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首页> 外文期刊>Journal of Small Business Management >Following the Crowd-Does Crowdfunding Affect Venture Capitalists' Selection of Entrepreneurial Ventures?
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Following the Crowd-Does Crowdfunding Affect Venture Capitalists' Selection of Entrepreneurial Ventures?

机译：众筹之后，众筹会否影响风险投资家对创业企业的选择？

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摘要

Given the increasing popularity of crowdfunding as a new means to finance entrepreneurial ventures, we assess whether and how crowdfunding campaign-specific signals that affect campaign success influence venture capitalists' selection decisions in ventures' follow-up funding process. Our study relies on cross-referencing a proprietary data set of 56,000 crowdfunding campaigns that ran on Kickstarter between 2009 and 2016 with 100,000 investments in the same period from the Crunchbase data set. Drawing on signaling theory and the microfinance literature, our empirical findings reveal that a successful crowdfunding campaign leads to a higher likelihood to receive follow-up venture capital (VC) financing, and that there exists an inverted U-shaped relationship between the funding-ratio and the probability to receive VC funding. Further, we find statistical evidence that an endorsement by the platform provider has a likewise positive impact on the receipt of VC. Contrary to our expectations, word-of-mouth volume seems to be a negligible factor when it comes to follow-up VC financing. Our results support the view that crowdfunding signals are factored into the VC's funding decision in order to evaluate the potential of entrepreneurial ventures.
机译：鉴于众筹作为一种为创业企业筹集资金的新手段日益普及，我们评估了众筹特定于竞选活动的信号是否会影响到竞选成功，以及如何影响到风险资本家在企业后续融资过程中的选择决定。我们的研究依赖于一个交叉引用的专有数据集，该数据集于2009年至2016年期间在Kickstarter上进行了56,000次众筹活动，并在同一时期从Crunchbase数据集中进行了100,000个投资。根据信号理论和小额信贷文献，我们的经验发现表明，成功的众筹活动会导致获得后续风险资本（VC）融资的可能性更高，并且在资金比率之间存在倒U型关系。以及获得风险投资资金的可能性。此外，我们发现统计证据表明平台提供商的认可对VC的接收同样具有积极影响。与我们的预期相反，口碑数量似乎是跟进风险投资的微不足道的因素。我们的结果支持以下观点：将众筹信号纳入风投的资金决策中，以评估创业风险。

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  • 来源
    《Journal of Small Business Management》 |2019年第4期|1378-1398|共21页
  • 作者

    Thies Ferdinand; Huber Alexander; Bock Carolin; Benlian Alexander; Kraus Sascha;

  • 作者单位

    Univ Liechtenstein Chair Entrepreneurship & Technol Furst Franz Josef Str FL-9490 Vaduz Liechtenstein;

    Tech Univ Darmstadt Inst Entrepreneurship Hsch Str 1 D-64289 Darmstadt Germany;

    Tech Univ Darmstadt Inst Informat Syst & Elect Serv Hsch Str 1 D-64289 Darmstadt Germany;

    Ecole Super Commerce Exterieur ESCE Int Business Sch Innovat & Entrepreneurship 10 Rue Sextius Michel F-75015 Paris France;

  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
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