Empirical Analysis Of Crowdfiinding Manipulation

The raise is a new type of project financing mode in the Internet age,the current existing other financing way puts forward high demands on enterprise scale,strength,and the raise is a powerful complement to the current mainstream financing way.Raise control refers to all the sponsors to control the progress of the project financing behavior,as the project launch,raise the raise suspicion of manipulation of negative news emerge in endlessly,the public credibility of the raise behavior question.In this paper,we study the existence of fixing the raise and the control characteristics of the project,raise raise project and the raise of manipulation of the consequences,for our country to promote the industry development,raise push related laws and regulations formulation has important theoretical and practical significance.Based on the crawlers get between March 2017 to May 2017,jingdong the raised platform for the project a total of more than 2 million records data,raise eventually find nearly thousand filtered the raise project complete cycle data.Through the analysis of data,found that the data presented the progress at the completion of the threshold value in attachment discontinuous,raise raise progress distribution is discontinuous,raise schedule a retracement of anomalies confirmed the existence of manipulation,and the data reflects the four types of abnormal recruitment is defined as four types of manipulation.After confirm the raise manipulation exist,this article first through the empirical study,using Logit model analyzes the factors that influence the manipulation of raise manipulation by analyzing the influence factors,inspection benefit profit motive intensity influence to the raise of manipulation,conclude the earnings yield purpose company project,the more the more vulnerable to manipulation.Next,this paper analyzes four kinds of the manipulation of the raise raise consequences,by examining the raise manipulation and support,and the relationship between the average amount for each the raise different consequences for reasonable analysis.In this paper,based on the further raise the type of project,the raise project can be divided into for-profit and nonprofit two kinds,through analysis it is found that the consequences of in front of the non-profit project for model,but not significant,the non-profit project concluded a for manipulating the raise consequences,non-profit project was not significant echoes the results of the influence factors of the conclusion of the impact to manipulate earnings benefit motives.The results show that the fourth type of manipulation has no significant effect,and the first three types of manipulation have significant influence on the support degree and the average fundraising amount,which is consistent with the conjecture.According to the conclusion,it is suggested that relevant platforms and regulators should focus on the supervision of profitable projects,especially the high-profit motive company project.The crowdfunding manipulation will increase the support of crowdfunding projects,but the increase of such support is irrational.It will raise the risk of individual investors and adversely affect the long-term development of the industry.