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Empirical Study On The Impact Factors Of The Financing Performance Of Equity-based Crowdfunding Of Small And Micro-sized Enterprises

Posted on:2019-08-31Degree:MasterType:Thesis
Country:ChinaCandidate:Y H DengFull Text:PDF
GTID:2439330596966328Subject:Business Administration
Abstract/Summary:PDF Full Text Request
Small and micro businesses account for more than half of the total number of enterprises in China.Their development has played a major role in promoting the economy,contributing to taxes,increasing jobs and deepening economic restructuring.However,due to the low level of industry,the small scale of operation and the imbalance of assets proportion,the enterprises are facing financing difficulties,which are mainly reflected in the high financing and the single financing channels.With the development of Internet finance,public financing is rising quietly as a new type of network financing.Meanwhile,the natural advantages of low financing and strong platform effect have broken the yoke of traditional financing and opened up a new perspective for small and micro enterprises to solve the financing dilemma.Public financing and small and micro enterprises have a good match,and become a new driving force to promote the financing of small and micro enterprises.However,public financing has entered China for only a few years,and it is still in the embryonic stage of exploration,and its financing success rate is low.The good matching between the public financing and the small and micro enterprises has become a new driving force to promote the financing of the enterprises.In order to study the influence factors of the financing performance of small and micro enterprises,in theory,In theory,I use the information asymmetry theory,the herd behavior theory and the signal transmission theory to explain the operating mechanism of the public equity financing.There are nine facotrs: project valuation,the amount of investment,the amount of target financing,the amount of investment to follow,the number of dynamic updates of the project,the financial forecast,the number of employees,the number of shareholders,and the entrepreneurial experience,which are divided into four dimensions of project uncertainty,investment risk,human capital and social capital to construct the signal transmission model.In terms of empirical data,based on the data of two platforms of "Dajiatou" and Jingdong public funding,combined with related literature and theory,I use linear regression model to explore the influencing factors of equity crowd financing performance.The research shows that the project valuation,the amount of the investment and the amount of the target financing have a significant negative impact on the financing performance of the public equity project;The the number of dynamic updates of the project and the number of questions and answers in the project positively affect the financing performance of the public equity project,and the financial prediction information has no significant impact on the financing performance of the project.In addition,non internet industry projects have been paid more attention by equity investors because of their higher product maturity.Finally,according to the conclusions,we put forward several suggestions on improving the performance of small and micro enterprises equity financing,hoping to make a modest contribution to the healthy development of small and micro enterprises and the public financing industry.
Keywords/Search Tags:Small and Micro Enterprises, Equity-based Crowdfunding, Financing Performance
PDF Full Text Request
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