Research On Influential Factors Of Crowdfunding Completion Rate For Small And Micro Enterprises

Small and micro enterprises as the most active and most potential enterprises,playing an important role in enhancing market activity,creating more employment opportunities and maintaining social stability,and it is an important force in China’s economic development.In addition,small and micro enterprises with innovative,flexible management mechanism and strong market ability and other characteristics,is an integral part of the process of economic restructuring and industrial upgrading.Based on this,the Government plays high attention to the development of small and micro enterprises,and given many preferential policies,but it is limited by the small asset size,uncertain future and other bad factors,causing financing difficulty in small and micro enterprises become a problem for social-economic development.Birth of equity-based crowdfunding brings a hope for small and micro enterprises,especially innovative enterprises to change the disadvantageous situation they faced.Domestic and foreign Scholars have begun to get involved in the field and study the value of the crowdfunding,risk prevention and investor rights protection issues,with a view to promoting the development of chips.However,few scholars based on the perspective of financing enterprises,to study the factors that influencing the completion of the equity financing and this is the key to small and micro enterprise financing problem whether can be solved.First of all,this paper defined the conception of small and micro enterprises and equity-based crowdfunding,etc.Then it sort the research results of scholars from home and abroad about the influencing factors of financing.In addition,this paper briefly describes the current situation of Chinese equity-based crowdfunding,pointing the challenge and obstacle of the equity-based crowfunding.It analyzes the factors that affect the equity-based crowdfunding of small and micro enterprises.And on this basis this paper Construct theoreticalmodels from five dimensions: project value,project description,project status,human capital,etc.And it gathered data from JD Finance,a well-known stock-based crowdfunding platform,to conduct an empirical analysis.The results showed that the observed variables such as project valuation,the maxnumber of investment,and industry experience of teammates was positively correlated with the completion of financing rate.while the the target amount was negatively correlated with the completion of financing rate.The five dimensions which are the status of the project,the project valuation and so on,was positively correlated with the completion of financing rate of small and micro businesses.Which means that positive display of project valuation,human capital,project status and other information,with fully description,are conducive to enhancing the public to raise equity financing completion rate.