Among the new ventures actively seeking funds through equity crowdfunding, only a lucky few seemingly survive the rigorous selection process imposed by equity crowdfunding platforms (ECFPs). With a conjoint experiment involving decision-makers from 50 platforms in 22 countries, this study provides first quantitative evidence regarding how ECFPs actually use quality signals to select new ventures to start fundraising campaigns. The ECFPs interpret signals differently, depending on whether they impose a co-investment requirement or generate revenues from new ventures’ long-term performance. The effectiveness of the signals also is contingent on the applicant’s industry background and the signals’ accessibility in the country where the ECFP operates.

在通过股权众筹积极寻求资金的新企业中，只有极少数幸运的人幸免于股权众筹平台（ECFP）进行的严格选择过程。通过一项涉及来自22个国家/地区的50个平台的决策者的联合实验，该研究提供了有关ECFP如何实际使用质量信号来选择新企业来开展筹款活动的第一份定量证据。ECFP对信号的解释有所不同，具体取决于它们是强加共同投资要求还是从新企业的长期业绩中获得收益。信号的有效性还取决于申请人的行业背景以及在ECFP运营所在国家/地区信号的可访问性。