| Innovation and entrepreneurship plays an increasingly prominent role in the economic restructuring in our country.As an important driving force for innovation and entrepreneurship,equity crowdfunding can not only provide financial support and management experience for start-up enterprises,but also help them integrate various resources and promote the development of new industries Has a pivotal role.As an intermediary for investors and financiers to obtain information and services,the equity crowdfunding platform has,to some extent,made up for the missing market gaps for SME service providers,alleviating the information asymmetry between borrowers and lenders and providing better communication and communication between investors and financiers Convenient,so as to facilitate the smooth completion of investment and financing transactions.However,from the development in recent years,the overall platform of equity crowdfunding is still in its early stage of development.Industry practice is still inadequate,and policies and supervision are not perfect.Some platforms are facing the problem of lack of legal guidance,project and investor auditing and management and service awareness,leading to frequent risk incidents and fraud,difficulty in protecting investors and easy involvement in illegal financial activities,thus gradually withdrawing from the financial sector.The research on equity crowdfunding in academia mainly focuses on the analysis of the advantages and necessity of equity crowdfunding,risk assessment,industry regulation and the impact on business growth.There is a lack of corresponding theoretical basis in the theoretical research on equity crowdfunding,and the resulting correlation effect has been directly or indirectly discussed in the practice of crowdfunding of Internet financial equity.Smaller platform companies operating bleak platform for both borrowers and lenders is difficult to reach a consensus investment agreement.Therefore,studying the factors that affect successful fund-raising in the crowdfunding market can effectively improve the matching ability of platform to investors and start-up companies,and ensure the successful completion of online investment and financing transactions.This article intends to analyze the characteristics of China’s equity crowdfunding platform from the perspective of location and supplement existing literature.Based on the transaction data of 12 equity crowdfunding platforms,we study the impact of location on the success of equity crowdfunding projects.First of all,this article analyzes whether there are geographical differences in the current equity crowdfunding platforms around the country.We use the local preference to measure the difference in location.That is to say,whether the local equity crowdfunding platform prefers local projects.Then based on the analysis of the phenomenon of location differences,this paper explores the impact of location on the success of equity crowdfunding projects.First,whether the geographical distribution of project parties and platform parties will affect the success of fund-raising,that is,whether the equity crowdfunding platforms and projects in the developed regions are more likely to receive financial support from investors.Second,whether the project parties and the platform parties are located in the same area will affect the success of fund-raising.That is,if the project and platform are located in the same area,it will be easier to raise funds.From the results of this paper,it can be seen that there are obvious geographical differences in the equity crowdfunding platforms across regions,and the location has some impact on the success of equity crowdfunding projects.(1)Shanghai has the highest local preference,followed by Shenzhen.The equity crowdfunding platforms in Shanghai and the Guangzhou-Shenzhen region favor projects in close proximity,meaning that the platform has the most local information advantages and the most capable local projects.(2)Hangzhou’s equity crowdfunding platform has the strongest local avoidance characteristics,followed by Beijing.This shows that Hangzhou and Beijing have no obvious preference for local projects and the quality requirements of projects and teams are more stringent.It also shows the obvious characteristics of entrepreneurial accommodation in Hangzhou and Beijing.The region is more open and more inclusive.(4)Whether the location of the project and the location of the equity crowdfunding platform is more favorable for investors in developed regions than for non-developed regions,and it is positively related to the project’s successful investment.(5)When equity crowdfunding projects and platforms are located in the same location,the success rate of fundraising will be significantly increased.There is a positive correlation between the two. |
