Study Of The Influencing Factors Of The Equity Crowdfunding Based On TPB

On November 19,2014 in the State Council address,equity crowdfunding was endorsed as part of financial innovation to solve financing difficulties for small and medium enterprises.In 2015,"Equity Crowdfunding" was officially defined by the ministries and commissions,and soon after it stands out from the Internet Finance field and is widely concerned and studied by many domestic and foreign scholars.This thesis focuses on the "lead-investor and co-investor" mechanism and mainly studies the role of the lead-investors.Based on the Theory of Planned Behavior(TPB),this thesis constructs an equity crowdfunding behavior model,and studies the influencing factors and influencing degree for the lead-investors when participated in equity crowdfunding through the core variables such as behavioral attitude,subjective norm and perceptual behavior control.Shenzhen Crowdfunding Association is one of the first crowdfunding organizations recognized by the Ministry of Civil Affairs in China,through which the author sent questionnaires to its members,senior management personnel in the field of investment and financing in Shenzhen and experienced financial practitioners to obtain data for empirical analysis,And the main conclusions are as follows:(1)The attitude,the subjective norm and the perceptual behavior control all have a significant positive effect on the behavioral intention of the lead-investors.From high to low,the order of the influence of the above three factors on the behavioral intention of the lead-investors participated in equity crowdfunding is: the attitude towards equity crowdfunding,the perceptual behavior control and the subjective norm;(2)The Question "Is it important to help implement more and more innovative entrepreneurship projects through equity crowdfunding investments?" has the highest impact on the attitude of equity crowdfunding;The Question "Is it important for most of the important teams around you to support your crowd funding decision in the next year?" has the highest impact on the subjective norm;The Question "Will the restrictions on project investment prevent you from participating in the equity crowdfunding?" has the highest impact on the perceptual behavior control;(3)The behavior of the individual investors is not only controlled by themselves,but also affected by some personal or social cultural factors,thus the "lead-investor and co-investor" mode is flawed.Combined with the conclusion of empirical analysis,this thesis further puts forward certain corresponding suggestions for the lead-investors.The innovations of this thesis are:(1)the research object is precisely selected to the "lead investors" in order to study the factors that influence their participation in equity crowdfunding;(2)the theoretical model TPB,which is widely accepted in the studies of the relationship between attitude and behavior,is applied to study the behavior of the lead-investors;(3)the questionnaire issued in Shenzhen,the most innovative city with the second largest equity crowdfunding platform in China,is targeted for senior managers in the field of investment and financing and experienced financial industry practitioners.