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The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd

机译：股权众筹的演变：来自天使和人群的共同投资见解

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摘要

Equity crowdfunding platforms are at the center of the digital transformation of early-stage venture funding. These digital platforms were originally heralded as a democratizing force in early stage finance, due to their role in facilitating the exchange between entrepreneurs and a multitude of non-professional small investors ("the crowd"). Equity crowdfunding platforms have experienced considerable growth and now attract professional investors including business angels. The presence of angels alongside the crowd on equity crowdfunding platforms has raised questions whether these digital platforms can continue to play their role in democratizing access to capital. Using data from a leading equity crowdfunding platform, we examine the interplay between the investment decisions of angels and the crowd. We find evidence of information flows in crowdfunding platforms between angels, and from angels to the crowd. We find angels play an important role in funding of large ventures, whereas the crowd not only fill the funding gaps for such large ventures but also play a pivotal role in the funding of small ones. The complementarity between angels and crowd investors seems to increase the overall efficiency in an otherwise highly asymmetric and uncertain market, confirming that digitization can indeed bring important benefits to venture investment.
机译：股权众筹平台是早期风险资金的数字转型的中心。这些数字平台原本是早期财务的民主化力量，因为它们在促进企业家和众多非专业小投资者（“人群”）之间的促进交流。股权众筹平台经历了相当大的增长，现在吸引了专业投资者，包括商业天使。在股票众筹平台上的人群中，天使的存在提出了这些数字平台可以继续在民主化进入资本中发挥作用的问题。使用来自领先股权众筹平台的数据，我们研究了天使和人群的投资决策之间的相互作用。我们在天使之间的众筹平台和天使到人群中，我们发现信息流动的证据。我们发现天使在大型企业的资金中发挥着重要作用，而人群不仅填补了这种大型企业的资金差距，而且在小型的资金中发挥着关键作用。天使和人群投资者之间的互补性似乎在一个高度不对称和不确定的市场中提高了整体效率，确认数字化可以确实为风险投资带来重要的利益。

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  • 来源
    《Research policy》 |2019年第8期|103727.1-103727.11|共11页
  • 作者

    Wang Wanxin; Mahmood Ammara; Sismeiro Catarina; Vulkan Nir;

  • 作者单位

    Imperial Coll London Imperial Coll Business Sch London SW7 2AZ England;

    Wilfrid Laurier Univ Lazaridis Sch Business & Econ Mkt Waterloo ON N2L 3C5 Canada;

    Imperial Coll London Business Sch Imperial Coll Mkt London SW7 2AZ England;

    Univ Oxford Said Business Sch Business Econ Oxford OX1 1HP England;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Equity crowdfunding; Angel investment; Signaling;

    机译：股权众筹;天使投资;信令;

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