股权众筹投资者决策行为影响因素研究

股权众筹可以有效解决初创企业融资难的问题，具有巨大的发展潜力。研究股权众筹投资者的决策行为，对企业有效发布项目信息、传递有利信号、提高融资绩效具有重要意义，目前国内该领域研究较为缺乏。基于信号传递理论，从不确定性角度研究投资者行为影响因素。通过搜集众筹网上股权类项目融资面板数据，利用混合OLS模型进行分析，发现我国股权众筹市场存在羊群行为，投资者倾向于投资已经获得大量投资的项目，领投人、产品状态成熟及团队人数较多可以降低投资者感知不确定性，有利于吸引投资，而出让股份多会增加项目不确定性，降低投资者投资意愿。

Research on the Factors that Influence Investors' Decision-making of Equity-based Crowdfunding

Equity-based crowd-funding can effectively solve the problem of start-up enterprises' financing difficulties, has a huge development potential. The research on the decision-making behavior of investors is of great significance to release high-quality project and improve the performance of financing. At present, there is a lack of relevant research in China. Therefore based on the theory of signal transmission, the paper researches on factors that affect investors' behavior. By collecting financing panel data of equity-based crowd-funding project on www.zhongchou.com, using OLS method to analysis and results show the existence of herding behavior that investors tend to support the project has attracted a large number of investments, and projects with a lead investor, mature product and more group members can reduce investors' perceived uncertainty, attracting more investments. High share rate will increase uncertainty of project, and have negative impact on attracting investors. Based on this, there are practical suggestions for investors, raisers and the platform.