股权众筹项目融资效率影响因素分析

Analysis of the Factors Affecting the Financing Efficiency of the Equity-Based Crowd-Funding Projects

摘要: 随着互联网金融的发展，作为互联网金融模式之一的股权众筹也得到了越来越多人的关注。本文以“领投 + 跟投”股权众筹模式为研究对象，用融资完成比衡量股权众筹融资效率，从羊群效应和项目信息两个维度研究融资效率的影响因素，并利用两个众筹平台的数据进行了实证分析。基于本文的研究结论，可以建立众筹项目的特征向量，为众筹平台个性化推荐策略实施、辅助投资者进行投资决策提供基础。

Abstract: With the rapid development of online finance, equity-based crowd-funding, as one of internet fi-nancial models, has also gained more and more attention. Taking “leading + heel” investment mode as the research object and using the financing completion ratio to measure the financing efficiency, this paper studies the factors affecting financing efficiency, constructs the eigenvector of the crowd-funding project from dimensions of herd effect and project information, and makes the empirical analysis using data from two crowd raising platforms. Based on the research results of this paper, we can establish the feature vector of the crowd-funding project, which can provide a basis for the implementation of personalized recommendation strategy of crowd sourcing platform and assisting investors to make investment decisions.