Equity Crowdfunding provides new financing channels for innovation and entrepreneurship. Therefore, the study of the performance factors of equity crowdfunding has important theoretical and practical significance. In this paper, In view of the geographical position, based on the signal theory, we select 138 project data from five equity crowdfunding platforms of "lead + follow" model as the research sample. The conclusion of the study showed that minimum amount proportion about financing goal

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... gnal, lead amount proportion about leading signal, team numbers about human capital signal and project introduction and discussion number about quality signal is positive effect; project valuation, project status about investment risk signal, min-lead ratio amount is negative effect. At the same time, it also shows that the Geographical location of the project is different, and the factors that have significant influence on the financing performance are different.