数字平台信息生产与新创企业股权融资研究——基于多源数据方法

刘烨1; 吴佳燕1; 2; 樊越琦3

数字平台信息生产与新创企业股权融资研究——基于多源数据方法

引用本文：刘烨1，吴佳燕1, 2，樊越琦3.数字平台信息生产与新创企业股权融资研究——基于多源数据方法[J].财经理论与实践,2024,(4):2-9

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作者	单位
刘烨1，吴佳燕1, 2，樊越琦3	（1. 南京大学工程管理学院，江苏南京 210093；2. 海通证券股份有限公司，上海 200011；3. 香港城市大学经济及金融系，香港 999077）

中文摘要:以2014—2020年在京东众筹平台发起预售众筹的新创企业为样本，考察预售众筹融资表现是否对融资企业后续获得风险资本产生影响。实证发现，较好的融资表现可以彰显企业家才能和揭示市场需求，从而产生信号效应，提高新创企业后续获得风险资本的可能性，这一效应主要受最近一次众筹经历影响，且不受众筹之前早期风险资本的介入影响。进一步研究发现，预售众筹的信号效应弱于股权众筹的信号效应，但两者可以形成互补。新创企业应重视预售众筹的信息生产作用，利用良好的融资表现发送高质量信号。

中文关键词:预售众筹新创企业风险资本信息生产

Digital Platform Information Production and Equity Financing of Startups —A Research Based on Multi-Source Data Methods

Abstract:Taking the startups that launched pre-sale crowdfunding on the JD crowdfunding platform from 2014 to 2020 as a sample, we examined whether the financing performance of pre-sale crowdfunding has an impact on the financing startups' subsequent access to venture capital. Empirical findings indicate that better financing performance can demonstrate entrepreneurial talent and reveal market demand, thereby producing a signaling effect and increasing the likelihood that startups will receive subsequent venture capital investment. This effect is mainly affected by the latest crowdfunding experience and is not affected by the involvement of early venture capital before crowdfunding. Further research found that the signaling effect of pre-sale crowdfunding is weaker than that of equity crowdfunding, but the two can complement each other. Startups should pay attention to the information production role of pre-sale crowdfunding and use good financing performance to send high-quality signals.

keywords:pre-sale crowdfunding startup venture capital information production

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