领投人社会资本对股权众筹融资绩效影响研究

A Research on the Impact of Leading Investors’ Social Capital on Equity Crowdfunding Financing Performance

股权众筹融资绩效的影响因素是近年来学术界和实务界关注的焦点.本文基于2014-2017年的横截面数据,运用OLS回归分析法,研究领投人社会资本对融资绩效的影响.结果表明:领投人的引入能够显著提高股权众筹融资绩效;在领投人社会资本异质性的分析中发现,结构型社会资本、地域型社会资本与股权众筹绩效之间显著正相关;进一步的研究发现,随着领投金额的增加,社会资本对股权众筹融资绩效的影响逐渐受到抑制.本文的研究结论对于推动股权众筹相关学术研究、指导我国股权众筹平台的构建、加强政府部门对股权众筹管理能力等均有重要的理论与现实意义.

The influencing factors of equity crowdfunding financing performance are the focus of academic and practical circles in recent years. Based on the cross-sectional data from 2014 to 2017, this paper studies the impact of the social capital of the lead investor on financing performance by OLS regression analysis. The results show that the introduction of the lead investors can significantly improve the performance of equity crowdfunding financing;in the analysis of the social capital heterogeneity of the lead investors. It is found that there is a significant positive correlation between structural social capital, regional social capital and equity crowdfunding performance. Further research finds that as the amount of the lead investment increases, the impact of social capital on equity crowdfunding financing performance is gradually suppressed. The conclusions of this paper have important theoretical and practical significance for promoting academic research on equity crowdfunding, guiding the construction of equity crowdfunding platform in China, and strengthening the ability of government departments to manage equity crowdfunding.