A Research On The Influential Factors Of Project Financing Performance Of Equity Crowdfunding

Equity crowdfunding is a new type of equity investment and financing mode based on Internet technology.It has the advantages of medium-free and direct financing,providing new ideas for start-ups in solving financing problems effectively,exploring service depth and extending transaction breadth of inclusive finance.It is considered as a brand-new financial format that can maximize inclusive finance.Crowdfunding industry is booming and has great potential.What factors are effective signals that affect the performance of equity crowdfunding projects? This is the common focus for investors,financers and crowdfunding platforms.Based on the review of relevant literature on the connotation of crowdfunding,the concept of crowdfunding and the research on the influencing factors of crowdfunding financing performance,this thesis taking signal theory as the theoretical basis analyzes the signal transmission mechanism of financing performance of equity crowdfunding projects.A series of research hypotheses are given from the perspectives of financing side,investors and crowdfunding platform.On the basis of the descriptive statistical and correlation analysis of the sample data of crowdfunding project named Dahuotou,this thesis establishes the intermediary effect model to conduct multiple linear regression analyses and empirically studies factors affecting the financing of the equity crowdfunding projects' performance.The results show that:(1)The financing performance of equity crowdfunding projects is significantly influenced by whether there's a leader investor in the financing project,whether the start-ups is a high-tech enterprise,and whether there is a valuation adjustment mechanism.However,the operation progress of the financing project and the financing performance of the equity crowdfunding project are not significant relevant;(2)The platform star rating system plays a incomplete intermediary role for start-ups in financing performance with its high-tech nature,and the existence of valuation adjustment mechanism in financing projects plays a complete intermediary role in financing performance.Based on the above conclusions,this thesis puts forward corresponding practical suggestions to the investors,financing side and crowdfunding platforms respectively.