Research On The Application Of Leader-follower Mode In Equity Crowdfunding

Equity crowdfunding is a new way of financing and a product of the development of Internet finance.It can provide financial support for innovation and entrepreneurship enterprises in "mass entrepreneurship and innovation".In 2011,equity crowdfunding entered China for the first time.In November 2014,it was first proposed in the government work report of the State Council "Opening the equity crowdfunding pilot project" has made it clear that the State supports and attaches great importance to equity crowdfunding.Since then,equity crowdfunding in China has experienced a blowout development.The number of equity crowdfunding platforms has increased rapidly,and a large number of innovative and entrepreneurial enterprises have been successfully financed through equity crowdfunding.On the one hand,it has played a certain role in alleviating the financing difficulties of small and medium-sized micro enterprises.On the other hand,its operation mechanism and regulatory measures are still not perfect.The equity crowdfunding industry has focused on several stages,such as germination stage,high-speed development stage and industry shuffling stage.The equity crowdfunding platform is also maturing,and there are many experiences and lessons to be summarized.Leader-follower mode is an investment mode used by most equity crowdfunding platforms,that is,the investors or investment institutions with rich qualifications are the leading investors,and the ordinary investors of the public are the following investors.This article takes the equity crowdfunding platform of Jingdong as an example to study the application of leader-follower mode in equity crowdfunding.Firstly this paper introduces equity crowdfunding and leader-follower mode,and compares equity crowdfunding leader-follower mode with venture capital syndicate mode,then introduces the leader-follower mode of Jingdong dongjia platform.Taking Thunderobot,a typical financing project on the platform,as an example,this paper analyzes the operation of leader-follower mode,and finds the advantages and risks of leader-follower mode.This article puts forward the optimization measures of leader-follower mode and the supervision suggestions of equity crowdfunding industry.Through the analysis of the leader-follower mode of Jingdong dongjia platform,I hope to provide reference for each equity crowdfunding platform and promote the healthy development of equity crowdfunding industry.