An Empirical Study On The Influence Of Signal Transmission On The Success Rate Of Crowdfunding

Crowdfunding originated from the United States.It is an imported product for China.It refers to the accumulation of idle funds in the society through Internet technology to reinvest in order to realize the dreams of others.This new financing model breaks the limitations of traditional financing on the financial strength of geographies and financiers,so that everyone with ideas and ideas can realize their ideas through crowdfunding and broaden the financing of the majority,especially SMEs.Financing channels.Crowdfunding is the use of Internet technology for financing,so it is more open,and the funds obtained by financiers are often no longer subject to the high standards of traditional financing and the inefficient allocation.As of2017,there were 834 crowdfunding platforms,of which 294 were normally operated,and 540 were upgraded or upgraded,including 90 equity-based crowdfunding platforms and 89equity-based platforms.There are 62 rights platforms,41 comprehensive platforms and 12 public welfare platforms.The actual financing amount of successful projects in the whole year was about 26 billion yuan.The research in this paper is mainly divided into two parts.The first is to use the principal agent,information asymmetry and internal control theory to explain the impact of project quality signal on the success rate of crowdfunding project financing.Second,the empirical analysis of the quality signal to the success rate of crowdfunding financing.The relevant influencing factors model was constructed,and the results of multiple linear regression methods were used.The conditional probability method was used to see the success of crowdfunding projects and the distribution of crowdfunding projects under the conditions of excellent crowdfunding projects.In the empirical study,the sample data of the three crowdfunding platforms of Crowdfunding Network,Jingdong Crowdfunding and Suning Crowdfunding showed that the video and project update times and the crowdfunding success rate were positive in the project’s own quality signal.The relationship between the text description and the success rate of crowdfunding financing is uncertain;in the promoter quality signal,the minimum investment amount set has a positive adjustment effect on the crowdfunding financing success rate,and other indicators have an impact on the crowdfunding financing success rate.None of them;the three indicators in the external quality signal of the project have a positive and significant impact on the success rate of crowdfunding financing.Based on the theoretical and empirical research results,this paper puts forward some suggestions from the project’s own signal quality,project sponsor quality signal and project external quality signal,which has certain practical guiding significance.