商品敘述：

With the enactment of the long-awaited U.S. security-based crowdfunding regulations in May 2016, early-stage private companies can utilize regulatory crowdfunding to raise funds on digital platforms via multiple nonaccredited investors. To protect such small microinvestors and maintain market efficiency, the Securities and Exchange Commission (SEC) requires extensive disclosure information in filings. However, with many ventures being new, small, or lacking in experience, there has been little practical guidance on best practices for navigating such disclosures-particularly to enhance funding prospects. We aim to address this gap by focusing on two crucial aspects of disclosures: financial reporting and the disclosure narrative. We draw on extant research in the field and outline the best disclosure practices for potential regulatory crowdfunding issuers based on signaling theory and institutional theory. Our recommendations offer a simple but practical guide to SEC financial reporting and disclosures for successful regulatory crowdfunding.

涵蓋領域：

Entrepreneurial finance;Finance and investing

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