In the period following the global financial crisis, as banks and private equity investors withdrew from early stage entrepreneurial finance markets in the United Kingdom and developed economies (Mac an Bhaird, 2014; Wilson and Silver, 2013), there was a profusion in supply of alternative sources of early stage entrepreneurial finance (World Bank, 2013). These new financing options for firms partly alleviated the adverse effects of pro-cyclical provision of entrepreneurial finance (Mac an Bhaird et al., 2019). The large increase in provision of nontraditional sources of finance for the real economy was viewed as revolutionary (Harrison, 2013) and potentially transformative (Bruton et al., 2015), and its sustained use over more than a decade suggests that it is more than a passing fad. The amount of finance procured from these sources has grown significantly in a very short time period and is estimated to surpass investment from traditional sources of funding in the near future (Barnett, 2015). These developments have significant implications in relation to the supply of, and demand for, entrepreneurial finance, including well-established issues which primarily stem from information asymmetries, such as agency, signalling, moral hazard and adverse selection. The emergence of new sources of alternative finance introduces additional concerns in relation to regulation, investor protection, ownership and governance, among other issues (Bruton et al., 2015). The significant increase in the supply and use of alternative sources of finance has been facilitated to a large extent by the expansion of the Internet and use of social media. The increase in supply of, and demand for, alternative sources of finance has been accompanied by a burgeoning literature on the subject, due primarily to the availability of data that are accessible from the online platforms and websites. Over a decade has passed since the increased provision and use of alternative finance in its various forms and amounts, providing us with an opportunity to assess and analyse its adoption and to appraise how its provision may be improved for the benefit of investors and borrowers. At this juncture, we should have adequate evidence to increase the efficiency of provision from alternative sources, in order to improve the supply of finance in private debt and equity markets and to provide greater diversification and depth in financial markets. The International Journal of Entrepreneurship and Innovation has been to the forefront in publishing innovative studies on topical issues at the nexus of entrepreneurship and innovation (e.g. Volume 19, Issue 1, ‘Green innovation – connecting governance, practices and outcomes’). This special issue continues in that tradition, publishing state-of-the-art studies on a variety of issues related to innovations in entrepreneurial finance. This special issue is significantly different from other journal special issues on this subject (e.g. Baldock and Mason, 2015; Harrison, 2015; Owen et al., 2019) in the range and breadth of issues investigated and analysed. The studies represent a broad geographic spread, including New Zealand, the United Kingdom, France, and the United States. A broad range of financing innovations are also considered, including blockchain, peer-to-peer (P2P) lending, equity-based crowdfunding and mobile payment systems. Each article

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创业金融的演变——全球金融危机10年后

在全球金融危机之后的一段时间内，随着银行和私募股权投资者退出英国和发达经济体的早期创业金融市场（Mac an Bhaird，2014 年；Wilson 和 Silver，2013 年），大量供应早期创业融资的替代来源（世界银行，2013 年）。这些针对企业的新融资选择在一定程度上缓解了顺周期提供创业融资的不利影响（Mac an Bhaird 等，2019）。为实体经济提供大量非传统资金来源被视为革命性的（Harrison，2013 年）和潜在的变革性（Bruton 等人，2015 年），其十多年来的持续使用表明它超过一时的时尚。从这些来源获得的资金量在很短的时间内显着增长，预计在不久的将来会超过传统资金来源的投资（Barnett，2015）。这些发展对创业融资的供应和需求具有重大影响，包括主要源于信息不对称的公认问题，如代理、信号、道德风险和逆向选择。替代金融新来源的出现带来了与监管、投资者保护、所有权和治理等问题相关的额外担忧（Bruton 等，2015）。互联网的扩展和社交媒体的使用在很大程度上促进了替代资金来源的供应和使用的显着增加。替代融资来源的供应和需求的增加伴随着关于该主题的新兴文献的出现，这主要是由于可从在线平台和网站访问的数据的可用性。自从以各种形式和数量增加和使用替代金融的提供和使用以来，十多年过去了，这为我们提供了一个机会来评估和分析其采用情况，并评估如何为投资者和借款人的利益改进其提供。在这个关头，我们应该有足够的证据来提高替代来源的供给效率，以改善私人债务和股票市场的融资供应，并提供更大的金融市场多元化和深度。International Journal of Entrepreneurship and Innovation 在发表关于创业与创新关系中的热点问题的创新研究方面一直走在前列（例如，第 19 卷，第 1 期，“绿色创新——连接治理、实践和成果”）。本期特刊延续了这一传统，发表了关于与创业金融创新相关的各种问题的最新研究。本期特刊在调查和分析的问题的范围和广度上与该主题的其他期刊特刊（例如 Baldock 和 Mason，2015 年；Harrison，2015 年；Owen 等人，2019 年）有显着不同。这些研究代表了广泛的地理分布，包括新西兰、英国、法国和美国。还考虑了广泛的融资创新，包括区块链、点对点 (P2P) 借贷、基于股权的众筹和移动支付系统。每篇文章