Shen Tao, Ma Jiangshui, Zhang Bin, Huang Wen, Fan Fan
School of Business Administration, Southwestern University of Finance and Economics, Chengdu, China.
School of Foreign Languages for Business, Southwestern University of Finance and Economics, Chengdu, China.
Front Psychol. 2020 Apr 24;11:632. doi: 10.3389/fpsyg.2020.00632. eCollection 2020.
Psychological factors play a critical role in affecting investor decisions. This study explores how lead investors influence following investors psychologically, thus affecting fundraising performance of equity crowdfunding. We draw upon the signaling theory and observational learning theory to argue that following investors could be induced to invest in a project if they observe the proportion of funding by lead investors in the funding target to be high, that the lead investors have rich investment experience, and that the lead investors can offer help to the projects. To test our hypotheses, we analyze a sample of 215 projects from a Chinese equity crowdfunding platform. The results reveal that the proportion of lead investor investment in the funding target and their investment experience are positively related to fundraising performance. However, the help offered by lead investors toward the projects has no impact on funding performance. Theoretical and practical implications are discussed.
心理因素在影响投资者决策方面起着关键作用。本研究探讨了领投人如何在心理上影响跟投人，从而影响股权众筹的融资绩效。我们借鉴信号理论和观察学习理论，认为如果跟投人观察到领投人在融资目标中的出资比例高、领投人有丰富的投资经验以及领投人能够为项目提供帮助，那么他们可能会被诱导投资于一个项目。为了检验我们的假设，我们分析了来自中国一个股权众筹平台的215个项目样本。结果显示，领投人在融资目标中的投资比例及其投资经验与融资绩效呈正相关。然而，领投人对项目提供的帮助对融资绩效没有影响。我们还讨论了理论和实践意义。
