The study aims to investigate the signalling role played by the intellectual capital of entrepreneurial projects towards crowdfunders. The study argues that information on; the intellectual capital of entrepreneurial projects posted on equity crowdfunding platforms can be perceived by external small investors or crowdfunders as signals of the venture's quality and can induce them to invest. By leveraging on the role of signalling theory in the mitigation of information asymmetries, the study argues that the intellectual capital of projects looking for equity crowdfunding is a powerful signal that positively affects the investment decisions of crowdfunders. Three components of entrepreneurial projects' intellectual capital – human, structural, and relational capital – are considered as factors affecting the success of equity crowdfunding campaigns, measured in terms of funding collected and the number of investors. The findings reveal that relational capital positively affects the investment decisions of equity crowdfunders and thus explains the success of equity crowdfunding campaigns. Factors related to human capital and structural capital have a positive impact on investment decisions, but only to a limited extent. This study provides valid implications for entrepreneurs, platform managers, and policy-makers/authorities.

该研究旨在调查创业项目的智力资本对众筹者所起的信号作用。该研究认为，有关信息；股权众筹平台上发布的创业项目的智力资本，可以被外部小投资者或众筹者视为企业质量的信号，并可以诱导他们进行投资。通过利用信号理论在缓解信息不对称中的作用，该研究认为，寻求股权众筹的项目的智力资本是一个强有力的信号，对众筹者的投资决策产生积极影响。创业项目智力资本的三个组成部分——人力、结构、和关系资本——被认为是影响股权众筹活动成功的因素，以筹集的资金和投资者数量来衡量。研究结果表明，关系资本对股权众筹的投资决策产生积极影响，从而解释了股权众筹活动的成功。与人力资本和结构资本相关的因素对投资决策有积极影响，但程度有限。这项研究为企业家、平台管理者和政策制定者/当局提供了有效的启示。与人力资本和结构资本相关的因素对投资决策有积极影响，但程度有限。这项研究为企业家、平台管理者和政策制定者/当局提供了有效的启示。与人力资本和结构资本相关的因素对投资决策有积极影响，但程度有限。这项研究为企业家、平台管理者和政策制定者/当局提供了有效的启示。