Research On The Influence Of Social Capital On The Equity-based Crowdfunding Financing Efficiency

Equity crowdfunding is an internet-based financing method in which companies could obtain financing by selling a specific amount of equities to ordinary investors in crowdfunding platforms.It has become a kind of equity financing method suitable for start-ups because of low financing cost,fast financing speed and wide source of funds.Equity crowdfunding can transform the idle funds in the hands of ordinary investors into the production factors of enterprises,so that those idle funds can be allocated in a more efficient use way,and the level of financing efficiency determines whether this conversion can be carried out effectively.To this end,scholars have studied how to improve the financing efficiency of equity crowdfunding from different angles.From the perspective of social capital,this paper studies the impact of social capital on the financing efficiency of equity crowdfunding based on signal transmission theory.The main research contents of this paper are as follows.Firstly,it is extremely necessary to elaborate the background and significance of this research.The related literatures are sorted out,and it is found that the existing research has insufficient attention to the individual social capital of the project sponsoring team.Therefore,this paper uses this as a research entry point to study social capital financing.The impact of efficiency;Secondly,define the core concepts of equity crowdfunding,financing efficiency and social capital,and analyze the impact mechanism of social capital on equity crowdftunding financing efficiency based on social capital theory and signal transmission theory.Finally,based on the impact of analysis Mechanism,this paper utilizes SPSS statistical analysis software to empirically analysis the data obtained by the crowdfunding platform and draw some conclusions.The conclusions of this paper are as follows:Firstly,social capital can have a significant positive impact on equity financing efficiency.The richer the social capital of the project team,the higher the probability that investors will choose to invest,and the higher the financing efficiency.Secondly,the differences in the industry,the number of members of the project team,and the entrepreneurial experience of the project team will affect the effectiveness of social capital on the efficiency of equity crowdfunding financing.Thirdly,the research done in this paper also has certain practical significance.In order to ensure the sound development of the equity crowdfunding market,the crowdfunding platform should strictly supervise the authenticity of the relevant information of the project team and prevent the social capital signal from failing.