Influencing Factors Research On Financing Success Rate Of Reward-based Crowdfunding Project

Innovation and entrepreneurship are the key to promoting China's economic development into a new normal.The new economic situation has forced traditional investors to choose investment projects more cautiously.This kind of cautiousness has led to the neglect of a large number of potential investment projects,thus increasing the difficulty of financing a large number of potential entrepreneurs.As a result,more and more entrepreneurs have begun to open up new financing methods,breaking the past relying on conventional financing channels such as angel investment,commercial banking,venture capital,and turning to new channels of financing based on the Internet.Can directly connect with public funds.The “crowdfunding” financing model is the product of the Internet financing.It conforms to the “Internet +” era of great integration and great change,so that whether it is a specific project investment or a new enterprise investment can find funds.However,the innovation of financing channels only provides a new financial channel for entrepreneurs,and how to successfully obtain project funding support from this financing channel is the concern of entrepreneurs.Therefore,research on the influencing factors on financing success rate of crowdfunding project,explore how to improve the success rate of crowdfunding project financing,and enable project sponsors to obtain target fund support,which has important practical significance for project sponsors and even crowdfunding industries.This paper studies the influencing factors on financing success rate of Reward-Based crowdfunding projects.The project participation,project financing quota and information disclosure of Jingdong crowdfunding platform have outstanding advantages in the Reward-Based crowdfunding platform,and the data indicators disclosed on the project homepage have the characteristics of completeness and transparency.Therefore,this article selects Jingdong crowdfunding as a research object.Firstly,theoretical analysis of ELM model theory,social capital theory and behavioral decision theory is carried out.From the two dimensions of project quality signal and social capital signal,it is explored which factors can improve the financing success rate of equity crowdfunding projects,and then use web crawler software to capture Relevant indicator data on the project homepage,through regression analysis and adjustment effect test to study the possible influencing factors,and finally to test the robustness of the regression results by changing indicators,reducing samples and replacing measurement methods.The empirical analysis shows that among the influencing factors on financing success rate of Reward-Based crowdfunding project,the project type has a regulatory role in the relationship between project quality signal,social capital signal and financing success rate,and the impact of project quality signal on financing success rate Greater than the social capital signal.In addition,for the project quality signal,the project's target amount and financing period have a significant negative correlation with the financing success rate.The number of support,update times and sponsor mode of the project has a significant positive correlation with the success rate of financing;for social capital There is a significant positive correlation between the signal,the funded amount of the project and the number of selfless dedication support and the success rate of financing.There is no significant relationship between the number of project topics,the number of likes,the number of followers and the number of projects supported by the sponsor and the success rate of financing.Finally,based on the empirical analysis results,this paper proposes suggestions for improving the success rate of crowdfunding projects from the two dimensions of project quality signal and social capital signal.The results of this study will help project proponents to select high-quality projects to successfully obtain material returns;help project sponsors optimize online information on the homepage of projects to improve financing success rate;facilitate the initial screening and effective guidance of crowdfunding platforms to increase amount.