互联网平台小微企业股权众筹完成率影响因素探究

Research on Influencing Factors of Equity Crowdfunding on the Internet Platform in Small and Micro-Scaled Enterprises

互联网平台股权众筹为创新项目融资提供了新渠道,对改变小微企业尤其是创新创业企业面临的融资渠道单一、融资成本高及融资地位弱势等局面带来了希望。从项目价值、项目描述、项目状态、人力资本、信用背书5个维度构建理论模型,采集知名股权众筹平台京东东家的数据,通过实证分析,研究小微企业股权众筹影响因素。结果显示,5个维度对筹资完成率均呈正向影响,而观测变量中的项目估值、投资人数上限以及团队成员行业经验与筹资完成率呈正相关,目标金额与筹资完成率呈负相关。

The equity Crowdfunding of the internet platform provides a new channel for the innovation project financing. Equity Crowdfunding has brought hope to change the difficult situation of vulnerable financing status, single financing channel and high financing cost which the small micro enterprises, especially the innovative venture enterprises are faced with. This paper constructs the theoretical model with five dimensions which are the project value, project description, project status, human capital and credit endorsement. It Collect the data from Jindong owner, a famous equity Crowdfund ing platform, and study the factors influencing the equity Crowdfunding of small and micro enterprises through empirical analysis. The results show that the five dimensions have a positive impact on the completion rate of funding, while the ob servation variables of project valuation, the upper limit of investment and the industry experience of the team members are positively related to the completion rate of funding, and the target amount is negatively related to the funding completion rate.