Currently, small and medium-sized enterprises (SMEs) have been the mainstay of technological innovation. Given the paucity of financial support, equity crowdfunding has become a popular way for SMEs to obtain project funds in recent years. Based on all successful crowdfunding projects on Seedrs, an equity crowdfunding platform, we delved into the impact of the content not displayed on project’s presentation page, particularly past fundraising experiences, on fundraising performance. Additionally, we empirically explored the influence of three dimensions, namely whether there was past fundraising experience, the number of past fundraising experience(s), and the amount of the last fundraising, on the fundraising ratio and the number of investors. The research results indicate that (1) the fundraising ratio is not significantly related to whether there was past fundraising experience and the number of past fundraising experience(s), but positively related to the amount of the last fundraising; (2) the number of investors is not significantly related to whether there was past fundraising experience, but positively related to the number of past fundraising experience(s) and negatively related to the amount of the last fundraising. Theoretically, we explored the relations between the information not displayed and fundraising performance from the perspective of past fundraising experience, supplementing and enriching the related research. Practically, we revealed the information searching behaviors of investors and guided the crowdfunding platforms in the information display.

当前，中小企业已成为科技创新的主体。由于资金支持匮乏，股权众筹成为近年来中小企业获得项目资金的热门方式。基于股权众筹平台Seedrs上所有成功的众筹项目，我们深入研究了项目展示页面未展示的内容，特别是过往的筹款经历对筹款绩效的影响。此外，我们还实证探讨了是否有过往募资经历、过往募资经历次数以及最近募资金额三个维度对募资比例和投资者数量的影响。研究结果表明：（1）募资比例与是否有过往募资经历以及过往募资经历次数不显着相关，而与最近一次募资金额正相关；（2）投资者数量与是否有过往募资经历不显着相关，但与过往募资经历数量正相关，与最近一次募资金额负相关。理论上，我们从过往募资经验的角度探讨了未展示信息与募资绩效之间的关系，补充和丰富了相关研究。在实践中，我们揭示了投资者的信息搜索行为，并指导众筹平台的信息展示。