题目：When Investors Pick Winners: Common Ownership and the Fundraising of Blockchain Projects

主讲人：孙晓彤

时间：12月5日14：00-15：30

地点：励耘楼B306

摘要：This study examines how common ownership among investors acts as a portfolio-level selection mechanism in blockchain entrepreneurship, influencing fundraising outcomes for nascent ventures. Drawing on resource dependence theory and adapting patent-race models, we theorize that investors with overlapping portfolios may strategically depriortize lagging blockchain projects to avoid redundant costs and to consolidate market power around leading ventures. We test this argument on 2,727 blockchain projects backed by 9,648 investors (2009Q2–2025Q1). Using an instrumental variables approach based on geographic proximity, we find that common ownership reduces the probability of series A attainment for lagging ventures by 31%. The mechanism operates through investor withdrawal and reduces external capital inflows, with effects particularly pronounced when the competition losses are larger. Further analyses reveal that these dynamics are not pervasive across categories, and infrastructure application may suffer more from negative effects of common ownership. Our findings contribute to entrepreneurship research by identifying common ownership as a novel selection mechanism that shapes entrepreneurial survival. The study also highlights implications for entrepreneurs navigating investor concentration, and for policymakers seeking to sustain innovation in emerging ecosystems.

本研究探讨了投资者间的共同所有权如何作为一种投资组合层面的选择机制，影响区块链创业项目的融资结果。基于资源依赖理论并借鉴专利竞争模型，我们提出，投资组合重叠的投资者可能会策略性地降低对落后区块链项目的投资优先级，以避免重复成本并巩固领先项目的市场力量。我们以2009年第二季度至2025年第一季度期间由9648位投资者支持的2727个区块链项目为研究对象，对这一论点进行了验证。通过基于地理位置邻近性的工具变量方法，我们发现共同所有权使落后项目获得A轮融资的概率降低了31%。该机制通过投资者撤资和减少外部资本流入发挥作用，且在竞争损失较大时，这种影响尤为显著。进一步分析表明，这种动态并非普遍存在于所有类别中，基础设施应用可能更容易受到共同所有权的负面影响。我们的研究结果通过识别共同所有权这一影响创业生存的新型选择机制，为创业研究做出了贡献。该研究还强调了对企业家应对投资者集中度挑战以及对寻求在新兴生态系统中保持创新的政策制定者的影响。

个人简介：英国格拉斯哥大学经济学博士，现任澳门城市大学金融学院助理教授、硕士生导师。主要研究领域为金融科技，加密货币与去中心化金融等。在 Journal of Financial Stability 期刊发表论文，学术合著《 The Blockchain Scholars Book: Current Academic Insights Condensed for Busy Practitioners 》发表于国际著名学术出版社Springer Nature。担任 Journal of Business Venturing, International Journal of Finance and Economics, International Review of Financial Analysis 等10余本学术期刊匿名审稿人。研究成果获Cryptocurrency Research Conference最佳论文奖等学术奖励。为Financial Regulation Innovation Lab (FinTech Scotland)提供金融监管白皮书等。