Influencing factors of equity crowdfunding financing performance - An empirical study

Jing Xue; Fang Fang Sun

doi:10.1109/ICMSE.2016.8365594

Influencing factors of equity crowdfunding financing performance - An empirical study

Jing Xue
, Fang Fang Sun

School of Management, Harbin Institute of Technology

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

1 Scopus citations

Abstract

Equity crowdfunding is in full swing, and the factors that influences the financing success have drawn considerable attention from researchers in Accounting, Finance and etc. This paper presents an empirical examination of the factors that influence the performance of equity crowdfunding financing with the data from 'Jingdong Dongjia' in China. Based on the 'lemon market' theory and signal theory, we examined the influencing factors to the behavior of the first set of investors of financing projects, and those to the eventual amount of money they can raise. We found that the percentage contributed by lead invest and the future information accounted for the confidence of the first investors. While for the eventual complete percentage, project quality is proved to the driving power.

Original language	English
Title of host publication	2016 International Conference on Management Science and Engineering, ICMSE 2016
Publisher	IEEE Computer Society
Pages	1353-1362
Number of pages	10
ISBN (Electronic)	9781509036059
DOIs	https://doi.org/10.1109/ICMSE.2016.8365594
State	Published - 2 Jul 2016
Externally published	Yes
Event	23rd International Conference on Management Science and Engineering, ICMSE 2016 - Olten, Switzerland Duration: 18 Aug 2016 → 20 Aug 2016

Publication series

Name	International Conference on Management Science and Engineering - Annual Conference Proceedings
Volume	2016-August
ISSN (Print)	2155-1847

Conference

Conference	23rd International Conference on Management Science and Engineering, ICMSE 2016
Country/Territory	Switzerland
City	Olten
Period	18/08/16 → 20/08/16

Keywords

Equity crowdfunding
Financing performance
Information asymmetry
Signal theory

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10.1109/ICMSE.2016.8365594

Cite this

Xue, J., & Sun, F. F. (2016). Influencing factors of equity crowdfunding financing performance - An empirical study. In 2016 International Conference on Management Science and Engineering, ICMSE 2016 (pp. 1353-1362). (International Conference on Management Science and Engineering - Annual Conference Proceedings; Vol. 2016-August). IEEE Computer Society. https://doi.org/10.1109/ICMSE.2016.8365594

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title = "Influencing factors of equity crowdfunding financing performance - An empirical study",

abstract = "Equity crowdfunding is in full swing, and the factors that influences the financing success have drawn considerable attention from researchers in Accounting, Finance and etc. This paper presents an empirical examination of the factors that influence the performance of equity crowdfunding financing with the data from 'Jingdong Dongjia' in China. Based on the 'lemon market' theory and signal theory, we examined the influencing factors to the behavior of the first set of investors of financing projects, and those to the eventual amount of money they can raise. We found that the percentage contributed by lead invest and the future information accounted for the confidence of the first investors. While for the eventual complete percentage, project quality is proved to the driving power.",

keywords = "Equity crowdfunding, Financing performance, Information asymmetry, Signal theory",

author = "Jing Xue and Sun, \{Fang Fang\}",

note = "Publisher Copyright: {\textcopyright} 2016 IEEE.; 23rd International Conference on Management Science and Engineering, ICMSE 2016 ; Conference date: 18-08-2016 Through 20-08-2016",

year = "2016",

month = jul,

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doi = "10.1109/ICMSE.2016.8365594",

language = "英语",

series = "International Conference on Management Science and Engineering - Annual Conference Proceedings",

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Xue, J & Sun, FF 2016, Influencing factors of equity crowdfunding financing performance - An empirical study. in 2016 International Conference on Management Science and Engineering, ICMSE 2016. International Conference on Management Science and Engineering - Annual Conference Proceedings, vol. 2016-August, IEEE Computer Society, pp. 1353-1362, 23rd International Conference on Management Science and Engineering, ICMSE 2016, Olten, Switzerland, 18/08/16. https://doi.org/10.1109/ICMSE.2016.8365594

Influencing factors of equity crowdfunding financing performance - An empirical study. / Xue, Jing; Sun, Fang Fang.
2016 International Conference on Management Science and Engineering, ICMSE 2016. IEEE Computer Society, 2016. p. 1353-1362 (International Conference on Management Science and Engineering - Annual Conference Proceedings; Vol. 2016-August).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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N2 - Equity crowdfunding is in full swing, and the factors that influences the financing success have drawn considerable attention from researchers in Accounting, Finance and etc. This paper presents an empirical examination of the factors that influence the performance of equity crowdfunding financing with the data from 'Jingdong Dongjia' in China. Based on the 'lemon market' theory and signal theory, we examined the influencing factors to the behavior of the first set of investors of financing projects, and those to the eventual amount of money they can raise. We found that the percentage contributed by lead invest and the future information accounted for the confidence of the first investors. While for the eventual complete percentage, project quality is proved to the driving power.

AB - Equity crowdfunding is in full swing, and the factors that influences the financing success have drawn considerable attention from researchers in Accounting, Finance and etc. This paper presents an empirical examination of the factors that influence the performance of equity crowdfunding financing with the data from 'Jingdong Dongjia' in China. Based on the 'lemon market' theory and signal theory, we examined the influencing factors to the behavior of the first set of investors of financing projects, and those to the eventual amount of money they can raise. We found that the percentage contributed by lead invest and the future information accounted for the confidence of the first investors. While for the eventual complete percentage, project quality is proved to the driving power.

KW - Equity crowdfunding

KW - Financing performance

KW - Information asymmetry

KW - Signal theory

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ER -

Influencing factors of equity crowdfunding financing performance - An empirical study

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