As a digital financial innovation, equity crowdfunding (ECF) allows investors to exploit the complementarity of information provision and network effects in a reduced transaction cost environment. We build on the underlying distinction between soft and hard information and show that ECF platforms create an environment of greater information pooling that benefits from network externalities. We test our hypotheses using a unique proprietary dataset and find that soft information has a greater impact than hard on the likelihood that a financing pitch will be successful. Moreover, the effects of soft information are amplified by the size of the investor network on the platform and network size also positively moderates the effect of information on the amount invested during each pitch. We conclude that ECF platforms can successfully exploit low transaction costs of the digital environment and bring network externalities to bear on investor decisions. Taken together that these increase the supply of funds to entrepreneurs.

作为一种数字金融创新，股权众筹（ECF）允许投资者在降低交易成本的环境中利用信息提供和网络效应的互补性。我们建立在软信息和硬信息之间的根本区别之上，并表明 ECF 平台创造了一个更大的信息池环境，该环境受益于网络外部性。我们使用独特的专有数据集测试我们的假设，并发现软信息对融资宣传成功的可能性的影响大于硬信息。此外，软信息的影响被平台上投资者网络的规模放大，网络规模也积极地调节了信息对每次推介期间投资金额的影响。我们得出的结论是，ECF 平台可以成功利用数字环境的低交易成本，并使网络外部性对投资者决策产生影响。综上所述，这些增加了对企业家的资金供应。