Financing Early Stage Cleantech Firms
分析了16个欧洲国家成功通过股权众筹融资的清洁技术公司，发现资产较少、现金较多的公司众筹金额更高，且众筹后能获得更多外部股权，表明众筹有信号效应和缓解流动性作用。
In this article, we analyze the financing of firms in the Cleantech sector that has successfully raised equity crowdfunding on platforms in 16 European countries. We find that firms with lower total assets and higher cash balances raise greater amounts of crowdfunding. In the period precrowdfunding, illiquid firms raise less finance and firms with greater assets raise more debt. In the postcrowdfunding period, crowdfunded firms raise significantly greater amounts of external equity, suggesting signaling effects. Our study highlights the ameliorating liquidity effects of crowdfunding, which are especially important in early stage firms developing new technologies.