Research On Influencing Factors Of Financing Availability Of Small And Micro Enterprises In Crowdfunding Model

Crowdfunding,as a flourishing innovative Internet financial model,has become a shortcut for small and micro enterprises to obtain financing.This paper introduces relevant theories of crowdfunding and small and micro enterprises and analyzes the business model of crowdfunding financing in China based on Osterwalder reference model from the perspective of value proposition,target customer,distribution channel,customer relationship,value structure,core competence,partner network,cost structure and income mode.This paper also explains the advantages of small and micro enterprises in crowdfunding financing model.To provide better guidance for small and micro enterprises to initiate crowdfunding projects and improve the financing availability of projects,this research builds the influence factor model of financing availability under crowdfunding model through analyzing the business model of crowdfunding.After that,from the perspective of fund raisers,this paper proposes research hypotheses from project scale and promotion of project.This paper makes use of octopus collector to collect data of Jidong crowdfunding website from Jan.2015 to Oct.2016 and collects 3685 crowdfunding project data.This paper uses SPSS 21.0 software to conduct Logistic regression analysis and conducts empirical research on this subject.The results indicate that the scale and quality of projects,target amount of crowdfunding projects,date of return are negatively correlated to the financing availability of crowdfunding projects.The impact of target amount of crowdfunding projects on financing availability is the most significant.The promotion of projects,number of supporters of crowdfunding projects,number of Like of projects,number of topics of projects are positively correlated to the financing availability of crowdfunding projects.The impact of number of supporters of crowdfunding projects and number of Like of projects on financing availability is the most significant while the impact of number of followers of projects on financing availability is less significant.Finally,after obtaining the research results from the empirical analysis,this paper provides feasible suggestions to effectively improve the crowdfunding of small and micro businesses.The fund-raising party should take the optimization of fund-raising projects and the improvement of attraction of fund-raising projects as the goal of development while crowd funding websites should take the improvement of platform influence and the perfection of platform system as the goal of development.