股权众筹领投人机制对项目融资绩效的影响研究

On the impact of lead investor regime on the financing performance of the project in equity crowdfunding

基于2014—2017年聚募股权众筹平台的数据,采用倾向得分匹配法将领投人因素从影响股权众筹项目融资绩效的其他要素中初步分离,并运用OLS回归分析法进一步考察领投人异质性和投资行为的影响效应。结果表明:融资目标较高和已经产生盈利的项目更倾向于引入领投人;领投人的存在能够通过其投资行为直接提高项目的累积投资额,进而提高融资完成率;机构领投人的存在对普通投资者的投资产生挤出效应,但挤出效应的负面影响被机构领投人的高领投额度所抵消;领投人的领投金额能"遮掩"融资目标对融资完成率的负面影响。在研究结论的基础上,对股权众筹业界、平台方和项目方提出了相关建议。

Based on a dataset of equity crowdfunding projects from 2014 to 2017 on Jumu Platform,firstly preliminarily separate the impact of leaders from other factors that may also influence the performance of equity crowdfunding projects by using Propensity Score Matching,and then investigate the impact of the heterogeneity and investment behavior of leaders by using OLS regression method.The results show that the projects which have higher funding goal and have been profitable are more inclined to introduce the lead investor regime to their projects,that the leaders can help increase the project's cumulative investment directly by the investment behavior,which finally increases its financing completion rate,that the ordinary investors will suffer from the Crowd Out Effect by institutional leaders,but the effect will also be offset by high amount of investment from institutional leaders,and that the leaders'investment can suppress the negative effect from the funding goal on the project's financing completion rate.Based on the research conclusions,the study puts forward relevant suggestions for the equity crowdfunding industry,platform managers and project fundraisers.