This study investigates campaign success in equity crowdfunding, using campaigns listed on a leading Japanese equity crowdfunding platform with an all-or-nothing rule. We examine how campaign success depends on campaign- and firm-specific characteristics, including the campaign target amount. We find that patenting positively affects campaign success and the campaign target amount. The results indicate that innovative firms have a higher probability of campaign success, while they set a higher target amount. We also provide evidence that campaigns that have already provided services and products have a lower probability of success, although not always significant, and firms tend to set a lower target amount. Moreover, campaigns launched by venture capital-backed firms are more likely to succeed than others. Furthermore, campaigns launched by firms eligible for the Angel Tax System, introduced in Japan as a tax incentive for investment in young and small firms, have a higher tendency to succeed in equity crowdfunding. Our findings suggest that the Angel Tax System attract more crowd investors and such tax incentives help raise funds on equity crowdfunding platforms for new businesses.

本研究调查股权众筹活动的成功，使用在日本领先的股权众筹平台上列出的活动，采用全有或全无规则。我们研究了活动的成功如何取决于活动和公司的特定特征，包括活动目标金额。我们发现申请专利对竞选成功和竞选目标金额有积极影响。结果表明，创新公司有更高的活动成功概率，同时他们设定了更高的目标金额。我们还提供证据表明，已经提供服务和产品的活动成功的可能性较低，尽管并不总是很重要，而且公司往往会设定较低的目标金额。此外，由风险资本支持的公司发起的活动比其他公司更有可能取得成功。此外，由符合天使税制度条件的公司发起的活动，在日本作为对年轻和小型公司投资的税收激励措施而引入，在股权众筹中更有可能取得成功。我们的研究结果表明，天使税制度吸引了更多的众筹投资者，此类税收优惠有助于在股权众筹平台上为新企业筹集资金。