Crowdlending has emerged in recent years as an innovative way to fund financially-constrained new ventures and small companies. However, digitalized funding is a new technology itself and as such it is prone to mispricing and inefficiencies. We investigate whether peer-to-peer crowdlending to businesses provides investors with promised returns consistent with the level of risk borne. By studying over 6000 loans mediated on 73 European platforms from 2012 to 2018 we show that the ex-ante returns are inversely related to loans’ riskiness and tenure, suggesting that, on average, crowdfunded loans are mispriced. Our results have important implications for the debate about the role of regulation in FinTech and the access to debt funding for entrepreneurial ventures.

众筹是近年来出现的一种创新方式，可为财务拮据的新企业和小公司提供资金。然而，数字化融资本身就是一项新技术，因此容易出现定价错误和效率低下的情况。我们调查了对企业的点对点众筹是否为投资者提供了与所承担风险水平相一致的承诺回报。通过研究 2012 年至 2018 年在 73 个欧洲平台上中介的 6000 多笔贷款，我们发现事前回报与贷款的风险和期限成反比，这表明众筹贷款平均定价错误。我们的结果对于有关监管在金融科技中的作用以及创业企业获得债务融资的辩论具有重要意义。