A Study On Efficiency And Success Rate Of Crowdfunding In China

The crowdfunding is of great significance to promote the innovation of our financing system.At present,there is lack of empirical study on the financing efficiency and success rate of the crowdfunding in China.July 18,2015,the central bank issued a guidance to clarify the responsibilities of the crowdfunding.Based on this,this study used the domestic well-known crowdfunding site “Jingdong Crowdfunding” as the object of study and collected the related data of the 3521 crowdfunding projects from July 2014 to November 2016 from Jingdong Crowdfunding.By using DEA,this study made a comparative study on the financing efficiency of the crowdfunding before and after the guidance and found that the financing efficiency of the crowdfunding was low currently.By using full subset regression analysis,this study found that the factors that affected the efficiency of financing were the types of projects and the target financing.Considering the financing proportion may be more than 100%,this study used truncated regression to research the factors that affected the success rate of the crowdfunding from the information of the projects,the team experience,the public image and the investment risk four dimensions and found that the public image and the investment risk had significant effect on the success rate.On the basis of the above,this study put forward to focusing on regulatory policies and optimizing the quality of projects,controlling the project investment and focusing on market demand,shaping the brand image and in-depth public awareness of the crowdfunding,setting up reasonable goal and sharing the risk of investment,etc.policy recommendations.This study looked forward to promoting the healthy development of crowdfunding industry and out of a quite different foreign crowdfunding platform but in line with characteristics of the development path of China's basic national conditions.