创投类项目私募股权众筹绩效影响因素分析

An Analysis on Factors for the Performance of Private Equity-based Crowd-funding of Venture Capital Enterprises

基于互联网平台的股权众筹为初创型小微企业提供了新的融资渠道。该文以京东的私募股权平台"京东东家"为例,运用回归分析研究了其创投类项目私募股权众筹绩效影响因素。研究结果表明,领投人的投入占比、创始人出让的股权份额、前期融资次数对跟投完成率有显著正影响。成立年限、项目投后估值、创始人性别和创始人前期创业经验对跟投完成率没有显著影响。

Internet-based crowd-funding provides a new financing channel for newly established small busi- nesses. The study, using regression analysis, takes the example of Jingdong＂ s private equity-based crowd-funding platform to analyze the factors which influence financing performance of venture capital enterprises on private equity -based crowd-funding panel. The result indicates that proportion of capital investment of lead investor, shares of ownership that founder will sell, number of financing times before have significant positive influences on financing performance. On the other side, duration time of the enterprises, valuation of project post-investment, gender of founder and startup experience have insignificant influences on the financing performance.