钱不全是钱：通过股权众筹获得额外收益,The Journal of Entrepreneurship

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钱不全是钱：通过股权众筹获得额外收益
The Journal of Entrepreneurship ( IF 2.1 ) Pub Date : 2019-07-02 , DOI: 10.1177/0971355719851899
Andreas Wald ₁ , Merete Holmesland ₁ , Kalanit Efrat ₂

Affiliation

股权众筹使企业家可以通过互联网平台直接从大量投资者那里获得融资。最近的研究已经开始研究众筹活动的其他非财务利益。本文通过研究这些额外的好处，同时讨论它们为股票众筹项目成功做出贡献的潜力，来与新兴的研究流联系起来。在对来自挪威和以色列的企业家和投资者的访谈的基础上，我们发现，投资者为企业家提供的收益可以分为两类：内向收益和外向收益。后者的目的是通过招募更多的投资者来增加公众的曝光度并促进该项目的成功。相比之下，通过投资者对个人经验和专业知识的贡献来实现内部收益。这些好处是针对企业家的，如果加以利用，它们可以成为促进未来成功的资源。我们还发现，投资者通过参与众筹而获得个人收益，这采取了个人成长和社会资本发展的形式。这些收益基于内在动机，并且与财务回报相辅相成，后者与外在动机更相关。

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It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding

Equity crowdfunding allows entrepreneurs to directly access financing from a large number of investors via Internet platforms. Recent research has started to examine additional, non-financial benefits of crowdfunding campaigns. This article connects to this emerging research stream by investigating these additional benefits while discussing their potential to contribute to the success of equity crowdfunding projects. Building on interviews with entrepreneurs and investors from Norway and Israel, we find that the benefits offered by investors to entrepreneurs can be divided into two categories: inward benefits and outward benefits. The latter are aimed at increasing public exposure and advancing the project’s success by recruiting additional investors. By contrast, inward benefits are implemented through investors’ contributions of personal experience and expertise. These benefits are aimed at the entrepreneurs and, when harnessed, can become resources that advance future success. We also find that investors receive personal gain by participating in crowdfunding, which takes the form of personal growth and the development of social capital. These benefits are based on intrinsic motives and complement the financial returns, which are more related to extrinsic motives.

更新日期：2019-07-02

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