Research On The Financing Efficiency Of The Crowdfunding Projects

In recent years,China has set off an upsurge of mass entrepreneurship and innovation by many people.The pioneering enterprises have been thriving and become an important driving force for promoting the economic development of our country.As a key factor in the growth of a company,funds largely determine whether the enterprise can achieve sustained and stable development.However,at the present stage,the traditional financing channels have stringent qualification examination of SMEs and set a high threshold of financing,so it is difficult to meet the large amount of funds requirment of entrepreneurial enterprises in the early stages of development and restrict the healthy development of entrepreneurial enterprises.The development of entrepreneurial enterprises is facing a serious shortage of funds.The emergence of crowdfunding brings new opportunities for the development of entrepreneurial enterprises.As one of the innovative models of internet finance,crowdfundinghas broken through the traditional financing model and established a direct communication bridge between capital demander and capital providers which can effectively solve the financing problem of entrepreneurial enterprises.It has become an effective channel for connecting Internet finance with the real economy and realizing the accurate matching between private capital and innovative entrepreneurship.Therefore,the research on the financing efficiency of the crowdfunding project has important theoretical and practical significance.Based on a systematic analysis of the relevant theoretical foundations and the status quo of the development of the online crowdfunding industry in our country and the existing problems,this paper takes"crowdfunding network"which is the most representative crowdfunding platform in our country as a research object,taking the empirical data from"crowdfunding network"platform in 2014-2016 as a sample and uses Tobit model to empirically analyze the influencing factors of financing efficiency of crowdfunding projects.The results show that quality signal,user participation and market demand satisfaction of crowdfunding project are all make positive impact on its financing efficiency,of which the impact of user engagement and market demand satisfaction is the most significant,and the variables for five types of projects Art and other projects that best embody the creative_I _I _Imindset and individual subjective values have the most significant impact.Therefore,the network crowdfunding platform should further improve the information disclosure mechanism,promote the platform,and focus on raising the creativeness of crowdfunding projects and formulate investor-oriented financing solutions to help financers achieve efficient financing.