基于项目类型的股权众筹羊群行为及领投人作用研究

摘要

Equity-based crowd-funding provide financial support for the entrepreneurship, but there exist high risk and such problems as information asymmetry.In order to avoid risk, investors tend to follow the leader investor or other investors to make decisions.The research on herding behavior and the role of lead investor helps to understand investors' group psychology and has important theoretical value of improving financial performance.At present, there are few studies on equity-based crowd-funding, and lacks in-depth research on different types of projects.Through the regression analysis of the investment panel data of equity-based projects on Zhongchou website, it finds the existence of herding behavior of all types, and the increasing marginal effect of technology project as investment advances.At the same time, it finds that the lead investor has significant influence on technology project positively, and non-technology project negatively.Based on this, there are practical suggestions for investors, raisers and the platform.%股权众筹为创新创业提供资金支持,但其存在风险大和信息不对称等突出问题,为了规避风险,股权众筹投资者往往会跟随领投人及其他投资者进行决策.研究羊群行为及领投人作用有助于了解投资者群体心理,对提高融资绩效具有重要理论价值.目前,国内股权众筹方面的研究较少,更缺乏针对不同类型项目的深入研究.对众筹网的股权众筹项目面板数据进行回归分析,发现科技类和非科技类项目的投资者均存在羊群行为,且科技类项目投资者羊群行为边际效用趋增.领投人有利于吸引对科技类项目的投资,却不利于吸引对非科技类项目的投资.最后,从投资者、融资者及众筹平台3个方面提出了对策建议.