| In the process of enterprise development,financing is a very important part to help enterprises develop new products,improve production efficiency and open up new markets Traditional enterprise financing relies more on bank loans or venture capital,which has a high financing threshold and a long cycle,and to some extent weakens the management right of enterprises,so start-up enterprises are faced with great difficulties in financing.With the rise of crowdfunding,a new financing model,has attracted more attention from entrepreneurial teams and enterprises,and at the same time,attracted researchers to conduct in-depth exploration of crowdfunding.Crowdfunding gathers capital from a wide range of potential backers with lower barriers to entry,greater flexibility and a higher success rate.However,the phenomenon of information asymmetry exists in crowdfunding activities.The creators of crowdfunding activities obviously have more information,and the information deviation of potential investors will reduce their supporting behaviors,which will have a greater impact on the performance of crowdfunding activities.How to disclose information and what kind of information can alleviate the impact of information asymmetry on crowdfunding performance and thus promote the success of crowdfunding project financing has attracted the attention of many researchers.The research of this thesis mainly starts from two different modes of crowdfunding,namely,reward-based crowdfunding and equity-based crowdfunding,and explores the influence of the influencing factors of reward-based crowdfunding on equity-based crowdfunding under the mode of equity-based crowdfunding.According to the research questions,this thesis obtained equity-based crowdfunding project information data from Italian equity-based crowdfunding platforms Crowd Fund Me and Mama Crowd,and this thesis selected 201 equity-based crowdfunding projects from 2017 to 2023,which involved various types of industries and fields.Through the analysis of the equity-based crowdfunding project information collected above,we explore the influence of the factors that have a positive impact on the crowdfunding results in the reward-based crowdfunding activities on the crowdfunding performance in the equitybased crowdfunding mode.After regression analysis,the results show that the crowdfunding experience,team member education,functional experience and component branding of the crowdfunding team will have a positive impact on the results of equity-based crowdfunding.Price gradient,website introduction,and social movement and public orientation do not show significant influence on the results of crowdfunding.The results of this study are of great significance to start-ups,which can help enterprises reduce the impact of information asymmetry and gain more investor support.This study is of great significance to the theory of crowdfunding and provides some reference for the subsequent research on crowdfunding. |
