A Research On The Financing Trust Factors Affecting The Successful Of The Equity-based Crowdfunding For Entrepreneurial Team

China as a big country of population,In recent years,every year's graduates can reach 6 million or 7 million.Faced with the increasingly severe situation of employment,”Mass entrepreneurship and innovation” has become a major trend in today.However,for entrepreneurship the Venture capital has been the most difficult problem to solve.With China's capital market continues to develop and becomes more mature,in the process of financing the proportion of direct financing gradually increased.Especially since 2013,the equity-based crowdfunding develops quickly in China.Developing a new way to direct financing for the entrepreneurs.The first step for entrepreneurship team successfully obtain the equity financing is to get the trust of investors.Therefore,how to build financing trust of equity-based crowdfunding,to obtain the finance more efficiently has become a major issue in the equity-based crowdfunding.Based on the research results of domestic and foreign scholars on financing trust theory,combine with the theoretical analysis of equity-based crowdfunding,the paper sums up the dimensions and influencing factors of the trustworthiness of the equity-based crowdfunding of the entrepreneurial team in theory,constructing the Trust Model of Entrepreneurial Team in equity-based crowdfunding.And the necessary of establishing the trust of the entrepreneurial team in equity-based crowdfunding is explained by combining the theory of game theory.At the same time,the author gets on a questionnaire survey based on the data collected from the 126 successful projects in the top ten shareholders.And then use SPSS19.0 and Eviews to analyze the results of questionnaire survey.On the basis of data analysis,this paper systematically summarizes the trustworthiness and its influencing factors of the equity-based crowdfunding of the entrepreneurial team,then verify the assumptions.The results show:?It is necessary to establish the trust relationship of equity-based crowdfunding;?The working experience,innovation ability,reputation,financing shares and number of projects are the main factors influencing the construction of the financing relationship.The factors which are attributable to the entrepreneurial team include the work experience,innovation ability and reputation of the entrepreneurial team;?The influence degree of each factor of financing trust is related to the industry attribute of the project.For traditional industries,investors are most concerned about the entrepreneurial team's work experience,followed by the innovation;For the strategic emerging industries,the investors most value is the entrepreneurial team's innovation capability,followed by the work experience;For the hybrid industry,the entrepreneurial team's innovation and work experience are in the same degree.In these three industries,the positive impact of reputation on the financing trust is not affected by the properties of the industry.Finally,this paper further discusses the training and maintenance strategy of the financing trust for equity-based crowdfunding of the entrepreneurial team.