Outcome of equity crowdfunding campaigns often exceeds original fundraising goals, leading to market inefficiency. This undesirable phenomenon of overfunding garnered little attention in past studies. Synthesizing extant literature on crowdfunding and herding, we identified the initial herd made visible by funding progress indicator as the main cause of overfunding. The impact of the initial herd can be quantified by three dimensions: maturity, intensity, and persistency. We then advance and validate a research model for examining how dimensions of the initial herd affect overfunding in equity crowdfunding. Findings from this study can shed light on plausible remedies for the overfunding issue.

股权众筹活动的结果往往超过最初的筹款目标，导致市场效率低下。这种过度资助的不良现象在过去的研究中很少受到关注。综合现有的关于众筹和羊群的文献，我们确定了资金进度指标可见的初始羊群是资金过剩的主要原因。初始群体的影响可以通过三个维度来量化：成熟度、强度和持久性。然后，我们推进并验证了一个研究模型，用于检查初始群体的维度如何影响股权众筹中的过度融资。这项研究的结果可以为资金过剩问题提供合理的补救措施。