Research On Information Disclosure Of Equity-Based Crowdfunding Projects

Information disclosure system is one of the basic principles of equity crowdfunding.Information disclosure ensures the rights of investors and the obligations of project funders.Therefore,it is necessary to study the impact of information disclosure on equity crowdfunding.Based on the "get together to raise equity" the raised platform for the case study object,study the mode information disclosure after the financing stage and investment management phase difference analysis,information disclosure and how their stake in the project financing effect,raise information disclosure and put forward the improvement of the reasonable stake in the advice,help information users to better use the disclosure of information to make investment decisions.Firstly,on the basis of studying the effect of equity-based crowd-funding projects and information disclosure literature,this paper introduces the information asymmetry theory,principal-agent theory and valuation theory to provide a basis for studying the information disclosure of equity-based crowd-funding projects.Secondly,on the raised platform case study part,through the stages of the financing and management after cast comparative analysis,this article selects the financing stage financing effects of quantitative analysis,to gather for platform in August 2014 to December 2018,a total of 192 projects as the research sample,with the content of information disclosure as the explained variable,the disclosure effect factors of the project raise recognition for completion of multiple linear regression.It can be seen from the research in this paper that the influence of information disclosure on the financing effect of equity-based crowdfunding is statistically significant.In addition to analyzing the influence of information disclosure on the financing effect,the results of normative and voluntary information disclosure are further analyzed.Finally,Suggestions are given on the audit and normative Suggestions of information disclosure on equity-based crowdfunding platforms,the enhancement of the initiator's willingness to disclose independent information,the strengthening of post-investment management,and the establishment of mandatory information disclosure and the strengthening of legal responsibility for information disclosure in equity-based crowdfunding supervision...