The Analysis Of The Influence Of Design Factors On The Financing Result Of Crowdfunding Projects

In recent years,innovative and entrepreneurial enterprises have developed rapidly.Small and medium-sized enterprises have provided important support for the rapid development of national economy.However,these enterprises are faced with serious financing difficulties.Crowdfunding,as a new financing channel,is not only a supplement of the existing modes of financing,but also beneficial to the birth of new products and new ideas.This paper mainly contains two parts.Firstly,the efficiency of the projects on the crowdfunding platform is estimated using the DEA analysis method.It turns out that there is large room to improve the financing efficiency,even though these projects have reached the target amount within the allocated time.Then multiple regression analysis is applied to explore the influence of the design factors on the financing result.The result not only depends on the characteristic of the idea itself,but on the design factors as well.In the end some suggestions are put forward to help the fund raisers to improve the efficiency of the projects.The subject of this research are successful projects on JD crowdfunding platform.The cross-sectional data are scrawled from the running crowd-funding platform using scrawler technology.The research sample contains 6965 the successful projects.This article innovatively divides the design factors into the quality of signal and the amount setting,on the basis of the theoretical framework.It turns out that the influence of the various design factors on the final financing amount and success index are different.The influence of the design factors is different among various categories.The possible innovations of this paper can be put into three aspects.First of all,the theoretical framework is further improved,which can provide reference for subsequent researchers.Secondly,first-hand data is obtained from different projects,which provides a rich resource for the later research.Thirdly,considering the motivations of the involved participants are diversified,success index is composed to measure the success level of the projects from various angles.This paper analyzes the influence of the amount setting on the financing result from the perspective of discreteness and convergence.