Research On The Problems Of Equity-based Crowdfunding Pricing Mechanism In China

Crowdfunding is the behavior that mass public entrepreneurs attract the general public to invest by releasing project information through the Internet platform,the entrepreneurship boom of the whole people has been triggered.With the development of the times,the institutions of Internet-based crowdfunding platforms have provided great convenience for investors and project financing parties.Lowering the investment thresholds and allowing more ordinary investors to participate in crowdfunding projects.which are no longer limited to professional investors.It provides efficient and convenient financing channels for enterprises,especially for small and micro start-ups with financing difficulties.They pay more attention to the innovation of the project itself and the future development prospects,and will not have more stringent requirements on the company scale.In the following development,enterprises can not be limited to a small amount of internal circulating capital,and the expected capital demand of the project will be effectively alleviated.Through the crowdfunding platform,investors obtain a certain equity share to contribute to the financing projects,which is called equity-based crowdfunding.At present,domestic research on crowdfunding mainly focuses on the definition of crowdfunding,legal supervision,factors affecting the performance of crowdfunding and the motivation of participants.There are few studies on the pricing mechanism of crowdfunding projects,and the pricing mechanism of equity-based crowdfunding is still not perfect.Therefore,the study of equity-based crowdfunding pricing has theoretical and practical significance.This study randomly selected the equity crowdfunding projects announced on the large-scale equity crowdfunding platforms such as everyone investment,Renren Investment,Yuanshihui,36Kr,etc,and constructs an empirical model and empirical analysis through the pricing factors affecting equity crowdfunding projects.Finally it is concluded that the lead investment ratio of the lead investor,project communication,the post_platform tracking mechanism and the product status have a positive influence on the project pricing.The industry and the region of the projects have no significant impact on the project pricing,and the project fundraiser’s innovations ability has a negative impact on the project pricing,and the correlation between the way of project profit and project pricing is not significant.Reasonable pricing for guiding projects is about whether the investment and financing is fair,a conscience in capital market or capital environmental problems.A reasonable valuation of the project has always been a difficult point in the project pricing process for small and micro enterprises and start-ups.The research on the pricing mechanism of equity crowdfunding can helps small and micro enterprises or start-ups to carry out reasonable valuations of financing projects,reduce the uncertainty of project pricing,and promote the successful financing of crowdfunding projects.