The Herding Effect Of Investors In Crowdfunding

Premier Li Keqiang stressed the need to fully release the the potential of social innovation and entrepreneurship in 2016 government work report,but the financing of start-ups and creative ideas is not easy.As a new financing channel,crowdfunding provides a new financing platform for entrepreneurs.Since the emergence of crowdfunding in 2011,it has rapidly risen and developed in china.As the market is widely recognized and accepted,coupled with positive policy,the crowdfunding industry are experiencing explosive growth since 2013.Crowdfunding platform in large numbers,the scale of financing is also a good momentum of growth.The research of domestic and foreign scholars on crowdfunding focus on the definition of crowdfunding,factors affecting financial performance,the risk and the supervision,while the research on the herding effect of investors in crowdfunding is less.In this paper,we make the herding effect of investors as a starting point,use GooSeeker to crawl the date of ZHONGCHOU,establish the Logistic panel data regression model.It is proved that the higher the number of investors in the previous period,the greater the probability that the follow-up investors will invest,that is,the existence of the herding effect of the investors,the probability of follow-up investors investment and the number of comments,the percentage of financing is related,Negative correlation,and the remaining time into a U-type relationship.On the basis of this,by introducing the cross variable of the flock effect characteristic variable and the control variable,it is proved that the herding effect of the investors is rational,and the remaining days strengthens the investor's herding effect,the target financing amount,,The number of concerns and the number of comments are home to weaken the investor's herding effect.Through the analysis of the empirical results,from the investors,investors and the public network platform three aspects of countermeasures and suggestions.