Investidores qualificados e crowdfunding de investimento

Abstract

In Brazil, nascent and small companies face great difficulties in accessing the credit sources available in the traditional market. These prevent the survival of many of these companies. In such a context, crowdfunding emerges as a viable financing alternative. This dissertation analyzes equity crowdfunding. Such arrangement is more complex because the project to be financed must generate positive results over time for the agents involved. However, investors who take part in this type of initiative frequently care for the project itself, not only for financial rewards. This aspect is particularly relevant in crowdfunding for impact investments. The economic literature points to crowdfunding as an eminently social activity, in which some investors have intrinsic motivation to financially support a specific project. It also points out that “herd behaviour” plays a crucial role in individual investment decisions. In this scenario, the role of a qualified (well-informed) investor becomes essential, as the investor's decision signals to the crowd investor (less informed) the potential of the project to be financed. This dissertation offers an overview of investment crowdfunding in Brazil and proposes a theorical sequential game. In a perfect information benchmarking and only one investor, it is shown that a CFI project is only launched if it meets the minimum requirement of the investor regarding the chances of success of the project and the comparative statics of this variable is made.