This study adopts a signaling theory perspective to examine whether and how crowdfunding (relative to angel financing) influences subsequent venture capital (VC) investments in startups. We used a bivariate probit model with propensity score matching to address the potential endogeneity of the initial funding choice. Subsequently, we found that crowdfunded startups have a lower chance of receiving VC funding than angel-financed startups and that the effect is more negative for startups located outside of startup cluster cities. We show that corporate VCs, unlike independent VCs comprising the majority of VCs, favor crowdfunded startups. Our study contributes to the literature on crowdfunding, startup finance, and the transformative effects of IT-enabled platforms. This study further discusses the practical implications of crowdfunding in startup finance ecosystems.

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众筹成功对初创企业融资结果的影响：信号理论视角

本研究采用信号理论的视角来研究众筹（相对于天使融资）是否以及如何影响初创企业的后续风险投资（VC）投资。我们使用具有倾向评分匹配的双变量概率模型来解决初始资金选择的潜在内生性。随后，我们发现众筹初创企业获得风险投资的机会比天使融资的初创企业要低，而且对于初创企业集群城市以外的初创企业来说，这种影响更为负面。我们表明，与占大多数风险投资的独立风险投资不同，企业风险投资更青睐众筹初创企业。我们的研究为有关众筹、创业融资和 IT 平台变革影响的文献做出了贡献。