When digital meets traditional financial intermediaries: How equity crowdfunding shapes venture capital value added
研究股权众筹经历如何影响后续风险投资的价值增值，发现曾获众筹的企业在风投后增长较低，但采用名义股东结构的众筹可缓解这一负面效应，对创业者和投资者有参考价值。
This study contributes to the debate on the post-campaign effects of equity crowdfunding by investigating how prior engagement in equity crowdfunding influences the value added by subsequent venture capital investment, and how this relationship is shaped by the governance structure adopted during the crowdfunding campaign. Analysing 2514 ventures that secured venture capital funding in the United Kingdom, Germany, France, or Italy between 2015 and 2021, we find that ventures previously funded through equity crowdfunding exhibit lower post-investment growth than those backed solely by venture capital. However, this negative effect is significantly attenuated when the crowdfunding campaign was conducted through a nominee shareholder structure. This study emphasizes the importance of designing financing sequences according to specific business needs, as well as the importance of managing the investor base, mitigating coordination and governance costs. • Prior ECF reduces asset growth following VC funding. • Governance structures in ECF shape how effectively VCs add value. • With nominee shareholder structure, VC impact is preserved after ECF. • Results hold across multiple identification strategies.