讲座题目：Howlead investors build trust in the specific context of a campaign: a case studyof equity crowdfunding in China

演讲人：肖莉教授

时间：2019年9月19日上午10:00-12:00

地点：中央财经大学学院南路校区MBA教育中心A15

演讲人简介：肖莉教授2013年加入兰卡斯特大学管理学院，担任兰卡斯特中国管理中心的副主任。在此之前，她是埃克塞特大学商学院的创业学讲师。肖教授研究领域包括创业金融、早期企业的存活和成长、创新、技术型企业孵化器和制度理论，研究成果发表在很多高水平期刊上。她是International Small Business Journal (ABS 3*期刊)的编辑审稿委员会成员。她经常应邀为Journal ofBusiness Venturing、RegionalStudies、UrbanStudies、Journal ofSmall Business Management、International Small Business Journal、Entrepreneurship and Regional Development等ABS 3*、4*期刊审稿。她应邀为几个国家的博士论文进行评审。肖莉具有和中国的企业、各级政府的广泛联系。

Abstract：

Building on entrepreneurial financeand trust theory, this paper distinguishes between lead and follow-oninvestors, and explores how pledges and follow-on investment decisions are maderespectively. Using extensive hand-collected lifespan data from multiplesources, including archival documents, campaign-level evidence, in-depthinterviews and in-site observations, I find that lead investors who are likelyprofessional investors rely on competence trust built through the selective andobservable information displayed in the campaign documents to make thescreening decisions. The further building of competent and relational trustthrough physical interacting with entrepreneurs, helping make a sense ofcooperative manners and figure out the relationship between attributes ofentrepreneurs and the unobservable, is fundamental for lead investors to maketheir pledge. For follow-on investors who are likely non-professionals, a pledgeby knowledgeable lead investor encourage them to interpret information aboutentrepreneurs and the underlying idea for a start-up more positively, and tore-assures their rationale for investing. We find on average the number ofinvestors investing in a venture being rather small and the strategic changesfrom equity crowdfunding to syndicate funding in the investor-led model.

Key words：entrepreneurial finance, equitycrowdfunding, early-stage investors, pledge, competence and relational trust,investment decision-making