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

Posted on:2020-10-28Degree:MasterType:Thesis
Country:ChinaCandidate:M Y ZhaoFull Text:PDF
GTID:2439330575957463Subject:Financial
Abstract/Summary:PDF Full Text Request
In the process of China's economic development,SMEs have been facing difficulties in obtaining loans.The prospects for start-up business models are uncertain,and it is difficult for entrepreneurs to obtain financial support from the capital market.The advancement of Internet technology has spawned new financing methods.With its Internet advantages,low investment threshold,wide audience,and convenient transaction characteristics,it has become one of the choices for some SMEs and entrepreneurs to finance some innovative projects.However,the financing performance of reward-based crowdfunding projects is very different.Therefore,this paper explores which factors in the reward—based crowdfunding project will affect the financing performance of the project.Based on literature research and some related theories,this paper proposes research hypotheses and constructs an empirical model,which is used to empirically analyze the data from JD to obtain empirical results.The results show that: There is a direct and significant positive correlation between the per capita investment amount,the number of topics,the number of price types,project information visualization,geography and attention on financing performance,and the type of project is significantly negatively correlated with financing performance;There is a significant positive correlation between the number of topics,the visualization of project information,the number of price types,and the degree of attention;There is a significant negative correlation between per capita investment,geography and the degree of attention;The type of project has a negative relationship with attention,but the correlation is not significant.According to this result,the factors influencing the performance of reward—based crowdfunding financing in China can be obtained to some extent.The high valuation of the project by investors,the high degree of attention of the project,and the deep participation of investors in the project will greatly help to improve the financing performance of reward—based crowdfunding.The technological innovation of the project and the diversified investment choices will help to improve the project financing performance.Projects in areas with low levels of economic development are more likely to achieve higher financing performance.Investors' high valuation of the project will negatively affect the project's attention,and the projects in the region with low economic development will have a relatively low level of attention.Investors' continuous participation in the project,fully improved project quality information,and diverse investment choices can increase the project's attention.Finally,the paper puts forward corresponding suggestions.The project sponsor should raise the project value level,expand the scope of investors,and pay attention to project information transmission to reduce project investment risk.The crowdfunding platform should strengthen management ability.The supervision department should strengthen investment fund supervision and protect investors.
Keywords/Search Tags:Reward-Based crowdfunding, Financing performance, Influencing factors
PDF Full Text Request
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