| According to the "G20 National Internet Development Research Report(2016)" released by the World Bank in January 2017,The total number of Internet users worldwide is more than 3 billion and accounts for 40%in the global total population by the end of 2016.Among them,the number of G20 Internet users exceeds 2.2 billion and the network penetration rate is more than 50%,which is higher than the global average.The research report also shows that the proportion of Internet users to the total population still has a larger room for growth in emerging developing countries.While the proportion has been basically saturated,that is,it is facing a bottleneck in developed countries.At the same time,the proportion of Internet economy among countries is also showing a certain difference.The average level of developed markets is 5.5%,0.6%higher than the average of developing countries.The above data show that Internet information technology is gradually becoming a driving force for economic growth in counitries.We can easily find that both the developed countries and developing countries are in full swing to develop their own Internet competition strategy,making positive efforts to share the "Internet cake".The Internet economy is particularly active in China's current economic development situation.The rapid development of Internet technology and communication technology is constantly promoting the integration of finance and the Internet and makes it possible to improve the efficiency of resource allocation and promote financial innovation.Internet finance is gradually becoming the backbone of inclusive finance.Internet finance has played a difficult alternative role in helping small and medium enterprises to develop,promoting public employment and making up for the development of traditional financial institutions.At the same time,it has made outstanding contributions to really promote the process of public entrepreneurship and innovation.On the one hand,promoting the rapid and healthy development of Internet financial is beneficial to improve the quality of financial services and improve the efficiency of resource allocation.On the other hand,deepening financial reform by promoting the development of Internet finance is conducive to driving financial innovation,enhancing the openness of financial industry internally and externally and building a more comprehensive multi-level capital market.Equity Crowdfunding is a new model in Internet Finance.This paper studies the law of financing behavior of project sponsors in the Internet Equity Crowdfunding platform.We find that there is a relatively fixed proportion of the project sponsors in the ownership of the shares,showing a significant"anchoring effect",which is similar to other studies on other financing subjects.This paper is based on the basic constraints of Equity Crowdfunding and constructs the dynamic evolutionary game model between investors and financiers according to the running mechanism of Equity Crowdfunding platform,then this paper deduces the general conclusion of the "anchoring effect" in the proportion of the promoters of the project sponsors,and thus explains the economic mechanism of the "anchoring effect" and expands the space of this research.At the same time,this paper uses the data in the platform of "renrentou" to test the"anchoring effect" behavior of the project sponsor in determining the proportion of each project.The empirical results show that the proportion of holdings in the Equity Crowdfunding platform exist"anchoring effect" and the "anchoring effect" showed a gradual weakening trend.The text of this article consists of five parts:The first chapter is the introduction.This part briefly describes the writing background and significance of this article,and introduces the ideas and writing methods of this article.The second chapter is literature review.First of all,I summed up the relevant research results at home and abroad so as to get the basic information needed for this writing,respectively from three angles,that is the Internet Financial and Equity Crowdfunding,the traditional environment of corporate ownership structure and the relationship between corporate performance and the "anchoring effect" theory.On this basis,I form a preliminary idea of the overall structure of this paper to lay a solid theoretical basis for the following writing.The third chapter is the theoretical analysis.First of all,this chapter combs the traditional game and evolutionary game and other related theories.Secondly,this chapter constructs a dynamic evolutionary game model between investors and financiers on the co-financing platform.It discusses the strategy interaction and dynamic adjustment between the project sponsors(project sponsors)and the project sponsors(investors)and analyzes the operation of Equity Crowdfunding platform.Finally,this chapter deduces that there is a certain law in the ownership structure of the project,that is,the project sponsor has"anchoring effect" in determining the proportion of holding.The fourth chapter is the empirical analysis.First of all,I collect and organize data in "renrentou"platform.Then,the empirical relationship between the ownership structure of the project sponsor and the performance of the firm is verified with the help of the 296 group of shares in the "renrentou" platform,the results show that there is no significant correlation between the two.Next,we continue to test the"anchoring" behavior of the project sponsor in determining the proportion of each project.The results show that the shareholding of the project sponsors in the Equity Crowdfunding platform has a certain law.That is,there is obvious "anchoring effect" when the project sponsor is determining the proportion of each project in its own holding.Therefore,there is not only the "invisible hand" in the market,but also the existence of "anchoring hand" in the guide platform of the participants in the behavior.Fortunately,the"anchoring effect" showing a weakening trend with the Equity Crowdfunding development by empirical test.The fifth chapter is the conclusion and policy suggestion.Through the theoretical analysis and empirical results,the author draws the main conclusions of this paper and puts forward the policy suggestions for the development of China's Equity Crowdfunding,so as to further enhance the efficiency of the Equity Crowfunding.While further standardizing the development of Equity Crowdfunding platform. |
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