近年來群眾募資取代過去仰賴創投公司、天使投資人或其他傳統的融資方式，成為新創團隊籌措資金的主流。股權型群眾募資的成交量與專案量迅速攀升，然而現今對股權型的研究尚不深入，因此本研究蒐集兩個英國著名的股權型群眾募資平台專案資料，透過量化分析的方式探討驅使股權型群眾募資成功的可能因素，亦依平台上所能取得之資訊調整控制變數，Seedrs平台的自變數為早期資金達成率、早期討論次數、早期更新次數、新創團隊女性比例，控制變數為目標金額、本輪籌資比例、新創團隊總人數、專案所在地；Crowdcube平台的自變數為早期資金達成率、早期討論次數、早期更新次數，控制變數為目標金額、本輪籌資比例、專案的投資人數、專案類別；雙平台的自變數為早期資金達成率、早期討論次數、早期更新次數，控制變數為目標金額、本輪籌資比例、專案的投資人數、專案類別、平台別。本研究實證結果發現，第七天資金達成率、早期更新次數是影響股權型群眾募資成功的可能因素，而新創團隊女性比例並非造成專案募資失敗的原因。

Crowdfunding becomes the new way of fundraising for startups. Among the different types of crowdfunding, such as reward–based, donation-based, and equity-based, the campaign volumes of equity crowdfunding have been increasing rapidly. However, the previous studies had yet explored it in depth. This study collects the equity crowdfunding platform data from Seedrs and Crowdcube, and uses quantitative analysis to explore the determinants of campaign success. The factors include early contributions, the number of early discussion post, the number of early update post, and the female ratio of the management team in a startup. The result shows that early contributions and the number of early update post are positively associated with successful fundraising. The female ratio is not significant.

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