论文标题
作为企业家投资的众筹：当地知识溢出的作用
Crowdfunding as Entrepreneurial Investment: The Role of Local Knowledge Spillover
论文作者
论文摘要
本文探讨了当地知识溢出和人力资本作为众筹投资的驱动力的作用。领土的作用已经在竞选成功方面进行了研究，但是领土对使用股票众筹等财务资源的影响尚不清楚。本文使用435个意大利地区的435个股票众筹活动样本（从2016年到2019年），评估了人力资本流量对采用众筹活动的影响。我们的结果表明，该地区的入站知识以吸引国家和国际学生的能力来衡量，对该地区本身的众筹活动产生了重大影响。
This paper explores the role of local knowledge spillover and human capital as a driver of crowdfunding investment. The role of territory has already been studied in terms of campaign success, but the impact of territory on the use of financial sources like equity crowdfunding is not yet known. Using a sample of 435 equity crowdfunding campaigns in 20 Italian regions during a 4-year period (from 2016 to 2019), this paper evaluates the impact of human capital flow on the adoption of crowdfunding campaigns. Our results show that inbound knowledge in the region, measured in terms of ability to attract national and international students, has a significant effect on the adoption of crowdfunding campaigns in the region itself.
