Analysis On The Influencing Factors Of The Royalty-based Crowdfunding Performance-

In the economic structure of our country,small and medium-sized enterprises have a very important position.If large numbers of small and medium-sized enterprise develop rapidly,not only increase the speed of China's economic growth and bring more tax revenue,can also create a large number of employment opportunities.Therefore,China has always attached great importance to the development of small and medium-sized enterprises.However,because small and medium-sized enterprises are small and risky,it is difficult to get funds from traditional channels when they need funds to support start-ups.With the popularization of Internet,the financing cost of enterprises is reduced and the financing channels are opened.In this context,Internet crowd-funding has become a new hope for financing.Through several years of development,China's crowd-funding market has emerged in many ways,and the royalty-based crowdfunding is one of them.Compared with product crowdfunding,investors can obtain financial returns.Compared with equity-based crowd-funding,it will not dilute the equity of the fund-raiser and it can help the fundraisers to control the enterprise.Therefore,the royalty-based crowdfunding has developed rapidly and has become the most popular type in the crowd-funding market.For those small and medium-sized enterprises which want to raise and the platform of royalty-based crowdfunding.The performance of project financing is very important to them.Based on the previous studies,and search data from a famous platform of royalty-based crowdfunding----"colorfu",this paper analysis of the factors affecting the performance of the royalty-based crowdfunding from two aspects of theory and empirical analysis.In theoretical analysis,this paper using signal theory and bilateral market theory to analyze the factors that can influence the project financing performance.In the empirical analysis aspect,the 11 indicators are classified into three dimensions:project uniqueness,investment risk and social capital,regression analysis is carried out,multi-collinearity and heteroscasticity test made the thesis more scientific.It is concluded that the uniqueness of the project and the risk of investment can affect the crowd-funding performance.In combination with the reality of our country,the project sponsor should enhance the investor's project experience and let investors know the project as much as possible.The public financing platform should establish the industry behavior standard,strengthen the connection between the project sponsor and the investor;the government should promote the growth of crowdfunding by strengthen the government support and perfect the laws and regulations.