股权众筹融资绩效影响因素的实证研究

Empirical Analysis on Influence Factors of Funding Performance of Equity Crowdfunding Projects

基于互联网平台的股权众筹方兴未艾,助推大众创业、万众创新,具有重要的研究价值,但目前国内对于股权众筹的研究仍显不足。本文基于信号理论及羊群效应理论,重点研究股权众筹项目融资绩效的影响因素,特别是领投人对融资绩效的影响,通过我国最具代表性的股权众筹平台京东东家及天使客的89个项目的数据进行实证研究。结果显示,融资目标金额、目标人数等目标信号,领投人投资金额占融资目标比、领投人是否披露退出方案、领投人是否披露此前投资收益率等领投人信号对于跟投人投资有显著影响,进而影响融资达成率。

Equity crowdfunding based on internet is growing rapidly and encourages people to start their business and makeinnovations, but it is lack of research in China at present. This paper focused on the influencing factors of equity crowdfundingand paid special attention to lead investor signals based on signaling theory and herd effect theory. It was empirically analyzedby way of 89 projects from JD Equity Crowdfunding and AngelClub. The results showed there was a significant influence oftarget information and lead investors information on investors and then they affected the successful percentage.