An Analysis Of The Factors Affecting The Financing Performance On Equity Crowd- Funding

The number of equity crowd-funding platform in China growth rapidly since 2014,and several internet giants have also started to build its own equity crowd-funding platform,more and more internet start-ups became popular among investors.On the basis of combing the status quo of equity crowd-funding research,we then using the data which from "JD Dongjia" platform,the success crowd-funding rate from “the first P2 P platform” and the data from the new three-board market,analyzing the factor of equity crowd-funding's success on both the macro and micro side.The first chapter introduces the development background of the equity crowdfunding,and point out the significance of the development of equity crowd-funding for start-ups and investors.The second chapter is the literature review,we summarize it from four aspects which including the participation motive,the influential factors of equity crowd-funding,investors behavior research,and the risk management,and points out the shortcomings of the existing literature,all then determine the research direction of this paper.The third chapter mainly analyzes the influence factors of the equity crowdfunding from microcosmic side,and uses Python to obtain the data from "JD Dongjia" platform,then constructs the factor model,in which the independent variable including the uncertainty,financing scale,human capital and financial signal,the mediation variables is the rate of follow investor's investment,and dependent variable is the financing completion rate.Then,the correlation analysis,multiple stepwise regression analysis and mediation effect analysis are carried out by using SPSS.It is found that uncertainty,financing scale and financial signal are the three main influencing factors of the performance of equity financing,while the effect of human capital on the performance of crowd-funding is not significant.We also verify the follow investment rate play an intermediary role in the crowd-funding process.The fourth chapter go depth in follow investment rate.Through the investment amount and time information data of the project from the "JD Dongjia" platform,we test the herding effect among the investor by DL method and explained the causes of this effect.In the fifth chapter,the paper adds the analysis based on macro side,constructed VEC model test which is mainly based on the "three-board index" and "the success index of crowd-funding".It's turned out there is a long-term equilibrium relationship,namely it turned out to be a negative correlation between the "three-board index" and "the success index of crowd-funding".The last chapter is the conclusion and prospects,summarizes the main conclusions mainly and point out the direction in which the research should be improved in further study,then put forward some suggestions on how to improve the project success rate and promote the healthy development of the equity crowd-funding.In summary,the innovation of this paper lies in the relative authoritativeness of the data samples,and comprehensively considering the influence brought by uncertainty,financing scale,human capital and financial signal factors to the financing results,and innovatively introduced the relationship between the “new three-board market” and the crowd-funding market is analyzed from the macroscopic point of view,it has a certain practical significance for all the investors,project and equity crowd-funding platform.