Research On Two-sided Markets Pricing Strategy Of Equity Crowdfunding Platforms That Consider Project Quality

China’s Internet development has taken shape,and the application of the Internet has also diversified,profoundly changing people’s learning,work and lifestyle,and even affecting the entire society.Internet finance is an organic combination of Internet technology and finance.Crowdfunding has become a hot spot in the field of Internet finance with its way of collecting project funds from netizens.The number of successful crowdfunding projects and the amount of financing are the two most important indicators reflecting the degree of industry sentiment.According to the accumulated data of the www.zhongchoujia.com,the number of platforms and financing amount has dropped sharply,and the market concentration has gradually increased.Many businesses are not good.The platform has withdrawn from the market,and a small number of platforms have been able to explore their own path,and have begun to expand aggressively,and the market share has increased rapidly.It can be seen that there are many problems in the development of the crowdfunding industry.The equity crowdfunding platform serves as an information mediation platform for investors and project sponsors to complete crowdfunding transactions,and its platform has obvious bilateral market characteristics.Different from traditional financial institutions,the pricing mechanism developed by the equity crowdfunding platform for its platform users affects whether investors and project sponsors choose to enter the platform,thus affecting the total transaction volume of the entire platform.Therefore,for the equity crowdfunding platform,how to formulate a reasonable pricing strategy to meet the needs of investors and project sponsors,and maximize the platform revenue,has become a necessary consideration.Based on the theory of two-sided markets and combining the characteristics of equity crowdfunding industry,this paper studies and discusses the pricing strategy of equity crowdfunding platform.First of all,the article summarizes the relevant research literatures on the basic theory of two-sided markets,two-sided markets pricing strategy and network externality research,and clarifies the current situation of the development of crowdfunding industry at home and abroad.Combined with the characteristics of equity crowdfunding industry,it concludes that The structure,characteristics,and influencing factors of the equity crowdfunding platform provide a theoretical basis for the theoretical model construction of this paper.Secondly,this paper adopts the transaction fee model for two-sided users,establishes the pricing model of the equity crowdfunding platform,and deduces the user pricing structure when the platform profit is maximized.The influence of cross-network externalities,platform project quality level,investor’s willingness to invest,project crowdfunding success rate,and management cost of two-sided users on the platform pricing mechanism is further discussed.Based on this,the theoretical model is optimized to consider the pricing model of the platform and the maximization of the profit maximization of the platform when the platform is free of investor transaction fees.Finally,the MATLAB numerical simulation and case analysis are used to quantitatively and qualitatively analyze the model constructed in this paper,verify the validity and rationality of the model,and propose relevant management suggestions for the equity crowdfunding platform administrator.This paper draws the following conclusions through research:(1)Cross-network externality is one of the important factors affecting the pricing strategy of equity crowdfunding platform.The higher the user’s cross-network externality,the higher the price charged by the platform to the user;(2)the project quality level is another factor affecting the pricing strategy of the equity crowdfunding platform.In order to attract more investors to join the platform and promote the success of project crowdfunding transactions on the platform,as the quality of the project increases,the equity crowdfunding platform tends to adopt low-cost or even free pricing strategies for investors;(3)the platform can pass improve the quality level of imported projects and reduce the management costs of users,thereby increasing the overall economic benefits of the platform.At the same time,this paper analyzes the real data of the four equity crowdfunding platforms,and makes recommendations on how to measure whether the quality of imported projects is a quality project.The standard for measuring project quality is to consider its innovativeness,.project team reputation,investment market preferences,market positioning and product value.The joint application projects of Internet and finance,social,education and life services have become the hotspots of the current equity crowdfunding investment market;the investment prospects of physical venue projects and e-commerce platforms are also extremely impressive.At the same time,it is also very important to set the target financing amount of the project to raise crowdfunding.Whether the market positioning is clear or not will directly lead to the success of the entire crowdfunding project.