Digital Platform Information Production and Equity Financing of Startups——A Research Based on Multi-Source Data Methods
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 tal-ent 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 fi-nancing performance to send high-quality signals.
pre-sale crowdfundingstartupventure capitalinformation production
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