Research On Influencing Factors Of Crowd-Funding Financing Performance Based On Innovation Diffusion Theory

With the continuous development of Internet technology and continuous innovation of financial services,crowd-funding,as a new mode of Internet finance,has been developing rapidly in recent years.With the rapid growth of industry scale,there have been many researches of the mechanism,supervision and incentive of crowd-funding,and given the suggestions from the angles of law and regulation.However,the gap of financing performance between the projects is large in the process of crowd-funding,so that the focus of research becomes how to improve the project financing performance effectively.In recent years,the domestic and foreign scholars has researched the factors affecting the financing performance from multiple dimensions,but most of the study was from the perspective of economics,with risk and cost of capital as the core content,which has neglected technical attributes and innovative features of the projects in crowd-funding.Based on the Innovation Diffusion Theory of E.M.Rogers,this paper studies the factors that influence the financing performance of crowd-funding projects from the perspective of innovation recognition and diffusion.This thesis will regard the financing performance of projects as the result variables and redefine the explanatory variables on the basis of the five characteristics proposed by the Innovation Diffusion Theory,including superiority,compatibility,complexity,feasibility and visibility.This thesis will also make assumptions about the correlation between explanatory variables and result variables,according to the present time characteristics.Then,the study will make empirical analysis,which is based on the three kinds of crowd-funding projects of equity,product and property right.And the empirical hypothesis will be analyzed and verified by using multiple regression analysis.Finally,this thesis has proved these five explanatory variables are related to the result variables,but degrees of influence are different in different projects.The thesis will summarize the core factors that promote the financing performance of crowd-funding based on the conclusion,and has proved the project financing performance can be improved by strengthening project innovation features.The thesis will also excavate the deep realistic meaning and operational space of those variables,and give suggestions to the different project sponsors.At the end,the thesis will point out shortcomings of this paper and give a future research prospect.