdlending enhances self-employed individuals’ future income and future access to traditional lines of credit. Implications for policy and practice are discussed.

中文翻译：

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众贷、自营职业和创业绩效


获得融资对于维持创业活动至关重要。详细阐述资源依赖理论，我们认为众贷平台拒绝贷款的不利影响比传统金融机构拒绝贷款的不利影响更严重。数据表明，众贷尝试失败与脱离个体经营的可能性增加 14.80% 相关。这一效应是循环信贷额度的1.62倍，是非循环信贷额度的3.08倍。我们强调，这些影响对于边际借款人和信贷和收入受限的企业家来说会被放大。此外，我们还表明，成功的众贷可以提高个体经营者的未来收入和未来获得传统信贷额度的机会。讨论了对政策和实践的影响。