Abstract Title II of the JOBS Act has expanded the opportunities for entrepreneurial ventures to raise funds from accredited investors via online equity crowdfunding platforms in the United States. Over $1.4 billion in capital has been committed by the accredited investors in Title II platforms since 2013, yet little is known about how venture characteristics influence the success of raising funds from investors via online equity crowdfunding platforms. Further, it is not known whether online equity crowdfunding is supplementing or replacing traditional venture funding sources. To address these gaps in our knowledge, we draw on research in traditional offline risk capital investments and we evaluate the effects of market, execution and agency risks on equity crowdfunding success by examining 337 ventures that engaged in equity crowdfunding under Title II. We find evidence consistent with investors in online equity crowdfunding platforms giving consideration to all three types of risks. We also find that investors in equity crowdfunding platforms are particularly responsive to the venture ability to attract traditional venture capital funding prior to engaging in equity crowdfunding. These results suggest that online equity crowdfunding platforms are supplementing rather than replacing traditional venture funding sources.

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美国Title II股权众筹的成功因素

摘要《 JOBS法案》第二章扩大了创业企业通过美国在线股权众筹平台从认可的投资者那里筹集资金的机会。自2013年以来，合格投资者已在Title II平台上投入了超过14亿美元的资金，但对于风险特性如何影响通过在线股权众筹平台从投资者筹集资金的成功知之甚少。此外，尚不清楚在线股权众筹是否在补充或替代传统的风险投资来源。为了弥补我们在知识上的不足，我们借鉴了传统的离线风险资本投资的研究成果，并评估了市场的影响，通过研究标题II下从事股权众筹的337家风险投资机构，对股权众筹成功的执行和代理机构风险。我们发现与在线股权众筹平台中的投资者一致的证据，同时考虑了所有三种类型的风险。我们还发现，股权众筹平台上的投资者对企业在进行股权众筹之前吸引传统风险投资资金的能力特别敏感。这些结果表明，在线股权众筹平台是对传统风险投资来源的补充而非替代。我们还发现，股权众筹平台上的投资者对企业在进行股权众筹之前吸引传统风险投资资金的能力特别敏感。这些结果表明，在线股权众筹平台是对传统风险投资来源的补充而非替代。我们还发现，股权众筹平台上的投资者对企业在进行股权众筹之前吸引传统风险投资资金的能力特别敏感。这些结果表明，在线股权众筹平台是对传统风险投资来源的补充而非替代。