本文關(guān)鍵詞： 股權(quán)眾籌 領(lǐng)投人-跟投人 融資績效　出處：《南京大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,股權(quán)眾籌作為一種發(fā)起人在網(wǎng)上發(fā)布籌資目標(biāo)已定的創(chuàng)新項目,而投資者出資并獲得項目股權(quán)的眾籌形式,深受社會大眾熱捧。與火爆的股權(quán)眾籌市場不相對稱的是,中外學(xué)者外對該領(lǐng)域的理論研究相對匱乏。于是本文基于京東股權(quán)眾籌平臺,結(jié)合眾籌和私募股權(quán)的相關(guān)文獻(xiàn)和理論,利用線性回歸模型,對"領(lǐng)投人-跟投人"模式下股權(quán)眾籌項目融資績效的影響因素進(jìn)行探究。針對領(lǐng)投人在股權(quán)眾籌中發(fā)揮的重要作用,本文對領(lǐng)投人投資金額的調(diào)節(jié)作用進(jìn)行了分析。考察到不同的行業(yè)對投資者吸引力不同,本文又將項目分為互聯(lián)網(wǎng)行業(yè)和非互聯(lián)網(wǎng)行業(yè),觀察其對投資決策的影響。研究發(fā)現(xiàn),項目估值、融資下限、跟投人數(shù)上限和起投金額均顯著影響股權(quán)眾籌項目融資績效。領(lǐng)投人投資金額與跟投人投資金額負(fù)相關(guān),且對項目估值和融資績效之間的關(guān)系有顯著正向調(diào)節(jié)作用。但是領(lǐng)投人投資金額對項目最終募集金額和籌資比例沒有明顯影響。除此之外,非互聯(lián)網(wǎng)行業(yè)的項目因其具有較高的產(chǎn)品成熟度更受股權(quán)投資者青睞。
[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.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F724.6;F832.4;F275
，

本文編號：1529814