股權型群眾募資存活分析

The Study of Equity Crowdfunding for Survival Model

本研究以股權型群眾募資平台為研究對象，涵蓋 8 個國家與 15 個平台，選取平台 成立日期至 2016 年 1 月 268 件成功募資提案，將樣本先依照募資提案者性別與產業類 別分類，運用 Cox 比例危險模型，探討影響成功募資平均天數之因素。實證結果顯示女 性提案者、非科技業組中，社群網站按讚數量提升成功募資可能性的因素。另由於新創 公司的營運風險較高，且企業價值具有高估的現象，因而使成功募資可能性降低。

This research has examined 15 equity-based crowdfunding platforms' 268 successfully funded projects covering 8 countries as the sample since the establishment date of platform in January, 2016. This paper classified for funding period, gender and industry categories. The study employs a Cox Proportional Hazards model to explore about the influence factors of the average days of project success. The empirical results revealed that the possibilities of having successful funding factors where the project of a female leader, non-technology industry project and the thumbs-up numbers by Facebook. In addition, due to the higher operating risks of new startups and the overvalued corporate value, the possibility of successful fundraising is reduced.