Research On The Factors Affecting The Efficiency Of Crowdfunding

Crowdfunding financing is a product of the booming sharing economy in the Internet era.Its emergence provides a new opportunity to solve the problem of financing difficulties for small and medium-sized enterprises and start-ups,and also enriches the investment channels of the general public.Compared with the traditional financing model,crowdfunding is more open,more grassroots and civilian,and links fundraisers and fund providers through crowdfunding platforms,allowing direct contact between investment and financing,which not only saves intermediary fees.And time cost,but also improve the efficiency of financing,but also meet the investor's sense of participation,more meaningful to the realization of inclusive finance.Although crowdfunding has gradually played an increasingly important role in the financing of small and medium-sized enterprises and start-ups,the process of crowdfunding financing is complicated,the relevant laws and regulations are not perfect,and crowdfunding financing is relatively large.Risk,all these issues will have an important impact on the efficiency of crowdfunding financing.For now,because the development time of crowdfunding financing in China is still relatively short,domestic scholars' research on crowdfunding financing efficiency is in its infancy,and it is still relatively lacking.Therefore,it is particularly important to study the factors affecting the efficiency of crowdfunding financing.Next,we briefly comb the research content and logical structure of this paper.Firstly,in the first chapter,the research background and research significance of this paper are briefly summarized.Based on this,the literature research method is used to sort out the connotation,operation mode and crowdfunding efficiency of crowdfunding financing.In addition,the research ideas and methods of this paper are obtained,and the innovations of this paper are put forward.In the second chapter,in addition to summarizing the concept and characteristics of crowdfunding financing,the product type,equity type,creditor type and The operation mechanism and respective characteristics of the four types of donation financing models are introduced.Based on the concept of crowdfunding financing efficiency,the expectation theory and the herding effect theory applicable to crowdfunding financing are introduced.In the third chapter,the The origin of crowdfunding financing and the distribution of crowdfunding platform and the scale of crowdfunding financing summarize the development process of crowdfunding financing in China,and at the end of this chapter,the status quo of China's crowdfunding financing efficiency is briefly described.Next,in the fourth chapter,by combing the relevant literature on the efficiency of crowdfunding financing in the first chapter,the various factors affecting the efficiency of crowdfunding financing are summarized,and these factors are classified into influencers through systematic logical thinking methods.The basic attributes,descriptive factors and social factors of financing efficiency are summarized.According to this method,the research on this paper actually summarizes the factors affecting the efficiency of crowdfunding financing.The fifth chapter is based on the fourth chapter.The empirical part of the analysis of the influencing factors of crowdfunding financing efficiency is also the core of this paper.This chapter begins with a description of the relevant situation of everyone's investment crowdfunding platform.This platform is the data source for empirical analysis in this chapter.Based on the theory of expectation and the theory of herding effect,the research hypothesis of this paper is put forward,and the analysis methods and variables are selected.Then the collected data are summarized and summarized,and descriptive statistical analysis and multi-collinearity test are carried out.In the process of logistic model regression analysis,not only the reliability test and correlation test of variables were carried out.And because there are many descriptive factors affecting the efficiency of crowdfunding financing,factor analysis of these factors is carried out in this part,and the common factor is extracted.Finally,the regression financing result of the logistic model shows the target financing amount of the crowdfunding project.There is a significant negative impact on the efficiency of crowdfunding financing.The number of people concerned has a significant positive impact on the efficiency of crowdfunding financing.The common factors of support,duration,expected return and guaranteed income have a significant positive effect on crowdfunding financing efficiency.Impact,whether there is a common factor in video and core team size has a significant positive impact on crowdfunding efficiency,and the closed period has a significant positive impact on crowdfunding efficiency.Finally,in the sixth chapter,the conclusions of this paper are summarized and their own suggestions are put forward,and the limitations are summarized.