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Study Of Financing Performance Of Equity Crowdfunding Based On Economic Regions

Posted on:2019-09-10Degree:MasterType:Thesis
Country:ChinaCandidate:P F WangFull Text:PDF
GTID:2439330602950519Subject:Finance
Abstract/Summary:PDF Full Text Request
Equity crowdfunding brings new opportunities to solve the financing difficulties of China's micro start-ups based on Internet.And it is an effective way to achieve financial services innovation.Therefore,it is great theoretically and practically significant to study the financing performance of equity crowdfunding.This paper establishes the model through signal transmission theory,the influence factors of the financing performance of equity crowdfunding and effect of economic regional factors on financing performance are studied.The empirical study of this paper is divided into two aspects : Firstly,in the absence of economic regions,the signaling theory model of financing performance of equity crowdfunding influence factors is analyzed.In order to clarify effect of influence factors on financing performance,economic regions was introduced the research model as environmental variables,economic regions effect of influence factors of financing performance is studied.Secondly,economic region factors as explanatory variables to establish research models,to explore the impact of economic regional factors on financing performance of equity crowdfunding.The study results of this paper show that:(1)Regardless of economic regions,sponsor set a high minimum and lead investment proportion,more team members and discussions,mature product status and thorough introduction methods will improve financing performance.O n the contrary,high target financing amount,larger share ratio and high project valuation will reduce financing performance.In addition,it is found that company founder and institutional lead can promote financing performance.(2)Based on economic regions,when project is of eastern seaboard,sponsor set high minimum and lead investment proportion,more team members and discussions,mature product status and thorough introduction methods will promote project financing performance.O n the contrary,high target financing amount,larger share ratio and high project valuation will reduce financing performance.Also,it is found that institutional lead promote project financing performance.When project is located in the southern coastal,sponsor set a high minimum and lead investment proportion,more discussions will improve the financing performance.Otherwise,lager minimum amount ratio and high project valuation will reduce the financing performance;The northern coastal project,high minimum proportion,more discussions,small minimum amount ratio and institutions led will promote project financing performance;Project in the middle reaches of the Yangyze River,high project valuation and lager minimum amount ratio will reduce the financing performance;When project is located in the southwest,more team members and mature product status will improve financing performance.On the contrary,high project valuation reduce the financing performance.Project is located in the northeast,more discussions will promote the financing performance.And project in the middle reaches of the Yellow River,high minimum proportion and institutions led will promote the financing performance.(3)In the case of other conditions unchanged,Lager gross productions,high level of technological development,high Internet development level and consumption level has a positive effect on the financing performance of equity crowdfunding.The above research conclusions have vital theoretical guidance for the general investors and entrepreneurial decision-making of start-ups.And it has positive effect on the healthy development of equity crowdfunding in China.
Keywords/Search Tags:Economic regions, Equity crowdfunding, Financing performance, Signaling theory
PDF Full Text Request
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