This study examines the factors that influence successful equity crowdfunding,\nusing data from the website www.dajiatou.com to develop models based\non investors� willingness to invest, financing efficiency, and the herding effect,\nwhich are all related to the successful financing of projects. The results show\nthat financing objectives, assignment of shares, and the number of inquiries\nhave a significant impact on investors� willingness to invest; the minimum initial\ninvestment amount and the number of inquiries have a significant impact\non financing efficiency, and early investment affects the decision-making behavior\nof investors later in the process via the herding effect.
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