Research On Factors Influencing The Success Of Equity Crowdfunding Projects In China

In recent years,the development of internet financing is in a boom trend.It is not only as a supplement to the off-line business,but also a innovation to the online business.And its characteristics of convenience and flexibility also have a huge impact on people's life.Crowdfunding is one type of internet financing.Innovative projects or small and micro enterprises can use internet platform to raise money.Crowdfunding changes the traditional mode of investment and financing and obtains people's attention and application.Equity crowdfunding as the newest type of crowdfunding has a significance to simulate development vitality of small and micro enterprises,promote the improvement of business ecology and establishment of multi-level capital market.May 2014,China Securities Regulatory Commission cleared the equity crowdfunding regulatory orientation,and put forward "encourage innovation,manage risk,avoid disadvantages and healthy development" to promote the healthy development of equity crowdfunding industry.November 2014,Premier Li Keqiang put forward "to carry out equity crowdfunding pilot" for the first time during the State Council executive meeting.Equity crowdfunding is gradually accepted by the community.The issue consists of five parts.The first part presents the background and significance of this issue,research on crowdfunding profile at home and abroad,research ideas,methods and innovation of this issue.The second part introduces crowdfunding and equity crowdfunding which include the concept,four modes and current situation of crowdfunding.This part also includes the concept,advantages and disadvantages of equity crowdfunding.The third part introduces the basic conditions,business processes and business models of Dajiatou Website,and then make a statistical analysis of its success and failure project.The fourth part bases on Signaling theory and Customer Delivered Value Theory,by establishing Logit model to analyze the main factors which affect the success of equity crowdfunding project and get the results.The fifth part is on the basis of theory and empirical research on the front of this issue and makes recommendations for equity crowdfunding parties involved(equity crowdfunding platform,investors,project parties and regulators),in the hope making a certain reference value of the development of equity crowdfunding in China.