Research On The Evolutionary Game Of Post-investment Management Of Crowdfunding

Equity crowdfunding,as a supplementary part of the multi-level capital market system,its emergence has an important role in solving the problem of financing difficulties for SMEs.In China,"lead investor with the cast 'equity crowdfunding model favored by the investment market,but with its rapid development,the problems are increasingly exposed.The most important one is "the post-investment management".Investors,equity crowdfunding platforms,and project financing parties all pay attention to the stage of investment and financing of equity crowdfunding,but they pay little attention to the post-investment management phase of the project.Several equity crowdfunding projects have succeeded in financing but have failed in the post-project period.Therefore,the post-investment management of equity crowdfunding has certain research value.In this paper,the equity crowdfunding model of "lead investment + follow investment" model is taken as the object of analysis and research.It elaborates on the research background of equity crowdfunding management after investment at home and abroad,and carries out a detailed analysis of the mode and process of equity crowdfunding.After that,a detailed introduction to the post-investment management of equity crowdfunding was conducted.Based on the theoretical basis of evolutionary game theory,this paper analyzes the game relationship between the participants in the post-investment relationship of equity crowdfunding,and explores the factors affecting the management of equity crowdfunding after the investment by means of balanced stability analysis and evolutionary game phase diagram.Afterwards,matalab software was used to simulate the evolution path to verify the empirical results.Through qualitative analysis and empirical analysis,the several important factors affecting equity raise public vote after administration,and thus put forward some suggestions for management based on the investment of equity crowdfunding.