| Crowdfunding,as a financial innovation,helps entrepreneurs to raise funds through the Internet to the masses,and develops a revolutionary way to raise funds small and micro enterprises and individual entrepreneurs to.In our country,raise new exotic,on July 2011,the first domestic Crowdfunding model according to the website-named Demohour was launched,then crowdfunding officially appeared in front of the domestic public.At present,the industry of crowdfunding is still in the early stages of the public in China,the future market space is still large.In 2016,the whole national industry had raised over 22 billion yuan,and it is expected to raise more than 30 billion yuan in 2017.At present,there are many theoretical research and empirical Analysis on the factors influencing the success of public offering,but it is less combined with spatial econometric model.Based on the above,this thesis uses project data from public network,adds city factors,set the spatial econometric model,analysis the spatial correlation of various factors and uses the spatial error model for empirical research.The data is raised from the network(http://www.zhongchou.com/),refers to previous research and selects the main explanatory variables and the dependent variable(financing efficiency of project),and calculates 229 city's space distance matrix according to the prefecture level city on the Baidu map of the road distance.Through descriptive statistics,use LM test to testify variable spatial correlation and select spatial error model,establish the spatial error model according to the selection of variables,analysis the spatial agglomeration effect,this thesis draws a conclusion:The various factors of network interaction and financing goal have different effects on financing efficiency of the project,however,the investment threshold and the update frequency has no obvious effect:Focus and Comments has a significant positive effect on financing efficiency,Backers effect on financing efficiency the target is not significant;setting lower financing goal does help to improve the efficiency of financing;the investment threshold has no effect on the financing efficiency;in the whole process of project financing,the update progress has no obvious effect on the efficiency of financing;financing efficiency projects have positive spillovers in space.Based on the above research,this thesis draw the following conclusions:to raise public financing model has the effect of many other modes of financing is not up to;raise public should adhere to the fundamental service of small and micro enterprises hit financial demand;as the project sponsor,combined with the actual operation of the public to raise the platform status and their financing objective,comprehensive analysis a variety of crowdfunding factors,a reasonable set of projects,taking advantage of the new financing mode,the effective funds are fully utilized,to promote economic growth.Policy recommendations,taking into account the current development is the initial stage,should not be excessive restrictions,the need to maximize the full play to the positive role of the public to raise all kinds of innovative projects to support.Wait until the congregation to raise the industry to grow,it is recommended to carry out a detailed targeted specification,such as open channels to raise public channels,independent approval of the congregation to raise equity,etc. |
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