股权众筹投资者决策行为影响因素研究

发布时间：2018-01-16 08:22

本文关键词：股权众筹投资者决策行为影响因素研究　出处：《科技进步与对策》2017年13期 　论文类型：期刊论文

【摘要】：股权众筹可以有效解决初创企业融资难的问题,具有巨大的发展潜力。研究股权众筹投资者的决策行为,对企业有效发布项目信息、传递有利信号、提高融资绩效具有重要意义,目前国内该领域研究较为缺乏。基于信号传递理论,从不确定性角度研究投资者行为影响因素。通过搜集众筹网上股权类项目融资面板数据,利用混合OLS模型进行分析,发现我国股权众筹市场存在羊群行为,投资者倾向于投资已经获得大量投资的项目,领投人、产品状态成熟及团队人数较多可以降低投资者感知不确定性,有利于吸引投资,而出让股份多会增加项目不确定性,降低投资者投资意愿。
[Abstract]:Raise public equity can effectively solve the problem of difficulties in financing start-ups, has great potential for development. The research to raise public equity investors decision-making behavior of enterprises, effective dissemination of project information, transfer the favorable signal has important significance in improving financial performance, the lack of domestic research in this field. Based on the signal transmission theory, factors of uncertainty perspective the behavior of investors. By collecting all the chips online equity financing panel data were analyzed using mixed OLS model, found in China to raise public equity market herding behavior, investors tend to invest has obtained a large number of investment projects, investment led, and a large number of mature product team can reduce the perceived uncertainty. To attract investment, and sell shares more will increase the uncertainty of project, reduce the willingness of investors.

【作者单位】：上海大学管理学院;
【基金】：国家自然科学基金面上项目(71371076)
【分类号】：F724.6;F832.51
【正文快照】： 0引言股权众筹概念起源于英美,是指初创企业通过网络众筹平台发布所需融资项目情况、融资需求及出让股份,投资者通过认购股份支持创业项目并获得股权回报。股权众筹在我国起步较晚,但是发展很快。中国传统金融行业存在压抑现象,相当一部分企业(尤其是小微企业)和个人的融资需

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