An Empirical Analysis Of The Influence Of Investor Sentiment On The Success Or Failure Of China's Crowd-funding Project

In recent years,the rapid development of Internet finance has injected new vitality into China's economic development and has profoundly affected all aspects of our lives.Under the background of the immature financial environment in China,website crowd-funding has become the financing of individuals or SMEs.On the other hand,the theory of investor sentiment is also getting more and more attention from financial researchers.With the deeper research on the subjective behavior and group behavior of investors,the "vision" appearing in the financial market is constantly being revealed and has already been affected in all areas of financial research.First of all,this article reviews the concepts of investor sentiment and the domestic and foreign literature on the concepts of measurement and crowd-funding and the influencing factors.Existing literature points out that project quality and social capital will affect the success or failure of crowd-funding projects.This article believes that investor sentiment will affect investor decision-making behavior,and that investor decision-making behavior will not only affect whether they will invest in crowd-funding projects,but also affect other investors.Investor sentiment.Secondly,this article uses the R language crawler technology to capture the complete information of 1113 projects on the "DEMOHOUR"crowd-funding platform.Using the principal component analysis method,the number of comments,support,and support in the project information is reduced to a comprehensive indicator of investor sentiment.Finally,this paper uses WLS regression to study the impact of investor sentiment on the fund-raising rate of crowd-funding projects,and uses logistic regression to study the effect of investor sentiment on the success of crowd-funding,and adds the number of images,whether there is video,and the target fund-raising.There are 9 control variables,such as the amount,the number of project update announcements,and the number of initiated projects within the sponsors' crowd-funding platform.In empirical research,it is found that investor sentiment not only has a significant positive effect on the fund-raising rate of crowd-funded projects,but also has a significant positive impact on the success of crowd-funding projects.In the sample-by-sample study,it was found that its influence was very different in the failed project sample and in the successful project sample.Comprehensive empirical results show that investor sentiment has a significant positive impact on the success or failure of crowd-funding projects.