New technology-based firms (NTBFs) present high levels of information asymmetry since knowledge base, the intangibility of assets, and appropriability issues are particularly pronounced. Investors experiment with difficulties in evaluating the quality of NTBFs and look into insights representing the venture's promises and outlooks, and NTBFs need to face limited financing opportunities. Therefore, information asymmetries and moral hazards may influence the financing system of NTBFs. Based on the signaling theory, we propose a configurative approach built on five accessible signals (founders’ education and work experiences, property rights, alliances, and size) to identify combinations of signals conducive to the NTBF reaching a first financial round. By adopting a configurative approach through the qualitative comparative analysis, we advance our understanding of the intricate dynamics between NTBFs and investors, shedding light on the complexity and interplay of various factors influencing the financing outcomes.

新技术企业（NTBF）存在高度的信息不对称，因为知识基础、资产的无形性和专有性问题尤为突出。投资者在评估 NTBF 的质量时遇到了困难，并研究了代表企业承诺和前景的见解，而 NTBF 需要面对有限的融资机会。因此，信息不对称和道德风险可能会影响NTBF的融资体系。基于信号理论，我们提出了一种基于五个可访问信号（创始人的教育和工作经验、产权、联盟和规模）的配置方法，以确定有利于 NTBF 实现第一轮融资的信号组合。通过采用定性比较分析的配置方法，我们加深了对 NTBF 与投资者之间错综复杂的动态的理解，揭示了影响融资结果的各种因素的复杂性和相互作用。