Research On Influencing Factors Of Crowdfunding Project Financing Performance Considering Network Externalities

In recent years,the crowdfunding model has entered a track of rapid development.Under the crowdfunding model,fundraisers and investors use crowdfunding platforms to carry out project financing and investment activities.Crowdfunding projects have obvious characteristics of network externalities.By expanding the network scale of bilateral participants,they can effectively improve their own effectiveness,thereby attracting more potential participants to participate in the project.According to the network externality characteristics of crowdfunding,this paper divides the factors affecting the financing performance of crowdfunding projects into network external factors and non-network external factors,and innovatively studies the mechanism of network external factors affecting the financing performance of crowdfunding projects.This paper first analyzes the direct,indirect and cross-network externalities of the crowdfunding platform.Then,study how the externalities of the crowdfunding project network are affected by multiple roles in the markets of investors and fundraisers,investors and investors,fundraisers and fundraisers.And through the questionnaire method to verify the network externalities of the crowdfunding project.Finally,combined with Jingdong crowdfunding measurable data,the network externalities and other factors are summarized,and stepwise regression quantitative analysis is carried out to draw conclusions.Different from previous literatures,this paper classifies crowdfunding projects according to project categories,and analyzes the impact of network externalities on six types of projects: technology,design,home appliances,food,culture and entertainment.And advise on different types of crowdfunding projects.The empirical results show that:(1)The number of project praises can generate positive network externalities for each type of crowdfunding project,which helps to improve financing performance.(2)The number of topics in the project and the total number of projects initiated by the sponsors have a positive effect on the science and technology projects.The number of projects concerns can produce a good positive network externality for the design projects and daily projects.(3)The project description picture can positively improve the financing performance for innovative projects,but has a negative effect on the financing performance of daily projects.(4)The number of description pictures of the project has a positive effect on the financing performance of the crowdfunding project with a relatively simple investor group.However,the number of concerns for such projects can have a negative impact on financing performance.This paper empirically analyzes the network externalities that affect the financing performance of crowdfunding projects.This will help the platform to develop an effective management method,and at the same time provide a reasonable theoretical basis for project participants to make decisions,and to some extent,can promote the development of crowdfunding mode.