Rating of equity crowdfunding platforms

This paper examines the impact of a rating of equity crowdfunding platforms on funding campaign success. We hand-collect data from five renown Chinese equity crowdfunding platforms on 583 fundraising campaigns between 2016 to 2021. Our analyses reveal the valuable signaling effect of the platform ratings. A one-unit difference in the rating category affects the funding success between approximately 8 % to 13 %, depending on the respective regression specifications.