Research On The Factors Affecting The Success Rate Of Equity Crowdfunding Projects In Eastern China

As a new type of financing model,Crowdfunding is the product of the combination of economic and technological development.It is the financing method initiated by the Internet.Since the 2012 "Jumpstart Our Business Start ups Act,JOBS",Crowdfunding gains legal status,the mobilization in the global development of rapid development.Since 2011,China has the first public market platform,“Demohour”,the development of Crowdfunding in an unprecedented speed.In the year of 2016,the country's total financing industry reached a total of 7.941 billion yuan,and the number of platforms increased rapidly too.Reward Crowdfunding has a Rapid growth in China because of the advantages such as the low threshold,wide range,small and flexible investment mode and so on,and also attracted extensive attention from the academic community.However,the problem of the low success rate of Reward Crowdfunding is influential in the trend of vigorous development.In view of the fact that our country has the characteristic of imbalanced regional development,the eastern region in good condition and has advantages in the number of platforms and the amount of financing,so this paper chooses the eastern part as a research object to study the success rate of Reward Crowdfunding and increases the regional factors.It is expected to draw conclusions of successful experience in the development of the eastern region,which inorder to promote the development of the Reward Crowdfunding?This paper is based on the model of “construction-put forward the hypothesis-empirical analysis” of the idea of research.It summerizes the research literature on the influencing factors of the success rate of the Reward Crowdfunding,.Then analyzes the research experience of Regional,Trust,Perceived Risk,Perceived Value to establishe influencing factors model of the success rate of Reward Crowdfunding.The Region dimension of urban foundation and economic status to study impact of the regional economic factors to the success rate of Reward Crowdfunding.In the process of factor selection of trust dimension,three factors are selected based on theoretical analysis to study the sponsor and the platform,such as sponsor's qualification,sponsor's social capital and platform management mechanism.Perceived risk dimension selects time risk and functional risk to study the impact of quality characteristics of the product on the success rate of Reward Crowdfunding.The perceived benefit dimension selects the product economy and product selectivity indicator to study the impact of the return of product on the success rate of the Crowdfunding.The convenience is studied from payment mode and access mode.This paper uses use the processing software SPSS to test the selected data from the platform JD Finnace and Demoour.Empirical data analysis concludes that trust factors,perceived benefitfactors,region factors and convenience factors have a positive impact on the success rate,and perceived risk factors have a negative impact on the success rate.Conclusions are as following:First,the project sponsor should pay attention to the project quality information and communication with the promoters.Second,the public platform need to improve the audit mechanism and increase the promotion way of product.Third,the regulators must perfect the legislation to regulate and guide the healthy development of the Reward Crowdfunding.