Empirical Analysis On Influence Factors Of Funding Performance Of Equity Crowdfunding Projects

In recent years,As a new model of financing innovation,Equity crowdfunding is developing rapidly in the Internet field.In 2011,Angel Crunch was established,which marking that Equity crowdfunding began to enter into the public view.Then more and more people pay attention to this.Until 2015,Equity crowdfunding is embracing the substantial opportunity.In addition to our country have issued a number of related guidance to support its development,Internet giants such as Jingdong,Alibaba has announced enter into the field of Equity crowdfunding,putting it as the core of the "Internet + financial" strategy.The emergence of Equity crowdfunding provide a huge space for economic development.It not only provides a new possibility for newly-established firm's financing,which greatly activates the small micro-enterprise's vitality,but also adapts to the demand of different investment and risk appetite,and enrich the multilevel capital market system,to deepen reform of the financial system.However,Equity crowdfunding also belongs to the early stage in China,so with its rapid expansion,we must also see clearly that there are still many problems in the field of Equity crowdfunding.And by observing the development of Equity crowdfunding in recent years,we found that compared to other types of crowdfunding,the success rate of the projects in the field of Equity crowdfunding is not very high.In other words,there are still many good start-up enterprises with better projects do not get financing due to various reasons,which makes the effect of equity crowdfunding to support start-up enterprises is greatly discounted.Based on related study,and combined with domestic present situation of Equity crowdfunding,this paper focuses on the analysis of the performance factors of equity crowdfunding.First by combing the basic concepts,patterns,and the development present situation of Equitycrowdfunding to make the readers have probably understanding of it.Secondly,based on the previous scholars' research and the related knowledge of finance,this paper makes a theoretical analysis on the factors that affect the performance of equity financing in the field of Equity crowdfunding,mainly based on signal transmission theory and herding theory to select the relevant factors and make assumptions.Finally,the author uses Eviews for regression analysis to analyzes the key factors that influence the success or failure of the equity financing in the field of Equity crowdfunding by collecting the data of Jingdongdongjia platform.The study shows that the target amount,the target number,the number of support,the type of plate and the existence of the video have a significant impact on the financing performance of the Equity crowdfunding,on the other hand,the number of thumbs up,the number of followers,the number of team,the number of microblogging fans of sponsors and the sponsor gender have little effect on the financing performance of the Equity crowdfunding.Finally,this paper puts forward relevant suggestions based on the empirical conclusion to funders,investors,platforms and countries to improve the success rate of the equity financing in the field of Equity crowdfunding,so as to better play the role of Equity crowdfunding about the support of small and medium enterprises financing,and to promote the healthy and sustainable development of Equity crowdfunding.