Research on the Influence of Quality Signals of Equity-based Crowdfunding on Investor Participation

Under the background that the regulation of equity crowdfunds in our country has not yet landed,this article takes the perspective of public participation as a starting point. Based on the analysis of predecessors' impact on the success of crowdfunding,using the disclosed quality of "Everyone Casts" in our crowdfunding platform,the information is a sample of the research that examines how the quality information disclosed by the financier and the crowdfunding platform correlates with the investor's willingness to participate. Based on the ELM theory,this article attributed the quality information disclosed by the crowdfunding platform to the central path and the marginal path. Multiple regression method was used to construct the model,and the empirical results showed that the completeness of text introduction,video duration and thumb up quantity have positive effects on the participation enthusiasm of investors in crowdfunding projects. On the whole,investors are more sensitive to the edge path information provided by the crowdfunding platform,and their investment behaviors have a certain herding effect.