Research On Financing Performance And Pricing Of Crowdfunding Projects Based On TPB Theory

The crowdfunding is the product of the Internet and the rapid development on the Internet,the development of crowdfunding business model to bring new financing channels for small and medium enterprises,and for the public entrepreneurship innovation provides a variety of options.Crowdfunding financing is a new financing model for project sponsors to raise funds to consumers through the Internet platform.On the basis of the existing literature,this paper discusses the factors affecting the performance of crowdfunding financing projects with traditional agricultural products as the object,enrich the existing research projects to raise the crowdfunding at the same time filled the gap between the traditional industries combined with the Internet to raise empirical research.Secondly,the price as a significant impact on the financing performance of all factors,this article also discussed.This paper is based on the theory of planned behavior,with China's largest Taobao business platform to raise public data as the sample,through multiple regression method of project attribute,the seller information and sponsor attitude three aspects of agricultural projects to raise crowdfunding financing performance.In this paper,the author summarizes the previous scholars' research on the impact factors of the public offering,and for the first time,it focuses on the issues such as the dynamic update of projects,the quantity of certificates,the public to raise the level of the seller's credit,etc.In addition,this article for the first time to raise the crowdfunding stage and the normal sales stage together to discuss the pricing of public raised products.This paper establishes a two-stage stackelberg game model,discusses the two-phase pricing problem of how to make decision when the crowdfunding business face the strategic and non-strategic consumers who are in the elastic and rigid markets,respectively.The results indicate that the dynamic update of projects,the types pf project returns,the credit level of sellers,the quantity of certificates and the videos have significant positive influence on crowdfunding;the financing goals and the minimum investment have significant negative influence on crowdfunding;the image information of projects and the returns date have no significant influence on crowdfunding.This paper finds that there is no relationship between the crowdfunding price and the price in normal sale phase.The price strategy is influenced by the two-stage potential market demand,the types of consumers and the sensitive coefficient of price.These results can provide helpful advice for how to improve crowdfunding project success rates.Through the study of the two stage pricing,it provides a theoretical basis for the pricing of the business,and at the same enriches the pricing study of strategic consumers at different stages.