Research On The Influencing Factors Of Equity Crowdfunding Financing Performance

Money,as a resource,is always scarce.The tense economic situation has forced traditional investors to be more cautious in choosing investment projects,which have made a lot of potential projects unsatisfied,exacerbating the difficulty of entrepreneur financing.Especially for small micro-enterprises and innovative enterprises,the financing is more difficult.As a result,more and more people are looking for nontraditional ways of financing to get the money they need.Crowdfunding model has begun to receive wide attention.With the rapid development of the Internet,a way of using network as a medium of investment and financing set up direct bridge to promote the circulation of capital between the capital demanders and providers,which helps a lot of start-up projects to obtain funds and eventually get success.Crowdfunding breaks through the traditional financing model,so everyone can get the funds.Financing sources are no longer limited to traditional financial institutions,which reduces the financing threshold of SMEs,and financing problems will play a role in mitigation.Also,it can provide some financial support for the public new business model and creative ideas,with promoting the development of public entrepreneurship innovation.Based on prospect theory,Asymmetric Information theory and social capital theory,this paper analyzes the literatures of Chinese and foreign literatures and selects the rewarding crowdfunding as the research object.This paper puts forward a series of hypothesis and research models from the basic attributes of the project,the internal factors of the project and the external factors of the project which subdivide 18 influence variables.The paper studies the influence of these variables on the financing rate(overfunding)and the success rate.Then,through the Zhongchou Wang,Jingdong Zhongchou,Taobao Zhongchou,Modian and Yuetong website,we obtain real project data with a total of 462 groups,10626 effective data.The data are analyzed for empirical analysis and hypothesis validation using multiple linear regression,ridge regression and binary logistic regression.Based on the results of empirical analysis,18 factors are selected,and the forecasting model of project financing results was constructed by using BP_Adaboost.Using Matlab programming to obtain the project financing data,I make a preliminary validation of impact of predictive and practical results.Finally,the main research results and conclusions are as follows:(1)Overall,the basic attributes of the project,the internal factors of the project and the external factors of the project have significant influence on the financing performance of the rights and interests.There are the most influential variables in the internal factors of the project.The basic attribute class has the least influencing factors,but its effectiveness is the highest—almost 100% of the basic attribute factors have a significant impact on financing performance.(2)The number of backers and the amount of capital have a significant impact on project financing performance.Except the target capital,the remaining factors play a positive role in financing performance.The higher the target capital,the lower the likelihood of financing,and the lower the financing performance.At the same time,the number of early backers is less than the final backers.(3)The project itself factors have significant effects on financing performance.Project topics updated number and videos have a positive effect on financing results.Picture information has become a neutral standard and does not have the effect of financing result.(4)The form of fundraisers has a positive impact on financing performance.The greater the number of financiers,the greater the likelihood of success,and the relatively obvious advantage of team-financiers.(5)Different projects differ in financing performance,especially in terms of success rate.The success of entertainment activities is the highest,and the success of cultural and artistic projects is the lowest.(6)Rewarding types and project financing performance are reverse role.The more return the way,the greater the difficulty of its commitment to honor and the financing results less ideal.(7)In the social capital factor,the internal social capital effect is greater than the external social capital,and the relational social capital is greater than the structural social capital.The internal structure of social capital has a positive effect on the financing results,while the external structural social capital has no effect on the financing results.Early relational social capital have a negative effect on finance performance,and final relational social capital has a positive effect on financing performance.(8)The number of social platforms has a more pronounced positive effect on financing results,and financiers can improve their financing efficiency by expanding social platforms.(9)Project initiated location has little impact on financing performance.But this may be due to the over-concentration of sample area characteristics,so this article to maintain a neutral attitude,and it need further analysis of the conclusions drawn.(10)Based on the BP_Adaboost model,the forecasting model of project financing results is constructed.Using of Matlab programming and accessing to the project financing data,I raise to empirical research on the model.The research results show that the BP_Adaboost model has a good prediction effect in the process of evaluating the results of the financing with the accuracy rate is 79.3%.Therefore,the empirical results are validated and have practical significance.