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股权众筹项目信息披露对融资绩效影响的实证研究 预览

Empirical Study on the Impact of Information Disclosure of Equity Crowdfunding Project on Financing Performance
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摘要 基于信息披露视角,运用信号传递理论解析股权众筹项目。同时通过信息披露缓解信息不对称及提升项目融资绩效的机理,对京东东家和众投邦两家平台上共128个成功融资的项目数据进行实证分析,验证各个质量信号对项目融资绩效的影响关系。结果表明,项目描述、起投金额、是否有领投人、关注人数和投资人数等5个质量信号是项目融资绩效的有效正向信号;项目团队人数和创始人学历对项目融资绩效没有显著的影响关系;项目目标融资金额对所有项目的融资完成率有负向影响,但对成功项目的融资总额有正向影响。最后基于实证结果,从信息披露视角出发,提出了提升项目融资绩效的对策建议。 Under the perspective of information disclosure,this paper uses signal transmission theory to analyze the influencing mechanism of the information disclosure of equity crowdfunding projects on the financing performance of equity crowdfunding projects by reducing information asymmetry.Then,this paper collects 128 samples of successful financing on JD Dongjia and Zhongtoubang platforms,and establishes an empirical analysis to verify the influence of each quality signal on project financing performance.The conclusions show that project description,investment amount,whether there is a lead-investor,the number of followers and the number of investors are the effective positive signals of the financing performance of the project.And,the team size and education background of team founders of the project have no significant impact on project financing performance.Besides,the project target financing amount has negative impact on the financing completion rate of all projects,but it has a positive impact on the total financing amount of successful projects.Finally on the basis of empirical analysis,this paper proposes the institutional arrangement to improve the financing performance of equity crowdfunding projects based on the perspective of information disclosure.
作者 魏建国 张泽华 WEI Jian-guo, ZHANG Ze-hua (School of Economics, WUT, Wuhan 430070, Hubei, China)
出处 《武汉理工大学学报:社会科学版》 2018年第3期74-80,共7页 Journal of Wuhan University of Technology(Social Science Edition)
基金 国家社会科学基金项目“脆弱信用环境下村镇银行信用风险管理创新研究”(14BGL185)
关键词 股权众筹 信息披露 信号传递 融资绩效 equity crowdfunding information disclosure signal transmission financing performance
作者简介 魏建国(1963-),男,湖北武汉人,武汉理工大学经济学院教授、博士生导师,博士,主要从事资本市场与金融企业管理研究;;张泽华(1992-),男。浙江湖州人,武汉理工大学经济学院硕士生,主要从事互联网金融研究。
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