主题：The Effect of Crowdfunding Success on Subsequent Financing Outcomes of Start-ups: A Signaling Theory Perspective             

(初创企业众筹项目成功对其后续融资结果之影响)

主讲：SUNGHANRYU上海交通大学 文创学院 助理教授

主持：高翔

时间：09月27日（周五）下午13：30 -15：00

地点：上海商学院徐汇校区14楼研讨室

内容提要：

From the perspective of the signaling theory, this study examines how the receipt of crowdfunding is associated with start-ups’ subsequent financing outcomes. We collected data on both crowdfunded and angel-funded start-ups as well as their subsequent financing rounds from venture capitalists (VC). By addressing the potential endogeneity problem using a bivariate Probit model and a propensity score matching method, we show that: (1) crowdfunded and angel-invested start-ups have no statistically significant difference in receiving subsequent venture capital investment; (2) the effect of obtaining crowdfunding on the receipt of subsequent VC investments differs across different start-up characteristics; and (3), when we compare corporate VC (CVCs) with independent VC (IVCs), obtaining crowdfunding is positively associated with the receipt of subsequent investments from CVCs alone.

本文基于信号理论的框架研究了：初创企业中后期融资轮次的结果与其之前是否接受了众筹资助之间的因果关系。作者针对每家初创企业收集了众筹、天使投资轮和后续风险投资的数据。在利用双变量Probit回归模型和倾向评分匹配方法来处理过潜在的内生性问题后，作者发现：（1）初创企业在初期接受的是众筹还是天使投资并不会显著影响到企业在中后期是否能够得到风险投资青睐；（2）众筹对后续风险投资的作用会根据初创企业的特性不同而发生改变；（3）当我们对企业和独立风险投资进行对比时，只有企业风投与初创企业之前是否接受过众筹融资资金呈正相关。

演讲者简介：

SUNGHAN RYU，上海交通大学，南加州大学上海交通大学文化与创意产业学院，助理教授，博士毕业于KAIST商学院，研究领域包括：文创领域的科技创新、创业环境中IT系统的应用以及众筹对创意和创新的影响，已在Journal of Strategic Information Systems、Electronic Markets、Electronic Commerce Research & Applications等管理信息系统领域知名期刊发表多篇论文。

主办单位：上海商学院财金研究所

承办单位：上海商学院财金研究所