Research On The Influencing Factors Of Reward-Based Crowdfunding Funding Performance

Financing difficulty has been one of the main problems that restrict the development of small and micro-sized enterprises in China.With the booming of internet technology and financial innovation,crowdfunding on online platforms grows rapidly in recent years.Crowdfunding,as an innovative internet financing mode,provides a new way for small and micro-sized enterprises to finance,and is becoming an effective shortcut to improve this dilemma.However,the abundance of investment and financing channels only provides new financing channels for small and micro-enterprises,and it is another question about how to successfully finance from this new new financing channel.Therefore,how to improve the performance of crowdfunding financing,namely,the ratio of financing amount to the target amount,and then raise as much money as possible in the crowdfunding platform,is the core issue that the fundraiser is concerned about.This paper takes the funding performance of Reward-based Crowdfunding(RBC)as the research object,and explores its influencing factors.Firstly,based on the social capital theory,signal theory and game theory,this paper establishes the two stage theoretical model of RBC and obtains the theoretical expression of the funding performance of RBC.The results show that the social capital of the fundraisers,the quality signal and the promotion of user experience have a positive impact on the financing performance of the product crowdfunding,while the target goal has a negative impact on it.Secondly,in empirical study,this paper use3364 successful samples from Jingdong website by the end of January 20,2017.Then choose indicators which could influence the financing performance to establish empirical model for hypothesis testing according to the theoretical hypothesis.The following are the results of the empirical.Firstly,the number of supporters and fans which describes fundraisers' social capital structure dimension has a positive impact on founding performance,and the number once helped others which describes relation dimension has no significant impact on it.Secondly,the number of project launch and project update which depicts the quality of crowdfounding has a positive impact on founding performance,the date of product promised to be paid shows no significant impact on it,and the number of return class shows a negative impact on it.Thirdly,The number of topics that depict the improvement of user experience ispositively correlated with the financing performance,and the amount of crowdfunding target is negatively correlated with the financing performance,and the project financing period is positively affecting the financing performance,and the project type has no significant impact on the financing performance.In conclusion,the empirical results mainly support the theoretical hypothesis.