Research On Information Disclosure's Impact On The Success Of Crowdfunding

With the development of Internet finance,crowdfunding have also been rapid development.The crowdfunding compared with the traditional way of financing,has many advantages: a large number of investors to raise money,to spread the risks;low investment threshold,it can provide investment channels for many investors;the way of financing is more open,more civilians.As an important part of the crowdfunding project,information disclosure can help investors to make better investment decisions.However there are still many problems in the information disclosure in crowdfunding project,such as information disclosure is not detailed,disclosure confusionand so on,this article will explore the impact of information disclosure on crowdfunding from the perspective of information disclosure.In this paper,after summarizing the domestic and foreign research status of crowdfunding,it points out that the important direction of this study isthe impact of information disclosure on the success of the crowdfunding project.Based on Jingdong crowdfunding platform from August 1,2016 to 31 December 2016,1985 projects for the study sample,withthe content of information disclosure as explanatory variables andthe relevant information to project sponsors as a control variable,this paper carry out multiple regression about the factors of information disclosure impacting crowdfunding projects success.To further enhance the robustness of empirical research,this paper also studies the impact of information disclosure on the financing proportion of crowdfunding projects.Through the study of this paper can be seen that the impact of information disclosure on the success of crowdfunding by the public is statistically significant,video,pictures,project update is has a positive impact on the success of the project,and FAQ,NER person,NER organization is has no significant effect.Project sponsors also has a certain influence to success,the goal of the project is negatively related to the success of the project and the number of supporters is positively correlated to the success of the project.Project sponsors linkingweibo have a negative effect.There is a certain correlation between sponsors of the project experience and the success of the project.There is no significant correlation between the return level of the project and the success of the project.