Research On The Influencing Factors Of Product Crowdfunding Project Financing Performance Based On Crowdfunding Website

Nowadays,with the rapid development of Internet technology,the ways for individuals and enterprises to raise funds have become diversified.Compared with traditional financing methods,online crowdfunding is not limited by region and time.Therefore,more and more enterprises and individuals are willing to raise funds for their projects through online crowdfunding,and online crowdfunding platforms are also increasing.Network crowdfunding provides a new financing channel for the transformation and development of small and medium-sized enterprises.However,there are huge differences in the financing performance of crowdfunding projects.If the financing amount fails to reach the financing target amount,it means that crowdfunding fails and cannot obtain financial support.This thesis takes the financing performance of product crowdfunding project as the research object,and It explores which factors in product crowdfunding project will affect the financing performance of the project and the influencing mechanism.The sample data of this study comes from the crowdfunding project data of product category of crowdfunding website platform,including the data of 3543 projects in six categories: agriculture,art,publishing,entertainment,public welfare and other classifications.The research object is the financing performance of the project,that is,the ratio of the actual financing amount to the target financing amount.This thesis proposes research hypotheses and builds a dynamic regression model for product crowdfunding project financing performance based on Social Capital Theory,Customer Perceived Value Theory,Herding Effect Behavior Theory and Altruistic behavior related theory,this paper puts forward research hypotheses In this thesis,the system GMM estimation method is used to make a quantitative analysis of the model variables,to explore the impact of product crowdfunding project indicators on project financing performance and draw the corresponding conclusions.The research results of this thesis are as follows: It is found that the investors who participate in the product crowdfunding project investment have herd behavior,that is,the early investment can promote the later investors' investment behavior.It is found that the financing process of product crowdfunding projects will show a trend of high growth rate of financing performance in the early stage,declining in the middle stage and increasing again near the financing deadline.It is found that the network altruisticbehavior of "selfless support" in crowdfunding platform has a positive role in promoting the financing of product crowdfunding projects,and the financing performance of product crowdfunding projects is significantly affected by the number of project support,number of concerns,number of comments,financing target amount,project launching region and other factors.