Analysis Of Factors Affecting The Financing Performance Of Crowdfunding In China

China has a large number of small and micro enterprises,their rapid development can promote the growth of the national economy and create more tax revenue for the country,in addition,a large number of small start-up enterprises will create more jobs,and they actively seek technological innovation,so the state attaches great importance to the develop ment of small and micro enterprises.Although the country has provided much convenience for the development of small and micro enterprises,but the survey data show that most s mall and micro enterprises are still difficult to obtain financing from the traditional channe Is.In recent years,crowdfunding has a rapid development in China,with the number of platforms growing and the amount of financing expanding.Crowdfunding provides a new channel for small and micro enterprises who have the demand to pre-sell products and research market,and for the start-up enterprises who have innovative technology and creative projects,crowdfunding provides a favorable support for the funds,which response to the national call of "innovation and public entrepreneurship peoples".In general,crowdfunding is a new choice for the small and micro enterprises as a new way of financing.For the small and micro enterprises who fund through the crowdfunding and the crow dfunding platforms,the financing efficiency is the fundamental problem of their concern.With this problem,this paper uses the domestic six public platforms to analyze the factors affecting the financing performance of small and micro enterprises.On the theoretical sid e,the paper will use two-sided market theory,signal theory,customer delivered value theor y,herd behavior theory,upper echelons theory and social capital theory to elaborate the pr inciple of crowdfunding.Besides,the mathematical model is used to derive determinants o f platform's market share and the matching conditions for the investor to choose the item.On the other hand,this paper makes an empirical study on the domestic crowdfunding pl atforms,and compares the differences in the financing performance of the commercial plat form and the traditional financing platform,and the difference of the financing performanc e of projects with different types.The empirical results show that:1.the basic information of the project such as "target financing amount","minimum investment","return types",the three types of information significantly affect the performance,"whether to upload video"has varying degrees of impact on the performance between the commercial platform and the traditional financing platform;And active community maintenance positively affects the financing performance;Behavior of investors has a significant positive impact on the fina ncing performance;While the social capital of the fundraiser has no significant effect on th e financing performance.2.For different types of projects,information such as "whether t o make video","picture numbers","return time","project progress" have a big difference on f inancing performance.The conclusion of this paper has practical significance in raising the performance of the crowdfunding platform and the fundraiser.Finally,some suggestions are put forward for the platform and the fundraiser,hoping to make a modest contribution to the healthy development of small and scale enterprises and crowdfunding industry.