融资项目的不确定性对股权众筹融资绩效的影响——以领投金额为中介变量

Impact of Uncertainty of Financing Project on Performance of Equity Crowdfunding:Mediating Effect of Lead Amount

基于信号理论,以国内6家股权众筹平台上成功完成融资的157个项目为样本,采用逐步回归分析方法研究了"领投+跟投"模式下融资项目的不确定性对股权众筹融资绩效的影响,以及领投金额在项目不确定性与股权众筹融资绩效之间的中介作用。研究发现:出让股份对股权众筹融资绩效具有显著的负向影响;项目估值对股权众筹融资绩效具有显著的正向影响;领投金额部分中介了出让股份对股权众筹融资绩效的负向影响以及项目估值对股权众筹融资绩效的正向影响。

Based on the signaling theory,using the data of 157 project samples from six equity crowdfunding platforms in China,this paper explores the influence of the uncertainty of financing project on equity crowdfunding performance,as well as the mediating effect of lead amount on the these influences by the hierarchical regression method.The result shows as follows：equity offering has a significant negative impact on equity crowdfunding performance;project′s assessed value has a significant positive impact;lead amount has partial mediating effects on the above negative impact and positive impact.