领投人—跟投人模式下股权众筹项目融资绩效的影响因素研究

发布时间：2018-02-24 10:02

  本文关键词： 股权众筹 领投人-跟投人 融资绩效　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,股权众筹作为一种发起人在网上发布筹资目标已定的创新项目,而投资者出资并获得项目股权的众筹形式,深受社会大众热捧。与火爆的股权众筹市场不相对称的是,中外学者外对该领域的理论研究相对匮乏。于是本文基于京东股权众筹平台,结合众筹和私募股权的相关文献和理论,利用线性回归模型,对"领投人-跟投人"模式下股权众筹项目融资绩效的影响因素进行探究。针对领投人在股权众筹中发挥的重要作用,本文对领投人投资金额的调节作用进行了分析。考察到不同的行业对投资者吸引力不同,本文又将项目分为互联网行业和非互联网行业,观察其对投资决策的影响。研究发现,项目估值、融资下限、跟投人数上限和起投金额均显著影响股权众筹项目融资绩效。领投人投资金额与跟投人投资金额负相关,且对项目估值和融资绩效之间的关系有显著正向调节作用。但是领投人投资金额对项目最终募集金额和筹资比例没有明显影响。除此之外,非互联网行业的项目因其具有较高的产品成熟度更受股权投资者青睐。
[Abstract]:In recent years, stock crowdfunding, as a kind of innovative project that sponsors have published on the Internet, has set a set funding goal, and investors have contributed to and obtained the form of crowdfunding for the project, which is very popular in the community. What is not symmetrical with the popular market for crowdfunding is that. Chinese and foreign scholars lack of theoretical research in this field. So this paper based on JingDong equity crowdfunding platform, combined with the relevant literature and theory of crowdfunding and private equity, using linear regression model, This paper probes into the factors that influence the financing performance of stock crowdfunding projects under the mode of "lead investor-follow investor", aiming at the important role that lead investor plays in equity crowdfunding. This paper analyzes the regulating effect of the investment amount of the lead investor. It is found that different industries have different attractiveness to investors. The project is divided into Internet industry and non-Internet industry, and the influence on investment decision is observed. The project valuation, the lower limit of financing, the upper limit of the number of investors and the amount of the initial investment significantly affect the financing performance of the equity crowdfunding project, and the amount of investment of the lead investor is negatively correlated with the amount of investment of the investor. Moreover, the relationship between project valuation and financing performance is significantly positively adjusted. However, the amount of investment by the lead investor has no significant effect on the amount and proportion of the final project raised. In addition, Non-internet projects are favored by equity investors for their high product maturity.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4;F275
，

本文编号：1529814