The Study Of Investor Behavior In Equity Crowdfunding

Based on 1481 data of 41 equity crowdfunding project of Dahuotou platform,this paper,by adopting the method of panel data fixed effects model researches the investors' investment behavior in the market of equity crowdfunding in our country.The study found that,in the early financing of equity crowdfunding project,information asymmetry phenomenon is relatively serious.The number of daily new investors and financing schedule are significant,ordinary investors easily follow higher financing schedule project,and herding effect is significant.Along with the advancement of the project,by the middle of financing,project received more attention,and the number of browsing and comments,and the amount of financing has reached a certain degree.Due to the spread of responsibility,the bystander effect is more significant.With the improvement of financing progress,the number of investment decision-makers decline,thus weakening the herd behavior of investors.During the late stages of project,due to the less and less of the rest time,investors' psychological regret will be more and more strong because of no investment,thus weakening the herd behavior of investors.So in the late stage of project,the deadline effect is significant,and investors' bystander effect is weakened.Moreover,due to the existence of a led investor as a professional investor in equity crowdfunding,ordinary investors in the decision-making will be affected by led people.When the person exists,ordinary investors tend to observe led people's investment behavior,and weaken the attention of the early investors and the project schedule.This shows that led people as a professional investment group,has a more far-reaching influence on the behavior of the investor.Based on the empirical results,this paper also gives advice from several aspects.Firstly,the project discloses relevant information in various forms as much as possible to make investors a more comprehensive understanding of the benefits and risks of the project;Second,equity crowdfunding platform should strengthen audit,supervision and management of the project to increase the project quantity and quality of information disclosure requirements;Third,leaders should improve its professional knowledge and skills to make ordinary investors get professional ability but refer to the early investors behavior;Fourth,the government management to equity crowdfunding platform should not only specify the related rules and regulations from the perspective of whole industry,also need to provide related supporting services to the healthy development of the equity crowdfunding platform.Fifth,investors should strengthen their own education,in order to improve their professional level.