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The Impact Of Internet Equity Crowdfunding Information Disclosure On Financing Effectiveness

Posted on:2019-09-20Degree:MasterType:Thesis
Country:ChinaCandidate:Z H ChengFull Text:PDF
GTID:2439330548464790Subject:National Economics
Abstract/Summary:PDF Full Text Request
In end of 2011,equity crowdfunding formally entered our country.In the same year,the first equity crowdfunding platform,"AngelCunch" was established in China,and then came the Venture Capital Circle 36 Krypton and other equity-based crowdfunding platforms.In the 2014 government work report,Premier Li Keqiang proposed to launch a pilot project of equity-based crowdfunding.This provided some policy support for the development of crowdfunding.Since then,crowdfunding has become a force that cannot be ignored in the development of crowdfunding.But it is affected by asymmetric information.Many investors and investors are faced with difficult choices when investing and financing,and the project parties generally have difficulty in financing and financing.The problem of low power,and investors in the face of numerous equity crowdfunding platform and many investment projects to choose from,it is very difficult to find suitable investment projects,The existence of these problems makes the development of equity-based crowdfunding in our country very difficultFirstly,this paper analyzes the background and significance of the topic,the domestic and foreign survey of the research on equity-based crowdfunding,the ideas and methods of the full text,and the innovation,and then analyzes the theoretical and practical basis of the disclosure of information on crowdfunding in China.This paper mainly combs the information asymmetry phenomenon in the stock rights crowdfunding industry,the current situation of the stock rights crowdfunding industry and the current regulatory situation.Finally,this paper selects the relevant data of the crowdfunding platform.The efficiency of financing completion and the impact on the lead investor are taken as the explanatory variables,and the information disclosed by the project itself and the financing platform is selected as the explanatory variable for empirical analysis.The typical Logit regression model and multiple linear regression model are used to study the effect of information disclosure on the financing-completion rate and the lead investor.The project valuation and share transfer ratio have a negative impact on the financing completion rate,and the stage of the project and the industry in which the project is located have a positive impact on the lead investor,Project views and comment responses also have an impact on project financing and lead investors.These findings suggest that in equity crowdfunding,Disclosure of information does play a signalling role among project financiers and investors,and to a certain extent reduces the effect of information asymmetry This has a certain significance for the further development of the stock rights crowdfunding in our country,At the same time,it has certain reference value and practical value to how to reduce the influence of asymmetric information to improve the completion rate of financing and the supervision of crowdfunding information in the process of financing.
Keywords/Search Tags:Equity-based crowdfunding, Asymmetric Information Theory, Information supervision
PDF Full Text Request
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