Research On Influencing Factors In The Success Of Agricultural Crowd Funding

As the basic industry of our country,China has always attached great importance to agriculture.However,the development of agriculture is not only limited by climate,geography,transportation and other factors,but also faced with the problem of insufficient funds due to the suppression of rural finance and the difficulty of online trading of agricultural products.As a new financing method,crowd-funding can make the development of agriculture more dynamic.In 2014,the people's bank of China listed crowd-funding as one of the financing methods,which made the development of crowd-funding reach a turning point.Since then,agricultural crowd-funding started the golden period of development.Domestic crowd-funding platforms have launched agricultural crowd-funding projects or crowd-funding poverty alleviation projects,among which Crowd-funding Website and JD Crowd-funding Platform are the most representative.As the only model city of e-commerce poverty alleviation in China,Longnan city in Gansu province has held three Longnan crowd-funding poverty alleviation competitions in three consecutive years since 2016,in cooperation with Crowd-funding Website.Following the model of the Longnan crowd-funding poverty alleviation competitions,the Red Cross foundation of China held two national Red Cross system crowd-funding poverty alleviation competitions in 2017 and 2019 in cooperation with JD digital technology.Based on the signal theory,combined with the information asymmetry theory and the responsibility consumption theory,this paper took the data of Crowd-funding Website(Longnan agricultural crowd-funding poverty alleviation competitions)and JD Crowd-funding Platform(national Red Cross system agricultural crowd-funding poverty alleviation competitions)as samples,analyzed the factors affecting the financing success of agricultural crowd-funding projects from three aspects: initiator information,project basic information and project interactive information.Among them: the basic information of the project includes the project name,the amount of fund raised,the setting of remuneration,the the number of pictures,the availability of videos,the poverty alleviation propaganda,etc.The interactive information includes the number of project comments.The sponsor's information includes crowd-funding experience,educational background and special family factors(poverty,disability,etc.).The results show that: in the sponsor information,the crowd-funding experience andeducational background have a relatively significant positive impact on the financing completion rate,and the special family factors have a significant positive impact.In the interactive information,the number of supporters has a significant positive effect on the completion rate of financing.In the project information,the target amount has a significant negative impact on the completion rate of financing,and the anti-poverty publicity has a significant positive impact.In addition to the above consistent conclusions,there are three differences between the empirical analysis of Crowd-funding Website and JD Crowd-funding Platform: the number of crowd-funding images of JD Crowd-funding Platform has a significant negative correlation with the completion rate of financing,while the Crowd-funding Website has no significant correlation.The update times of Crowd-funding Website has a significant positive correlation with the financing completion rate,while that of JD Crowd-funding Platform is not.The number of supporters in JD Crowd-funding Platform has a significant positive correlation with the completion rate of financing,while the effect of Crowd-funding Website is not significant.In view of the above differences.As an important starting point of agricultural supply-side structural reform,agricultural crowd-funding not only injected new impetus for the deep integration of "Internet +" and agriculture,but also responded to the national anti-poverty policy of consumption.The research results of this paper have practical guiding significance for improving the financing efficiency of agricultural crowd-funding projects and alleviating rural financial repression.Based on the results of empirical analysis,the paper puts forward the following suggestions: use responsibility to drive consumption,fully display the sponsor information,improve the quality of project information,pay attention to interactive information feedback and return visit.