中国金融学术研究网

所属栏目：银行与金融机构/评级与评级机构

Rating of Equity Crowdfunding Platforms in China

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发布日期：2024年08月16日上次修订日期：2024年08月16日

Sophie Pommet Sophie.POMMET@univ-cotedazur.fr Université Côte d’Azur Aurélie Sannajust aurelie.sannajust@kedgebs.com Campus Marseille Qing Xu 暂无 Université Catholique de Lille

摘要

This paper examines the impact of the rating of equity crowdfunding platforms in China on funding campaign success. We gather information from 2014 to 2021 on 583 fund raising campaigns. Our results suggest that campaign success is positively correlated with the reputation of the platforms but especially for the most reputable one. We also show that the level of technological intensity of the industries and services is positively correlated with the amount raised. Overall, our paper suggests that platform ratings provide a valuable signal to investors, especially when projects are risky and when information asymmetry is high.

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关键词：

equity crowdfunding China rating reputation signal

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