Lead Investor Nominee in Equity Crowdfunding
研究了股权众筹中领投人代持结构如何通过领投人出资、尽职调查和投后监督，解决逆向选择和道德风险问题，并基于英国数据分析发现该结构在短期和长期均优于直接持股模式，为平台和政策制定者提供治理启示。
Abstract The lead investor nominee structure in equity crowdfunding (ECF) integrates the strengths of the pure ECF and angel ECF models. By committing their own capital, lead investors address two key challenges: mitigating adverse selection through thorough due diligence and reducing moral hazard by monitoring the firm post‐campaign to secure returns. The digital nominee governance structure ensures equal ownership and voting rights for all investors, resolving potential conflicts between angels, accredited investors and the crowd. This model fosters collaboration between professional investors and the crowd, leveraging their respective strengths. Analysis of extensive UK data shows that nominee ECF campaigns outperform direct ownership campaigns in both the short and long term. These findings provide valuable governance insights for platform managers and policymakers.