关于股权众筹的影响因子分析——以“大家投”平台为例

作为新兴的互联网融资工具，众筹融资模式发展迅速。在金融市场最发达的美国，其学术界已开启了关于众筹平台上投资者决策的影响因素的探索性假说论证和实证检验，为未来众筹平台的发展提供了宝贵的前沿理论基础。然而不同众筹模式下平台的机制存在差异，并且不同文化地缘的投资者行为决策并不具有同质性，对于当前焦点的股权众筹业是否能够采纳这些观点仍然没有定论。本文以“大家投”平台数据为样本，采用零膨胀负二项回归对中国众筹平台项目筹资影响因素进行实证检验，期望给未来研究提供帮助。

The Impact Factors of Equity Crowdfunding Projects' Signaling

Aided by its technological advances, the up-and-coming crowd funding is becoming a significant alternative to traditional finance. Academics in US, are exploring the mechanism of crowd funding process and determining factors behind each funding campaign. There are some pioneering empirical examinations providing intriguing perspective and theoretical foundation to the industry. However, a lot of those observations on the patterns and trends of investor behavior varies differently on different geographic and cultural markets, which is supported by many previous behavioral marketing researches. By simply adopting of these observational results, it can be misguiding to China''s own booming crowd funding industry. This paper tries to shed some light on factors which can cause investors to commit financial resources in China''s based crowd funding context. We choose China''s most prominent platform as our dataset, examine the external and internal environment and risk factor as well.