Research On The Quality Evaluation Of Internet Financial Equity

As a typical representative of the International financial sector, crowd-funding mode, after nearly three years of development, began to highlight its important value. In 2015 the industry of crowd-funding experienced rapid development. Crowd-funding is to raise the public for ordinary investors, the company sold a certain percentage of the shares, investors make their earnings through the capital contribution to the company. This mode of financing based on the Internet channel is known as crowd-funding. Crowd-funding help entrepreneurs adopt new methods to carry out entrepreneurial projects and enterprises management, leading to new forms of business development, "ordinary" people are more and more closely involved in the enterprises management, as active consumers, investors, or both. At present, our country research on crowd-funding obviously lag behind, lack of in-depth and specific areas of research, crowd-funding products at present are lack of legal guidance, to entrepreneurs and investors audit and management and product details still need to be perfected. However, the overall domestic crowd-funding industry development is still in early development, facing the problem of industry practice is not enough, the plight of policy and regulation is not perfect, risk events, fraud and other illegal violation of small investors situation frequently appeared in the newspapers. The lack of corresponding theoretical basis in theory for the public to reference, the resulting correlation effect, has directly or indirectly in the crowd-funding raising reflected in practice. The theory and practice of crowd-funding products to raise public equity operation quality evaluation of the problems to be solved.Based on the comprehensive analysis of the literature, evaluated on the Internet crowd-funding product quality, and a semi-structured interview questionnaire is designed firstly based on the literature analysis, then modified the design of questionnaire through expert interview. Secondly, making use of the sample survey data, established product quality evaluation index system from the subject, object and the environment aspect, and the index system of static weight analysis was also done. At the same time, the dynamic sensitivity analysis was made based on crowd-funding product quality, and the use of the system dynamics theory to analysis relevant factors on the crowd-funding quality, forecast the development trend and key elements. Finally, combination of static and dynamic analysis, an empirical analysis was made, which get the crowd-funding product quality problems, and put forward the corresponding strategies to improve the industry regulation, to help the public to improve products operation. The main innovations of this study are the following three points:Point one, analyzed the process and the operation mechanism of the internet finance crowd-funding, and firstly studied of the connotation of the quality of crowd-funding product. The definition of service quality is generally based on SERVQUAL scale, definition of customer perceptions and expectations gap, no consideration of actual difference considering the industry. According to the different position of the quality subject point of view, the crowd-funding products quality include three aspects: Adaptive quality refers to the crowd-funding platform to meet the individual consumer needs in quality characteristics, namely platform to meet the needs degree of investors, and the different individuals expected level of project quality is different. A suitable quality is to meet the various features of the provider, that is crowd-funding platform to meet the degree needs of the project financing, who also have certain requirements on the platform project income and cost. External adaptation quality refers to meet the needs characteristics of other projects stakeholders, such as government supervision departments, news media, consumer associations and other intermediary organizations would also have certain requirements for product quality.Point two, established internet finance crowd-funding product quality evaluation index system, and tested the index system through the exploratory factor analysis, confirmatory factor analysis, and did the empirical analysis. Finally, combined with fuzzy comprehensive evaluation method and entropy method to assign a value of the framework, and the crowd-funding product quality analysis system was established and validated. Due to the lack of abundant reference materials, analysis of the crowd-funding product quality should be combined with the quality of the product itself. Crowd-funding is through the Internet platform connecting financing and investors, and finish the project sponsor pre-set financing the financial objectives in a certain period of time. The return of the crowd-funding is the product itself, but there are other financial incentives for participate in the program, such as a higher rate of return on equity. Crowd-funding model is the latest model, namely financers take equity as a return on investment, the essence is risk investment based on Internet, investors can receive a share of stock or future profits or royalty. The Internet crowd-funding process has three parts: financing, investors and the platform. The essence of the Internet platform to is a financial intermediary. Crowd-funding product quality is the comprehensive quality of subject, object and environment. The crowd-funding product quality system passed through exploratory analysis test and confirmatory factor analysis. Finally the evaluation system includes 40 indicators was established, and the fuzzy comprehensive evaluation method and entropy method weights of the indexes.Point three, using system dynamics to analyze the dynamic sensitivity of the internet finance crowd-funding product quality evaluation index system. Based on partial correlation analysis and system dynamics theory, the Internet crowd-funding quality platform and comprehensive factors was analysis, building the system dynamics model which has an important impact on the operating platform of quality, and the index system model was verified. Internet crowd-funding product quality factors include three aspects: the object quality, the subject quality, and the environment quality. Three subsystems together constitute the product quality. Considering all the three dimensions and various elements factors that influence the crowd-funding products quality, this paper mainly select the congregation the subject status, public object and platform environment status as the main variables impact the Internet crowd-funding product. According to these contents, divide the boundary of system. Th subject status including financing knowledge level, ability, credit characteristics, investors capacity, quantity, quality and status, integrity; the object including project number, project rates, project completion of the project, the project development, executives work experience features; and the platform environmental contains the relationship of rights and obligations between the main body and the management company, limited access and exit mechanism, communication and coordination mechanism, the service content. The process of crowd-funding involved in the subject, the object and the platform, and ultimately the formation of the crowd-funding product quality. Using the established model, combined with the survey data to evaluate the Internet crowd-funding product quality, a simulation was did, the initial value of the system parameters derived from the actual data and the weight of the score. Take the data into the equation, running Vensim software, simulation results show that the quality of the product began to raise the quality of the slow, late with the mechanism improve the quality, the product quality has been greatly improved.The crowd-funding is a new industries. This study attempts to make the concept of crowd-funding to raise the quality of the construction of the index system and dynamic monitoring of the relationship between the various indicators. The characteristics of this study include: firstly, to determine the weight of indicators, select the combination of subjective expert evaluation and objective information evaluation, which makes the research results more valuable. Secondly, the existing theoretical analysis and empirical analysis, using scientific methods index system optimization and theoretical verification, and through enterpriseinvestigation, the index system of crowd-funding product quality was empirical analysised. Finally, both static and dynamic analysis was conducted to study, based on the research status of crowd-funding, the evaluation index of dynamic sensitivity analysis was did.In view of the above analysis, the research significance lies on the below: in theory, through quality management, expert interview and theoretical interpretation of the proposed crowd-funding product quality connotation and mode, deepen the research on quality management of Internet crowd-funding, enriched and expanded the service quality evaluation research. The results of quality subject, object, environment analysis can help in perfecting the quality supervision system, and promote the practice of quality management. In practice, the study of Internet crowd-funding products quality, proposed guidance for the government quality supervision departments provide measures for reference. Through analysis of the crowd-funding quality, it has an important reference significance on company did product quality management especially quality evaluation. The product quality evaluation system and quality management measures has important significance on investors.