摘要
股权众筹是一种新型的融资模式,具有门槛低、效率高、成本低等优势,为中小企业拓展了融资渠道,吸收了大众闲散资金。但这种新兴的融资模式也存在诸多问题,如法律环境、信用体系、知识产权保护和社会认知等,可能影响企业高质量发展,让投资者的决策面临风险。本文基于信号理论,利用股权众筹平台Seedrs和Crunchbase的相关数据,从项目特征、众筹绩效、获得的广告效应三个方面,对完成股权众筹的初创企业的后续融资绩效影响因素进行了研究。研究发现,项目特征中的项目估值、目标金额、出让股权份额、政策优惠程度,以及众筹绩效中的先前的融资经历、获得的广告效应中的投资者数量,均会显著正向影响后续融资绩效(是否获得后续融资、后续融资所需时间或后续融资金额)。除此之外,项目视频介绍长度、所在城市等级、公司经营对象、数字化程度、融资完成时间、公司年龄对于后续融资也有一定影响。本文研究结论可为投资者、创业者和平台提供有效的决策参考。
Equity crowdfunding is a new financing mode with the advantages of low threshold , high efficiency , and low cost.It provides a financing channel for small and medium-sized enterprises and absorbs the idle funds of the public.However , the emerging mode also faces many problems , such as legal environment , credit system , intellectual property protection , and social cognition , which affect the high-quality development of enterprises and pose risks to investors decision-making.Therefore , this article aims to explore the key factors that affect the post-crowdfunding financing performance of equity crowdfunding enterprises , based on the signal theory and using the data from Seedrs equity crowdfunding platform and Crunchbase.We examine the impacts of project characteristics , crowdfunding performance , and advertising effect on the subsequent financing performance of start-ups that completed equity crowdfunding.The subsequent financing performance includes three aspects : whether they can enter the next round of financing , the time required for the next round of financing , and the amount of the next round of financing.Results show that project characteristics (such as project valuation , target amount , equity share , and policy preference) , crowdfunding performance (such as previous financing experience) , and the advertising effect (such as the number of investors) , all have significant positive effects on the subsequent financing performance(Whether they can enter the subsequent financing, the time required for the subsequent financing or the amount of the subsequent financing).In addition , video introduction length , city level , company operation object , digitalization level , financing completion time , and company age also have certain impacts on the subsequent financing.In specific , we review the existing literature on crowdfunding , equity crowdfunding , and private equity , and summarize the research gaps and contributions.It points out that most of the existing literature focuses on whether the
作者
杨雪
丁思雨
凌子超
谈刻
Xue Yang;Siyu Ding;Zichao Ling;Ke Tan(Business School,Nanjing University;NetEase Inc.;Yanwu Group Co.Ltd)
出处
《经济管理学刊》
2024年第1期145-180,共36页
Quarterly Journal of Economics and Management
基金
国家自然科学基金项目(71872086、72272075)
南京大学新时代文科卓越研究计划“中长期研究专项”(14914220)对本文研究的资助。
关键词
股权众筹
后续融资
融资绩效
Equity Crowdfunding
Subsequent Financing
Financing Performance