The Research Of The Factors Of The Finacing Performance Of The Equity Crowdfunding Project-based On The Perspectives Of The Customer Value

With the rapid popularization of the Internet and the liberalization of the socialist market economy,Internet finance has made rapid development.As a new form of Internet finance,equity crowdfunding has become an explosive growth in recent years.Although all the sponsors of the equity financing are small companies,the financing object are ordinary people,the amount of financing is a small amount,but the total number of financing in China is quite large,and it is the main component of China’s Internet finance.The emergence and development of equity crowdfunding has been widely concerned by the business community and academia.How to correctly understand and guide the sustainable and healthy development of the public equity crowdfunding has become a concern of many scholars.The performance of equity financing reflects the financing effect of the project through equity financing,and how the sponsors of the public equity project should use the equity financing method to finance more projects has become a hot topic in the academic field.The impact of financing performance has also been promoted to academic issues.In this paper,the customer value perspective as the starting point,the ownership of the public financing process and the general merchandise trade are linked.Based on the customer delivered value and the theory of crowdfunding theory,the text combined with the characteristics of equity crowdfunding,in-depth analysis the various factors(Product value,service value,personnel value,image value,money cost,time cost)on the financing performance.This paper first systematically reviews previous literatures on financing performance,the motivations of crowdfunding and the performance of equity financing,and then builds the theoretical model based on customer delivered value theory and crowdfunding theory.By collecting the data of project financing process which is publicized on the platform of equity crowdfunding on the Internet,SPSS22.0 statistical analysis software is used to analyze the hypotheses proposed in this paper.The main conclusions of this study are as follows: The product value of the project has a significant positive impact on its financing performance,and the project with high product value has better financing results.The service value of the public ownership project does not have a significant positive impact on its financing performance.The ownership value of the project does not have a significant positive impact on its financing performance.The effect of team size on financing performance is insignificant,and the average value of team education has significant influence on financing performance.The higher the educational level of project team,the greater the possibility of successful project financing.The image value of the public ownership project does not have a significant positive impact on its financing performance.There is no significant negative effect on the monetary cost of the project.The time cost of ownership project has a significant positive impact on its financing performance.Leader has a positive effect on the relationship between product value and financing performance.Based on the customer value theory,this paper analyzes the influencing factors of the financing performance of the public equity financing project based on the customer delivered theory.This paper not only consummates the theoretical basis of the crowdfunding,but also extends the application scope of the customer delivered value theory.The performance of equity crowdfunding is not only related to the interests of project sponsors(whether they can raise enough money for pojects),but also the interests of the investors(whether they can choose the projects with strong financing ability).Therefore,This paper can also provide valuable guidance for project sponsors in issuing public projects and providing investors with valuable and promising equity projects.