The Performance of Fund Raising in Equity Crowdfunding Platform-An Example of Equity Crowdfunding Platform in China

• Main Authors: HUANG, WEI-CHING, 黃暐晴
• Other Authors: SUN, MEI-JUI
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/vnvc6n

碩士 === 銘傳大學 === 國際企業學系碩士班 === 106 === 　　Crowdfund has become an important method to raise funds for start-ups. However, the academic research on crowdfunding is still in infancy, and large-sample research is even more lacking. Equity crowdfunding is a form of financing in which entrepreneurs make an open call to sell a specified amount of equity or bond-like shares in a company on the Internet, hoping to attract a large group of investors. Investors who are often the primary target of start-ups on equity crowdfunding platforms, do not normally have the ability to extensively research and assess potential investments. In order to successfully raise money via an equity crowdfunding platform, therefore, start-ups or small and medium enterprises will need to find ways to clearly signal their value to investors. 　　Therefore, this study will discuss the uncertainty of financing projects, investors’ venture, investors’ attention, and whether listed on the National Equities Exchange and Quotations(NEEQ) will have an impact on the financing performance. The financing performance includes financing ratios and financing items success or failure. Control variables include project development stage, industry, region, and time of on-line. And we use Logistics and Multiple Regressions for analysis. And three equity crowdfunding platforms of China are used as the research object in this study, which totally collected 246 projects of platforms data from 2013 to 2018. Finally, the empirical results show that the uncertainty of financing projects and investors’ venture have negative impacts on project financing performance, and investors' attention has a positive impact on project financing performance. It has no significant impact on whether listed on the NEEQ.