Sustainability Projects,Complex Products And Pre-Sale Crowdfunding Financing Performance

At present,China's economy is moving towards a stage of high-quality development.The state encourages "mass entrepreneurship and innovation",which has set off a wave of entrepreneurship,and the difficulties of financing and expensive financing for SMEs have not been eased.With the advent of the era of big data,Internet finance has developed rapidly,breaking the traditional financing methods,and network financing has received widespread attention from the public and has become a new channel for solving corporate financing problems.As an emerging network financing model,crowdfunding financing is greatly welcomed by people: the number of successful crowdfunding projects and the total amount of crowdfunding financing are increasing year by year.Many scholars have studied the influencing factors of the amount of pre-sale crowdfunding,but the impact of sustainable projects and complex products on the performance of pre-sale crowdfunding has rarely been involved.Compared with business entrepreneurs(profit-oriented entrepreneurs),social entrepreneurs(sustainability-oriented entrepreneurs)are more difficult to obtain funds through traditional financial institutions.However,the country strongly advocates the concept of sustainable development.The interest in social entrepreneurship is unprecedentedly high,so this article studies whether sustainability projects affect social entrepreneurs' ability to obtain funds through a pre-sale crowdfunding model.In addition,the state encourages innovation,and technological innovation is increasingly showing high complexity and uncertainty.Products need to follow the pace of science and technology to produce high-complexity products and improve product market competitiveness.High-complexity products can improve national competitiveness.However,there is a large amount of capital required by companies that produce highly complex products,and there is uncertainty as to whether the products can be accepted by the market.Therefore,the study of complex products is of great significance to the performance of pre-sale crowdfunding financing.This article first explains the background and significance of crowdfunding,and summarizes the research results of scholars on crowdfunding.On this basis,the corporate financing concept is elaborated,and the pre-sale crowdfunding financing cost is compared with the bank's short-term loan cost.It is found that the presale crowdfunding financing cost is lower than the bank's short-term loan cost.Secondly,elaborate on the order financing theory,information asymmetry theory,and sustainable development theory,and analyze the impact of sustainable projects and complex products on the performance ofpre-sale crowdfunding financing based on these theories.Finally,the octopus collector was used to collect the pre-sale crowdfunding projects of the Jingdong crowdfunding platform from 2014 to 2019 as the initial sample for research,and the multiple linear regression was used for empirical analysis.Crowdfunding financing performance has a positive correlation,and people recognize and are willing to support sustainable projects and highly complex products,thereby improving pre-sale crowdfunding financing performance.Through theoretical and empirical analysis,it makes recommendations to the pre-sale crowdfunding promoters from the perspective of projects and products.Promoters need to change their business philosophy,break through the traditional narrow goal of maximizing the interests of shareholders and owners,and turn profit-oriented business entrepreneurs into social entrepreneurs that take into account both profit and social responsibility.At the same time,the sponsors of pre-sale crowdfunding should respond to the national call for "crowdfunding" to produce highly complex products,improve the market competitiveness of products,and then improve the performance of pre-sale crowdfunding financing.