Crowdfunding Success Effects on Financing Outcomes for Startups: A Signaling Theory Perspective
从信号理论出发，比较众筹与天使投资对初创企业后续获得风险投资的影响，发现众筹企业获得风投的概率更低，尤其非集群城市的企业，但企业风投更青睐众筹企业。
This study adopts a signaling theory perspective to examine whether and how crowdfunding (relative to angel financing) influences subsequent venture capital (VC) investments in startups. We used a bivariate probit model with propensity score matching to address the potential endogeneity of the initial funding choice. Subsequently, we found that crowdfunded startups have a lower chance of receiving VC funding than angel-financed startups and that the effect is more negative for startups located outside of startup cluster cities. We show that corporate VCs, unlike independent VCs comprising the majority of VCs, favor crowdfunded startups. Our study contributes to the literature on crowdfunding, startup finance, and the transformative effects of IT-enabled platforms. This study further discusses the practical implications of crowdfunding in startup finance ecosystems.