On Incentive Problem Of The National Equities Exchange And Quotations Equity Crowdfunding

In this paper, case research method is adopted to analyze the Zhong Tou Bang website hoping to explore the incentives of different parties involved in the NEEQ(National Equities Exchange and Quotations) Equity Crowdfunding. This paper argues that the motivated performance is different among the project financers, crowdfunding platforms and project supporters, but it will eventually achieve incentive compatibility.Based on the investment analysis, the project’s supporters include project lead investors and project followers. After the analysis, it can be summarized that the project financer’s incentive is a fast, low-cost financing and the investment incentives of project lead investors is to save the cost of collecting information on quality projects and broaden the financing channels, to obtain excessive returns. Regarding the project followers, their investment incentives is to reduce the threshold of the NEEQ and increase investment channels to gain investment income. Although the purpose of the parties involved in the performance are various, the Zong Tou Bang website in order to maximize project turnover ratio, have introduced the " the NEEQ lead investor fund ", the " the NEEQ fund of funds" and other models, and developed a "lead investor funds a series of good mechanism of investment process " and " regular communication system " so that all parties involved in the pursuit of personal interests are consistent with the goal of maximizing the value of the collective, to eliminate information asymmetry among the parties involved, to achieve incentive compatibility. Through the above analysis, in the last part of the paper, some suggestions are given for the development of our country’s equity crowdfunding.