Crowdfunding and Venture Capital: Substitutes or Complements?

被引：10
|
作者：
D'Ambrosio, Mario [1 ]
Gianfrate, Gianfranco [2 ]
机构：
[1] HIG Capital Milan, Milan, Italy
[2] Harvard Univ, Sustainabil Sci, Cambridge, MA 02138 USA
来源：
JOURNAL OF PRIVATE EQUITY | 2016年 / 20卷 / 01期
关键词：
D O I：
10.3905/jpe.2016.20.1.007
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The authors study the geographical and time series dynamics of crowdfunding and the degree to which it substitutes or it enhances venture capital (VC). Their findings support the argument that crowdfunding is a substitute of traditional VC for seed capital but it complements VC activity for subsequent rounds of financing. Consistently, they also find that crowdfunding activity clusters in the same main centers as venture capital financing. © 2015Institutional Investor LLC. All Rights Reserved.
引用
收藏
页码：7 / 20
页数：14
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