Access Denied: How Equity Crowdfunding Platforms Use Quality Signals to Select New Ventures
通过对22个国家50个平台的决策者进行联合实验，首次定量揭示股权众筹平台如何利用质量信号筛选新创企业，并发现信号解读因平台收入模式和申请者行业背景而异。
Among the new ventures actively seeking funds through equity crowdfunding, only a lucky few seemingly survive the rigorous selection process imposed by equity crowdfunding platforms (ECFPs). With a conjoint experiment involving decision-makers from 50 platforms in 22 countries, this study provides first quantitative evidence regarding how ECFPs actually use quality signals to select new ventures to start fundraising campaigns. The ECFPs interpret signals differently, depending on whether they impose a co-investment requirement or generate revenues from new ventures’ long-term performance. The effectiveness of the signals also is contingent on the applicant’s industry background and the signals’ accessibility in the country where the ECFP operates.