The Research For The Crowdfunding Models Based On “Zhong Chou” Platform’s Pre-ordering Programs

The crowdfunding, a new investment and financing transaction, which is one of hot topics in the current Internet financial to achieve reasonable and efficient matching funding. Rising with the active degree of the market economy, the financing gap of medium small and micro-sized enterprises are gradually expanding and facing the phenomenon of "financing difficulties". However, the advantages of crowdfunding compared with traditional financing raise more obvious- transaction costs low and incentive effect is strong, therefore improving the crowdfunding trading system, standardize the trading platform will be conducive to raise the perfect combination of investors and crowdfunders and be helpful to promote investment and financing activity.this paper discussed the four crowdfunding model including conceptualisations, mechanisms and choices. The crowdfunding essentially means "small flow into sea" to meet the upfront capital accumulation of project. its "nothing or all " requires the raised money must be more than crowdfunding goal. On the one hand, "nothing or all " standardize the order of the trading; on the other hand it against the risk investment and financing. In general, four crowdfunding model are same with their conceptualizations and mechanisms but the forms of payment. In order to find the factors affecting the success or not of crowdfunding, this paper established by game theory models and puts forward the hypothesis, then selected the seven variables from “ZhongChouwang” platform with the data of 3646 projects, and finally made Logit regression of relevant variables, to do empirical research.Through empirical study, the results show that the success of project is influenced by multiple factors. Crowdfunding goal and days to go on project is negative effect to success, the raised money on project is positive effect to success. Project initiator to the choice of the financing period is relatively concentrated, the financing and project launched in number "inverted U" relationship; Backers are no significant impact on the success of the project. In addition, the type of projects are no significant impact on the success of the project, the project launched of model 9 and model 12 are great effect on the success of the project, the coefficient meet the theoretical significance.According to the empirical results, at the end of this paper put forward policy suggestions on the crowdfunding industry. On the one hand, we should perfect the legal status of the crowdfunding; on the other hand, crowdfunding industry need to be supervised to fully guarantee the legality and security, and made the investment and financing transactions more efficiently.