Tra DeFi e finanza tradizionale: le opportunità di finanziamento per startup tecnologiche
DOI:
https://doi.org/10.13133/2037-3651/18957Parole chiave:
blockchain, ICO, STO, token offerings, SMEs financing, startupAbstract
Questo studio esamina il rapporto tra finanza decentralizzata (DeFi), rappresentata dalle token offerings, e finanza tradizionale. Le token offerings sono un mezzo di finanziamento diretto peer-to-peer che consente alle aziende, in particolare startup tecnologiche, di raccogliere fondi in cambio di token crittografici negoziabili pubblicamente. L’analisi si basa su 241 aziende che hanno emesso utility e security tokens tra il 2017 e il 2021. I risultati indicano che solo l’importo raccolto attraverso i security tokens aumenta la probabilità di ottenere successivi investimenti da parte di investitori tradizionali. La presenza di brevetti favorisce l’accesso a finanziamenti futuri, mentre non emergono evidenze significative riguardo all’attenzione al tema della sostenibilità ambientale da parte dell’azienda. Questi risultati empirici suggeriscono che l’emissione di security tokens viene percepita dagli investitori istituzionali come un segnale reputazionale. Al contrario, l’utilizzo di utility tokens sembra rispondere a obiettivi che vanno oltre il semplice accesso a nuove forme di capitale.
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