Font Size: a A A

Empirical Analysis On The Influencing Factors Of Over-fulfillment Of Crowdfunding Based On Taobao Crowdfunding

Posted on:2020-05-02Degree:MasterType:Thesis
Country:ChinaCandidate:Y ZhangFull Text:PDF
GTID:2439330602466974Subject:Finance
Abstract/Summary:PDF Full Text Request
The financing difficulty of small and medium-sized enterprises is a difficult problem left to the world by the rapid economic development and the growing Unicorn enterprises.Even the most developed capital market in the United States can not be alone.Small and medium-sized enterprises have made an indispensable contribution to the upgrading of technology in all walks of life in our country.From the breakthrough of technology patents and the total amount of new product research and development,small and medium-sized enterprises in our country have shown strong vitality.About 65%of technology patents and 80%of new product design and development are completed by small and medium-sized enterprises,and small and medium-sized enterprises continue to provide achievements for the country.Jobs and tax revenue.It is difficult for small and medium-sized enterprises to finance from the capital market and idle private capital in China for a long time.In order to solve this contradiction,we can try to innovate business models like crowdsourcing.In recent years,with the continuous development of China's financial market,crowdsourcing and other business models have emerged and developed rapidly.The number of crowdsourcing platforms has increased rapidly,and the excess crowdsourcing rate has also increased rapidly.New financing modes such as crowdsourcing provide new sales channels for small and micro enterprises with pre-sale demand for products and strong financial support for new enterprises with new technologies.Among them,the incentive crowdsourcing platform with e-commerce background has developed rapidly in China,especially Taobao crowdsourcing and Jingdong crowdsourcing,which has become the most dynamic network platform in China.Taobao crowdsourcing platform is one of the most representative incentive crowdsourcing platforms in China.Considering the current development of crowdsourcing in China,this paper explores the influencing factors of the current excess crowdsourcing rate by selecting all projects of Taobao crowdsourcing from June 2016 to June 2018.The actual amount of financing exceeds the target amount of crowdsourcing,that is,excess crowdsourcing.Based on the data of 4 920 over crowdsourcing projects selected by Taobao crowdsourcing platform,this paper takes the over crowdsourcing rate as the explanatory variable,and chooses target fund-raising amount,support number,likes number,fund-raising time and whether video is included as explanatory variable on the crowdsourcing page.The relationship between them is analyzed by regression.The results show that the number of supporters and likers has a significant positive relationship with the excess crowdsourcing rate;the target fund-raising amount of crowdsourcing projects has a significant negative relationship with the excess crowdsourcing rate;the sum of squares of the time spent in raising funds and the time spent in raising funds has different significance under different crowdsourcing types;and the excess crowdsourcing rate has an inverted U-shaped relationship with the number of supporters during the continuous progress of projects.The conclusion of this paper is of practical value to both the initiator and the investor.For fund-raisers of crowdsourcing projects,generally small and medium-sized entrepreneurs publish financing projects on crowdsourcing websites.Small and medium-sized enterprises have always been vulnerable groups under the traditional channels of capital market.They are difficult to obtain funds from traditional channels such as banks.Crowdsourcing mode makes it easier for them to obtain funds at lower cost.The emergence of crowdsourcing has ignited NEW hope for small and medium-sized enterprises.Through the study of the factors affecting the excess crowdsourcing rate studied in this paper,it is helpful for the fundraisers to better grasp the behavior and psychology of investors,thus adjusting the project to the best state of attracting investment.For investors,many investors have idle funds but no investment channels.The emergence of crowdsourcing mode provides investors with new investment channels.Investors can make full use of the information disclosed on the website of the crowdsourcing platform to judge whether the project is good or bad by understanding and learning the factors affecting the excess crowdsourcing rate in this paper.This will help investors make more reasonable investment choices and obtain corresponding returns.
Keywords/Search Tags:Over crowdsourcing, reward crowdsourcing, multiple regression analysis
PDF Full Text Request
Related items