Why SMEs go to crowdfunding? The role of financial constraints and agency issues
研究发现股权众筹本身不直接提升企业绩效，财务约束是关键：受约束的中小企业将资金用于调整资本结构而非增长投资，导致绩效下滑，揭示了众筹的潜在负面影响。
Abstract Equity crowdfunding (ECF) is a phenomenon that offers significant opportunities for financing growth and supporting business success. However, its effectiveness in fostering firm performance remains ambiguous, particularly in the presence of financial constraints. This article explores the relationship between ECF and firm performance through the lens of financial constraints. Our findings suggest that ECF alone does not directly enhance performance; instead, financial constraints play a critical role in shaping its effects. We observe that financially constrained SMEs mainly use ECF funds for rebalancing their capital structure rather than growth-oriented investments. This misallocation of funds contradicts backers’ expectations and may result in weakened performance. Our study reveals a potential dark side of ECF, where financially constrained firms prioritize financial stability over long-term value creation. These findings have implications for investors, policymakers, and crowdfunding platforms, emphasizing the need for greater transparency and due diligence in assessing firms’ financial constraints before funding. Regulators and platforms should implement stricter oversight mechanisms to ensure that ECF fulfills its intended purpose, supporting innovation and business expansion rather than merely alleviating financial distress.