Equity crowdfunding in Germany and the United Kingdom: Follow-up funding and firm failure
Equity crowdfunding in Germany and the United Kingdom: Follow-up funding and firm failure
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DOI：
10.1111/corg.12260
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发表时间：
2018-09-01
影响因子：
5.3
通讯作者：
Stenzhorn, Eliza
中科院分区：
文献类型：
--
作者：
Hornuf, Lars;Schmitt, Matthias;Stenzhorn, Eliza
现在，创业公司经常通过互联网获得融资，通过许多不成熟的投资者的小额捐款。然而，很少有人知道这些初创公司最终是否能够建立持久的业务。本研究调查了股权众筹活动发生后后续融资和公司失败的决定因素。研究结果/见解我们使用了从13个不同的股权众筹门户网站和413家公司收集的数据，这些公司在2011年至2016年期间在德国或英国至少成功举办了一次股权众筹活动。我们的研究结果表明，获得股权众筹的德国公司通过商业天使或风险投资家获得后续资金的机会更高，但失败的可能性也更高。高级管理人员的人数和初始风险资本投资者的人数都对获得竞选后融资产生了积极影响，而高级管理团队的平均年龄则产生了负面影响。初始风险资本投资者的数量和公司的估值是增加公司失败风险的重要预测因素，而高级管理人员的数量和在以前的股权众筹活动中筹集的金额产生了负面影响。理论/学术含义本研究提供了一些关于公司和活动特征的第一个经验证据，这些特征决定了以下-在股权众筹活动发生后，融资和公司倒闭。鉴于目前对这一问题的研究尚不多见，本研究不可避免地具有一定的原创性和探索性。实证研究结果表明，各种途径的研究人力资本理论，组织生态学，和比较公司治理literature.Practitioner/policy implicationsIdentifying后续资金和企业生存的影响因素是很重要的，使这种新的和潜在的福利增强形式的创业融资更可预测的个人投资的风险降低。此外，这项研究为政策制定者提供了见解，目前预计他们将为这一新的细分市场实施适当的法规。此外，它还为门户网站管理人员以及通过股权众筹筹集资金的公司提供了重要的见解，这些公司可能会了解他们建立持久业务的机会。
Manuscript typeEmpiricalResearch question/issueToday, startups frequently obtain financing via the Internet through many small contributions of nonsophisticated investors. Yet, little is known whether these startups can ultimately build enduring businesses. This study investigates the determinants of follow-up funding and firm failure after an equity crowdfunding campaign has taken place.Research findings/insightsWe use hand-collected data from 13 different equity crowdfunding portals and 413 firms that ran at least one successful equity crowdfunding campaign in Germany or the United Kingdom between 2011 and 2016. Our findings show that German firms that received equity crowdfunding stood a higher chance of obtaining follow-up funding through business angels or venture capitalists but also had a higher likelihood of failure. The number of senior managers and the number of initial venture capital investors both had a positive impact on obtaining postcampaign financing, whereas the average age of the senior management team had a negative impact. The number of initial venture capital investors and the valuation of the firm were significant predictors increasing the hazard of firm failure, whereas the number of senior managers and the amount raised during previous equity crowdfunding campaigns had a negative impact.Theoretical/academic implicationsThis study provides some first empirical evidence regarding the firm and campaign characteristics that determine follow-up funding and firm failure after an equity crowdfunding campaign has taken place. Given the absence of research on this topic so far, this study inevitably remains original and exploratory to some extent. The empirical findings suggest various avenues of research for human capital theory, organizational ecology, and the comparative corporate governance literature.Practitioner/policy implicationsIdentifying influencing factors of follow-up funding and firm survival is important to make this new and potentially welfare enhancing form of entrepreneurial finance more predictable by decreasing the risk of individual investments. Furthermore, this study offers insights to policy makers, which are currently expected to implement appropriate regulations for this new market segment. In addition, it provides important insights for portal managers as well as firms raising capital via equity crowdfunding, which may learn about their chances to build an enduring business.