Research On Factors Influencing The Success Of Crowdfunding Projects Under The Innovation And Entrepreneurship Environment

China's economic development has entered into a new normal,and it was difficult to continue the old way of development.To develop popular entrepreneurship and innovation(E&I),and greater supplies of public goods and services,become a new driving force for China's economic development and the key to open the new normal of economic development.Advance the " E&I ",can promote the free flow of various market factors,such as people's property,etc..Meanwhile,it can also force unreasonable institutional mechanisms to achieve a breakthrough in reform and ultimately improve the efficiency of the whole economy.The financing capacity is the foundation of survival and prosperity of new ventures.In the initial stage of entrepreneurship,it is quite hard and expansive of financing for new ventures.Crowdfunding shows the Internet's spirits of openness,equality,cooperation and sharing,provides a platform for direct financing of investors and investors,so that more outstanding entrepreneurial projects can be displayed and access to investment support.The emergence of crowdfunding has injected new vitality for the financing of new ventures and gradually became a new way to solve the financing problem.However,in China,crowdfunding is still in the embryonic stage,have many shortcomings and deficiencies.New ventures financing by crowdfunding,the results were uncertain.Under the environment of innovation and entrepreneurship,this paper first introduces the background of the rise of crowdfunding,summarizes its definition,types and influencing factors,and studies the impact of asymmetric information on crowdfunding.On the base of these,this paper discusses the motivation of the related subjects,including the project sponsors,the project investors,the public platfonn,the government(regulatory authorities)and the general process of crowdfunding.Next,based on asymmetric information of the crowdfunding projects,this paper try to solve the problem by signal theory,changing the investors' weak position of information.This paper constructs a theoretical model based on three dimensions of projects,including information quality,human capital and project risk,classifying the explanatory variables,and put forward relevant assumptions to explore the factors that affect the success of the project.Then,based on the data of "dreamore",the paper use the Logit regression mode to verify hypotheses.Finally,by the results of this research,the paper raises recommendations that can facilitate to optimizing the project information,improving the degree of consumer participation and improving the success rate of public financing projects from the perspective of the project sponsor,the public platform and government departments.