Research On The Influencing Factors Of Equity Crowdfunding Financing Performance Based On Investor’s Perspective

Nowadays under the background of Internet plus,Internet finance,as an emerging form which is different from traditional finance,constantly shows its potentiality and advantages,and makes great contributions to the vigorous development for China’s economy.Crowd-funding is a new financing form based on Internet virtual platform.We selects equity crowd-funding to conduct research which consists of the largest proportion in crowd-funding.Equity crowd-funding will provide new methods and new ways for small and micro enterprises to solve the financing difficulties and can enable the public in need of asset allocation to participate more fully and directly in venture capital that can effectively broaden the public investment channels.Thus it can match the risk with income for the investors.In order to promote the sound development of the Chinese equity crowd-funding market,this paper will explore the factors which will influence the financing performance of equity crowd-funding.Based on the compilation,induction and summarization of relevant research at home and abroad,we use the information asymmetry theory,signal theory,customer transfer value theory and prospect theory as the theoretical basis.From six aspects of product value,service value,personnel value,image value,monetary cost and time cost,we select the target financing amount,the project return form,the number of pictures,whether there are videos,the number of project focusing on,the number of project interactions,the number of project releasing platforms,the fundraiser website points,the minimum investment amount,and the financing cycle as an index of factors affecting financing performance of equity crowd-funding.We construct a theoretical model of influencing equity crowd-funding financing performance,and put forward a series of hypotheses.This study selected equity crowd-funding project form the home of crowd-funding website as the research sample.Based on the python 3.6 scrapy framework design crawler program,we use requests collection and XPath data acquisition to capture and collect the needed sample data for research.To improve the normality of the data,we utilize conversion method to deal with the data using logarithmic transformation based on processing captured data.Finally,a total of 3,650 valid data were obtained from 365 groups.According to the research hypothesis and the research model,we utilize SPSS19.0 data analysis software,descriptive statistical analysis,correlation analysis and multi-collinearity test regression analysis to analyze and perform regression analysis on the research model.Finally,we test the research hypothesis to verify the hypotheses and determine the impact of variables on the project on financing performance of equity crowd-funding.Through the empirical analysis,it can be concluded the target financing amount,the number of project focusing on,the number of project interactions,the number of project releasing platforms the minimum investment amount,and the financing cycle have a significant impact on the financing performance of equity crowd-funding.The project return form,the number of pictures,whether there are videos and the fundraiser website points have no effect on the financing performance of equity crowd-funding.According to the conclusion,this paper proposes corresponding suggestions and countermeasures for the benign development of China’s equity crowd-funding market and enriches the relevant ideas in the field of economic information management.