领投人制度对我国股权众筹融资成功率及完成率影响的实证研究

发布时间：2018-03-14 03:17

本文选题：领投人制度　切入点：信息不对称理论　出处：《电子科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：2011年底股权众筹正式进入我国,同年我国首家股权众筹平台—天使汇成立,之后陆续出现创投圈、36氪等股权众筹平台。在2014年的政府工作报告中,李克强总理提出开展股权众筹融资试点。这给股权众筹的发展提供了一些政策上的支持,从此股权众筹成为了众筹发展中一支不可忽视的力量。但是受信息不对称的影响,股权众筹的融资项目方和众多的投资者在进行投融资选择时都面临艰难的抉择,项目方一般存在融资困难和融资成功率低的问题,而投资者在面对众多的股权众筹平台和众多投资项目进行选择时,很难找到适合自己的投资项目,这些问题的存在使得股权众筹在我国国内的发展变的非常的困难。基于此,大多数股权众筹平台实施了一种名为“领投+跟投”的制度:即股权众筹平台邀请一名具有丰富的投资经验、扎实的专业基础知识以及资金实力雄厚的人员充当一个项目的领导者和协调者,其它的投资者追随其投资的一种模式。那么,为何国内大多数股权众筹平台都热衷于这种制度?在股权众筹的融资过程中,这种制度的引入是否真正起到了减少融资项目方与投资者之间信息不对称的影响的作用?这种制度的实施是否能够真正提高项目成功的概率以及融资完成率进而减少融资项目所需的时间?本文的研究正是围绕领投人制度的这些问题展开。本文首先对我国股权众筹的基本内容和发展现状进行了充分的回顾和总结,同时借鉴国外学者对股权众筹以及领投人制度所涉及的理论进行了详细的分析,接着对我国股权众筹中所存在的信息不对称现象以及领投人制度在股权众筹的过程中所起的信息传递作用进行了理论分析,最后本文选取2012年至2016年之间我国国内比较知名的八大股权众筹平台的相关数据,选择融资项目方所关心的三个问题,即:融资项目成功与否、融资项目的融资完成率以及融资所花时间进行实证分析。通过以上三个问题建立实证模型,利用经典Logit回归模型和多元线性回归模型对样本进行实证研究,考察了领投人制度的引入以及领投人在投资中所占比例对上述所提到三个问题的影响。实证研究发现,领投人制度的存在与否以及领投人在投资中所占比例确实能够提高众筹项目的融资成功率以及融资完成率,同时减少项目融资所花的时间。同时,项目的目标融资金额以及项目的预融资人数以及项目的关注度、话题数等也会对项目的融资产生显著的影响。这些研究结论说明,在股权众筹中,领投人制度的引入确实能够在项目融资方以及投资者之间起到信号传递的作用,并在一定程度上减少信息不对称的影响,这对我国股权众筹的进一步发展具有一定的意义,同时对股权众筹融资项目在融资过程中对如何减少信息不对称的影响来提高融资效率以及融资成功率具有一定的参考价值和实用价值。
[Abstract]:In end of 2011, equity crowdfunding formally entered our country. In the same year, the first equity crowdfunding platform in China, Angel Huihui, was established. After that, one after another appeared venture capital circle 36 krypton and other equity crowdfunding platforms. In the 2014 government work report, Premier Li Keqiang proposed to launch a pilot project of crowdfunding. This provided some policy support for the development of crowdfunding. Since then, crowdfunding has become a force that cannot be ignored in the development of crowdfunding. But it is affected by asymmetric information. Many investors and investors are faced with difficult choices when they make investment and financing choices. The project parties generally have the problems of difficult financing and low success rate of financing. In the face of numerous stock raising platforms and many investment projects, it is very difficult for investors to find suitable investment projects. The existence of these problems makes the development of equity crowdfunding in our country very difficult. Based on this, The majority equity crowdfunding platform implements a system called "lead investment with investment": the equity crowdfunding platform invites a person with rich investment experience. A solid professional base and well-funded people act as leaders and coordinators of a project, and other investors follow a model of their investment. So why is the majority of domestic equity crowdfunding platforms keen on this system? In the financing process of equity crowdfunding, does the introduction of this system really play a role in reducing the impact of asymmetric information between the financing project parties and investors? Will the implementation of such a system really increase the probability of project success and the rate of completion of the financing, thereby reducing the time required for the financing of the project? The research of this paper is just around these problems of the leading investor system. Firstly, this paper reviews and summarizes the basic content and development status of the stock rights crowdfunding in China. At the same time, drawing lessons from foreign scholars, the author makes a detailed analysis of the theories involved in the stock rights crowdfunding system and the leading investor system. Then, the information asymmetry phenomenon in the stock raising and the information transmission function of the lead investor system in the stock raising process are analyzed theoretically. Finally, from 2012 to 2016, this paper selects the relevant data of the eight well-known crowdfunding platforms in China, and selects three issues concerned by the financing project parties, that is, the success of the financing project. Based on the above three questions, the empirical model is established, and the classic Logit regression model and the multiple linear regression model are used to study the sample. The paper examines the influence of the introduction of the lead investor system and the proportion of the lead investor in the investment on the three problems mentioned above. The existence of the lead investor system and the proportion of the lead investor in the investment can really improve the financing success rate and the financing completion rate of the crowdfunding project, while reducing the time spent in the project financing. At the same time, The amount of target financing, the number of prefunded projects, the attention of the project, the number of topics will also have a significant impact on the financing of the project. These conclusions show that in the equity crowdfunding, The introduction of the lead investor system can indeed play a signalling role between the project financing parties and investors, and to a certain extent reduce the influence of information asymmetry, which has certain significance for the further development of the stock rights crowdfunding in China. At the same time, it has certain reference value and practical value to how to reduce the influence of asymmetric information to improve the financing efficiency and the financing success rate.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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