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Internet-Based Entrepreneurial Finance: Lessons from Germany

机译:基于互联网的创业金融:德国的经验教训

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摘要

The Internet-based crowdinvesting market in Europe has developed significantly since its start in 2007 and has become an alternative source of finance for entrepreneurs to sell securities through the Internet to small investors. This market evidences a great variety in platform design and contract forms used by crowdinvesting platforms. By analyzing more detailed, hand-collected data on the complete set of successful and unsuccessful crowdinvesting campaigns run in Germany, this article tests whether different platform and contractual mechanisms affect crowd participation. The results show that crowd participation is largest when the minimum ticket size is small, the crowd is pooled in a financial vehicle, and the crowd is offered investments in the form of profit-participating loans. Moreover, the very same mechanisms increase the chances of achieving successful campaigns and raising a larger amount.
机译:自2007年成立以来,欧洲基于互联网的众筹市场已经有了长足发展,并且已成为企业家通过互联网向小投资者出售证券的替代资金来源。这个市场证明了众包投资平台使用的平台设计和合同形式多种多样。通过分析在德国进行的整套成功和失败的众筹活动中更详细的,手工收集的数据,本文测试了不同的平台和合同机制是否会影响人群的参与。结果表明,当最小入场券较小时,人群参与最大,人群聚集在金融工具中,并以参与利润的贷款的形式向人群提供投资。而且,完全相同的机制增加了成功开展竞选活动并筹集更多资金的机会。

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