Evolutionary game analysis of equity crowdfunding

In order to study the investors' and agencies' dynamic strategies in the process of equity crowdfunding (EC), as well as to reveal contributory factors of their strategic behaviors, an evolutionary game model is built in this paper. This model theoretically analyzes two players' strategy selection behaviors as well as the behaviors' dynamic stability and influencing factors. The result shows that two players' choices are determined by the initial circumstance of the game and that the choices are sensitive to the threshold value of the saddle point. The paper also puts forward suggestions on the choices based on this research and real-world situations.