Beyond banks: Navigating the shift to peer-to-peer lending for small enterprises

IF 1.2 Q3 ECONOMICS Research in Economics Pub Date : 2024-09-20 DOI:10.1016/j.rie.2024.101002

Alina Malkova , Alex Weng

引用次数: 0

Abstract

This study sheds light on how non-traditional lending avenues, specifically peer-to-peer (P2P) lending platforms, influence the financing decisions of small businesses. It introduces a theoretical framework where borrowers weigh the option between opting for a cost-effective traditional bank loan versus an expensive option through crowdlending platforms. The findings suggest that crowdlending platforms become a more appealing choice in the event of credit supply disruptions in traditional banking sectors. Leveraging the phased introduction of mobility restrictions during the COVID-19 pandemic as a case study, our research demonstrates a noticeable pivot of small businesses towards alternative funding sources, such as P2P lending. These findings emphasize the value of offering a variety of financial tools to small businesses so they can weather economic storms.

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超越银行：引导小企业向点对点贷款转变

本研究揭示了非传统贷款渠道，特别是点对点（P2P）贷款平台如何影响小企业的融资决策。研究引入了一个理论框架，即借款人在选择成本效益高的传统银行贷款与通过众包借贷平台选择成本高的贷款之间进行权衡。研究结果表明，在传统银行业信贷供应中断的情况下，众筹平台成为更有吸引力的选择。以 COVID-19 大流行期间分阶段引入的流动性限制为案例，我们的研究表明，小企业明显转向了其他资金来源，如 P2P 借贷。这些发现强调了为小企业提供各种金融工具的价值，以便他们能够经受住经济风暴的考验。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in Economics ECONOMICS-

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

89 days

期刊介绍： Established in 1947, Research in Economics is one of the oldest general-interest economics journals in the world and the main one among those based in Italy. The purpose of the journal is to select original theoretical and empirical articles that will have high impact on the debate in the social sciences; since 1947, it has published important research contributions on a wide range of topics. A summary of our editorial policy is this: the editors make a preliminary assessment of whether the results of a paper, if correct, are worth publishing. If so one of the associate editors reviews the paper: from the reviewer we expect to learn if the paper is understandable and coherent and - within reasonable bounds - the results are correct. We believe that long lags in publication and multiple demands for revision simply slow scientific progress. Our goal is to provide you a definitive answer within one month of submission. We give the editors one week to judge the overall contribution and if acceptable send your paper to an associate editor. We expect the associate editor to provide a more detailed evaluation within three weeks so that the editors can make a final decision before the month expires. In the (rare) case of a revision we allow four months and in the case of conditional acceptance we allow two months to submit the final version. In both cases we expect a cover letter explaining how you met the requirements. For conditional acceptance the editors will verify that the requirements were met. In the case of revision the original associate editor will do so. If the revision cannot be at least conditionally accepted it is rejected: there is no second revision.