Research On The Mechanism Of Leader Investors In Equity Crowdfunding

With the development of social economy,the traditional economic development model has been difficult to meet the needs of China's new normal economic development.The emergence of Internet finance has reduced transaction costs,broadened the breadth and depth of financial business,and has a profound impact on the traditional financial landscape.As an important branch of equity crowdfunding,it has developed very rapidly in recent years.In China,the lead investment and investment system is widely adopted by the equity crowdfunding platform.The lead investor is the core of the lead investment and investment system,and assumes the responsibility of project project financing,coordination of investor relations and postinvestment management.Lead investors can reduce the information asymmetry of the financing parties,attract investment with investors,and improve the financing performance of equity crowdfunding projects,but not all equity crowdfunding projects have lead investors.This paper first expounds the related concepts of equity crowdfunding,analyzes the overall process of equity crowdfunding,and sorts out the main research fields in the equity crowdfunding literature.Based on the theory of information asymmetry and signal theory,it explores the mechanism of action of the lead investors.Next,multiple linear regression analysis was used to analyze the impact of project characteristics on the presence or absence of the lead investor,and the impact on the completion rate of the project after having the lead investors.At the same time,the mediation effect model was constructed and the repurchase commitment was analyzed in the characteristics in the impact of the presence or absence of the lead investor,the mediating role of the number of investors in the process of the project's financing performance,and the conclusion based on the empirical results.The main findings of this paper are as follows:(1)Lead investors are more inclined to diversify the information display methods of the project,use more media,and the initiators have stronger innovation and better operating equity crowdfunding projects.(2)The repurchase commitment plays an intermediary role in the relationship between the project characteristics in the impact of the presence or absence of the lead investor.(3)In the equity crowdfunding project,the lead investor can significantly promote the success of the lead investment project and increase the financing achievement rate.(4)The number of investors plays a mediating role in the relationship between the lead investor and the completion rate of the equity crowdfunding project.Finally,this paper summarizes the corresponding practical enlightenment from three aspects: initiator,investor and crowdfunding platform.