The evolution of entrepreneurial finance – 10 years after the global financial crisis

Abstract:
In the period following the global financial crisis, as banks and private equity investors withdrew from early stage entrepreneurial finance markets in the United Kingdom and developed economies (Mac an Bhaird, 2014; Wilson and Silver, 2013), there was a profusion in supply of alternative sources of early stage entrepreneurial finance (World Bank, 2013). These new financing options for firms partly alleviated the adverse effects of pro-cyclical provision of entrepreneurial finance (Mac an Bhaird et al., 2019). The large increase in provision of nontraditional sources of finance for the real economy was viewed as revolutionary (Harrison, 2013) and potentially transformative (Bruton et al., 2015), and its sustained use over more than a decade suggests that it is more than a passing fad. The amount of finance procured from these sources has grown significantly in a very short time period and is estimated to surpass investment from traditional sources of funding in the near future (Barnett, 2015). These developments have significant implications in relation to the supply of, and demand for, entrepreneurial finance, including well-established issues which primarily stem from information asymmetries, such as agency, signalling, moral hazard and adverse selection. The emergence of new sources of alternative finance introduces additional concerns in relation to regulation, investor protection, ownership and governance, among other issues (Bruton et al., 2015). The significant increase in the supply and use of alternative sources of finance has been facilitated to a large extent by the expansion of the Internet and use of social media. The increase in supply of, and demand for, alternative sources of finance has been accompanied by a burgeoning literature on the subject, due primarily to the availability of data that are accessible from the online platforms and websites. Over a decade has passed since the increased provision and use of alternative finance in its various forms and amounts, providing us with an opportunity to assess and analyse its adoption and to appraise how its provision may be improved for the benefit of investors and borrowers. At this juncture, we should have adequate evidence to increase the efficiency of provision from alternative sources, in order to improve the supply of finance in private debt and equity markets and to provide greater diversification and depth in financial markets. The International Journal of Entrepreneurship and Innovation has been to the forefront in publishing innovative studies on topical issues at the nexus of entrepreneurship and innovation (e.g. Volume 19, Issue 1, ‘Green innovation – connecting governance, practices and outcomes’). This special issue continues in that tradition, publishing state-of-the-art studies on a variety of issues related to innovations in entrepreneurial finance. This special issue is significantly different from other journal special issues on this subject (e.g. Baldock and Mason, 2015; Harrison, 2015; Owen et al., 2019) in the range and breadth of issues investigated and analysed. The studies represent a broad geographic spread, including New Zealand, the United Kingdom, France, and the United States. A broad range of financing innovations are also considered, including blockchain, peer-to-peer (P2P) lending, equity-based crowdfunding and mobile payment systems. Each article
Author Listing： Ciarán Mac an Bhaird;Robyn Owen;Mark Freel
Volume： 20
Pages： 235 - 238
DOI： 10.1177/1465750319877017
Language： English
Journal： The International Journal of Entrepreneurship and Innovation

International Journal of Entrepreneurship and Innovation

INT J ENTREP INNOV

影响因子：2.1 是否综述期刊：否 是否OA：否 是否预警：不在预警名单内 发行时间：- ISSN：1465-7503 发刊频率：- 收录数据库：ESCI/Scopus收录 出版国家/地区：- 出版社：SAGE

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年发文量 40
国人发稿量 -
国人发文占比 0%
自引率 28.6%
平均录取率 -
平均审稿周期 -
版面费 US$3000
偏重研究方向 BUSINESS-
期刊官网 -
投稿链接 -

质量指标占比

研究类文章占比 OA被引用占比 撤稿占比 出版后修正文章占比
97.50% 36.28% - -

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期刊预警不是论文评价，更不是否定预警期刊发表的每项成果。《国际期刊预警名单（试行）》旨在提醒科研人员审慎选择成果发表平台、提示出版机构强化期刊质量管理。

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具体而言，就是通过综合评判期刊载文量、作者国际化程度、拒稿率、论文处理费（APC）、期刊超越指数、自引率、撤稿信息等，找出那些具备风险特征、具有潜在质量问题的学术期刊。最后，依据各刊数据差异，将预警级别分为高、中、低三档，风险指数依次减弱。

《国际期刊预警名单（试行）》确定原则是客观、审慎、开放。期刊分区表团队期待与科研界、学术出版机构一起，夯实科学精神，打造气正风清的学术诚信环境！真诚欢迎各界就预警名单的分析维度、使用方案、值得关切的期刊等提出建议！

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分区表升级版（试行）旨在解决期刊学科体系划分与学科发展以及融合趋势的不相容问题。由于学科交叉在当代科研活动的趋势愈发显著，学科体系构建容易引发争议。为了打破学科体系给期刊评价带来的桎梏，“升级版方案”首先构建了论文层级的主题体系，然后分别计算每篇论文在所属主题的影响力，最后汇总各期刊每篇论文分值，得到“期刊超越指数”，作为分区依据。

分区表升级版（试行）的优势：一是论文层级的主题体系既能体现学科交叉特点，又可以精准揭示期刊载文的多学科性；二是采用“期刊超越指数”替代影响因子指标，解决了影响因子数学性质缺陷对评价结果的干扰。整体而言，分区表升级版（试行）突破了期刊评价中学科体系构建、评价指标选择等瓶颈问题，能够更为全面地揭示学术期刊的影响力，为科研评价“去四唯”提供解决思路。相关研究成果经过国际同行的认可，已经发表在科学计量学领域国际重要期刊。

《2019年中国科学院文献情报中心期刊分区表升级版（试行）》首次将社会科学引文数据库（SSCI）期刊纳入到分区评估中。升级版分区表（试行）设置了包括自然科学和社会科学在内的18个大类学科。基础版和升级版（试行）将过渡共存三年时间，推测在此期间各大高校和科研院所仍可能会以基础版为考核参考标准。 提示：中科院分区官方微信公众号“fenqubiao”仅提供基础版数据查询，暂无升级版数据，请注意区分。

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