The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings
比较了众筹和首次代币发行这两个新兴创业金融市场的差异，聚焦于利益相关者、微观结构、监管环境和市场发展，为未来研究提供建议。
Abstract Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.