获得数字金融:跨国家和平台的股权众筹
Saul Estrin1, Susanna Khavul1,2, Alexander S Kritikos3,4,5
1Department of Management, London School of Economics, London, United Kingdom.
PloS one
|January 8, 2024
概括
股票众筹平台将企业家与投资者联系起来,但它们的动态是复杂的. 这项研究揭示了投资者数量和筹集资金之间的逻辑线性关系,跨国差异显著影响创业融资.
科学领域:
- 企业家精神的创业精神
- 金融创新 金融创新
- 数字金融数字金融
背景情况:
- 创业对于经济增长和创新至关重要.
- 数字金融平台,特别是股权众筹,在全球范围内越来越普遍.
- 股权众筹的运营动态和成功因素仍未得到充分研究.
研究的目的:
- 在股权众筹中,模拟投资者数量与每次投资筹集的资金金额之间的关系.
- 分析不同国家和平台中平均筹集金额的异质性.
- 为市场参与者和监管机构提供关于创业融资勃发展领域的见解.
主要方法:
- 利用了成功的股权众筹活动的新型数据集.
- 专注于英国,德国和美国的知名平台.
- 采用计量经济学建模来分析投资者数量与筹集资金之间的关系.
主要成果:
- 投资者数量与每次投资筹集的资金数量之间的关系是逻辑线性.
- 这种关系的系数小于1并与原点内.
- 各国和平台之间观察到每次投资的平均金额存在显著差异.
结论:
- 这些发现提供了对股权众筹动态的定量理解.
- 确定的跨国和跨平台异质性对平台设计和监管监督有影响.
- 这项研究有助于了解创业金融的不断变化的格局.
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