Research On The Impact Of Information Disclosure Of Equity Crowdfunding Project On Financing Performance

In recent years,equity crowdfunding has been developing rapidly in China,and it is playing an increasingly important role in promoting the development of innovation and venture company.However,many problems still exist in the equity crowdfunding at this stage.Among them,the unstandardized information disclosure and the serious information asymmetry are two main problems,which lead to low financing performance of equity crowdfunding and restrict the healthy development of equity crowdfunding.The thesis starts from the perspective of relieving information asymmetry by information disclosure,then it discusses the impacts of information disclosure of equity crowdfunding project on its financing performance,and finally it proposes the institutional arrangements for improving the financing performance of equity crowdfunding projects.The research methods used in this thesis include signal transmission theory,statistical regression analysis,and new institutional economics.From the perspective of information economics,this thesis uses signal transmission theory to analyze the influencing mechanism of the information disclosure of equity crowdfunding projects on the financing performance of equity crowdfunding projects.Then,this thesis uses statistical regression analysis method to build empirical model including two explained variables(total financing and financing completion rate)and eight explanatory variables,such as the target financing amount.Finally,the relevant theories in the new institutional economics are used to discuss the institutional arrangement to raise the financing performance of equity crowdfunding projects.Firstly,this thesis introduces the definition,characteristics,financing process,financing models and development status of equity crowdfunding.Secondly,after introducing the criteria,main contents and problems of equity crowdfunding disclosure,this thesis presents the measurement of equity crowdfunding financing performance and analyzes the factors that affect the performance of equity crowdfunding financing.Thirdly,this thesis uses signal transmission theory to analyze the signal transfer process in the equity crowdfunding market.Through the establishment of signal transmission model,it analyzes that information disclosure can reduce information asymmetry in the equity crowdfunding market,thereby improving the financing performance of high-quality projects.In addition,the impacts of various quality signals on financing performance are analyzed.Then,using web crawler software,we have obtained 128 samples of successful financing on JD Dongjia and Zhongtoubang platforms,and establish a statistical regression analysis model to test the hypothesis.Finally,according to the conclusions,this thesis puts forward some suggestions to improve the financing performance of equity crowdfunding projects from perspectives of information disclosure system construction,project financier,project investor and equity crowdfunding platform.The main conclusions are as follows.Firstly,there are many factors influencing the equity crowdfunding performance,including macroeconomic environment,capital market development,industry development status of equity crowdfunding,industrial policies and regulations of equity crowdfunding,the platform's influence and information disclosure of the project.Secondly,the equity crowdfunding project can alleviate the information asymmetry in the equity crowdfunding market through information disclosure,thereby improving the financing performance of the project.Thirdly,project disclosure information is a collection of project quality signals.Among them,project description,investment amount,whether there is a lead-investor,the number of followers and the number of investors are the effective positive signals of the financing performance of equity crowdfunding project.Fourthly,the project target financing amount has negative impact on the financing completion rate of all projects,but it has a positive impact on the total financing amount of successful projects.Finally,team size and the education background of team founders of equity crowdfunding project have no significant impacts on the performance of project financing.