股权众筹三方参与者对认投完成率的影响研究——以平台评级为中介变量

A Study on the Impacts of the Three Parties Participating in the Equity Crowdfunding on the Investing Completion Rate – Taking Platform Rating as Intervening Variable

摘要:

股权众筹作为一种新兴融资模式，有效解决了小微企业的资金难题，为中国金融发展注入了新的活力。本文基于信号理论，从股权众筹三方参与者——投资者、融资方和平台三个维度提出研究假设，选取大伙投平台融资项目为研究样本检验假设，结果发现融资方是否为高新技术企业、融资方案中有无对赌协议和有无领投人显著影响融资项目认投完成率，平台评级在融资项目不确定性与认投完成率之间存在中介作用。

Abstract:

As a newly emerged financing method, equity crowdfunding effectively solves the fund problem for small and micro businesses, injecting a new impetus into China’s financial development. Based on signal theory, this paper proposes hypothesis from three dimensions, taking into considerations the investors, financing party and platform. Financing projects on Da Huo Tou platform are selected to verify the hypothesis, where the result shows that high-tech enterprises, valuation adjustment mechanism in financing plan and the existence of lead investor impose a dramatic influence on investing completion rate. Platform rating serves as intervening variable between financing projects uncertainty and investing completion rate.