As a novel form of external financing, equity crowdfunding enables small and early stage firms to raise capital from the public through an online platform. There has been criticism of the benefits and costs of mandating financial statements to promote this alternative form of financing. Using a setting where disclosure of financial statements is optional, this study provides evidence that financial statements influence investors’ decisions and facilitate borderless capital formation. The provision of financial statements appears to enhance how investors view other aspects of disclosure, suggesting a positive reporting externality. These market-wide benefits provide important insights on the role of financial disclosures for market participants, policymakers, and academics.

股权众筹作为一种新颖的外部融资形式，使小型和早期公司可以通过在线平台从公众那里筹集资金。有人批评授权财务报表以促进这种另类融资形式的收益和成本。在可以选择披露财务报表的情况下，本研究提供了证据，表明财务报表会影响投资者的决策并促进无边界资本形成。财务报表的提供似乎增强了投资者如何看待披露的其他方面，表明了积极的报告外部性。这些广泛的市场收益为市场参与者，政策制定者和学者提供了有关财务披露的作用的重要见解。