摘要在创新创业与“互联网+”的环境下，股权众筹作为一种新的融资渠道，在我国迅猛发展。目前，国内股权众筹平台的众筹融资率不高，股权众筹在国内的发展有待进一步提高。本文研究意义在于，提高股权众筹在公众中的认知度，帮助股权众筹平台及项目方提高融资率，引导普通投资者进行合理有效的投资。本文从项目价值、项目吸引度和投资力度三个质量信号作为突破口，基于国内知名众筹网站“天使客”众筹网数据，采用线性回归分析研究影响股权众筹项目成功的影响因素。研究结果显示，项目价值维度与投资力度对项目成功有正向影响，项目吸引度对项目成功有轻微影响。最后提出合理设置融资门槛水平、提高股权众筹的公众认知度、对国内众筹平台建设的一些建议，并指出本文存在的不足。86595

毕业论文关键词：股权众筹；成功影响因素；线性回归分析

A study on the Successful Factors of Equity-based Crowd funding

Abstract Crowd-funding as a new way of financing, has been rapid development in our country。 At present, the rate of Equity-Based crowd funding is not high。 The development of the Equity-Based crowd funding is needs to be further improved in China。 Significance of this study is to raise awareness on public, help funding platform and creator to raise the rate of Equity-Based crowd funding, and guide ordinary investors to make reasonable and favorable investment。 This article from the project value, the project attractive degree and the investment intensity three quality signals as the breakthrough point, based on the data of the well know crowd-funding site “Angel Club”, using linear regression, study the successful factor of Equity-Based crowd funding。 Research results show, the project value and the investment intensity have positive impact on the success of project, and attractive degree has a slight impact on the success of the project。 Finally make some suggestions on the Equity-Based crowd funding, and point out the deficiency of this paper。

 Keywords: Equity-crowd funding; Successful factor; Linear regression

目录

0 引言 1

1 众筹基本概念与发展 2

1。1 众筹与股权众筹 2

1。2国内外股权众筹发展市场 3

1。2。1国内股权众筹市场 3

1。2。2国外股权众筹市场 4

2 文献综述 5

2。1 国外股权众筹研究现状 5

2。2 国内股权众筹研究现状 5

3 研究模型及假设提出 7

3。1 研究模型 7

3。2 假设研究 8

3。2。1 起投金额与融资绩效 8

3。2。2 项目估值与融资绩效 8

3。2。3 认投人数与融资绩效 8

3。2。4 是否有领投人与融资绩效 9

3。2。5 用户评论数量与融资绩效 9

3。2。6 项目浏览分享次数与融资绩效 9

3。2。7 出让股份与融资绩效 10

4 研究设计 10

4。1 样本选择与数据来源 11

4。2 变量分析