Financing Performance Evaluation Of Reward-based Crowd-funding Projects Based On DEA Model

Crowd-funding,as an emerging financing method,with its further development,in addition to breaking the threshold of traditional financing channels,is also different from other professional ventures in that it can obtain additional information such as demand information of the aftermarket of the product.Due to the unavailability of traditional financing channels,crowd-funding has become an effective way for SMEs to obtain funds for financing.However,there are no uniform standards for evaluating the relative effectiveness of crowd-funding.In view of this,this paper will use the DEA model to study and analyze the financing performance of reward-based projects from the perspective of cost input and output efficiency.First of all,this paper generalizes the current position of crowd-funding financing and sort out the academic opinions on the evaluation of crowd-funding projects' financing performance.From the perspective of fundraisers,this paper is based on the relative literature on the incentives of crowd-funding projects,the cost of crowd-funding input and the evaluation of financing output performance,from the two dimensions of social capital and value creation,we consider the financing cost input of crowd-funding projects,and measure the financing output from the perspective of economic benefits and non-economic benefits,thus constructing the theoretical framework of this paper.This paper combines normative research with monographical study and is targeted on the empirical efficiency analysis of the input and output indicators of the DEA model to evaluate the financing performance of reward-based crowd-funding projects.At the end of the paper,considering the comprehensive factors such as the availability of the data,the information of projects on the point-of-flight crowd-funding platform is used as sample data.According to the financing input indicators and financing output indicators of these projects,the evaluation of the crowd-funding financing cost and the crowd-funding financingoutcome of these projects is expected to provide suggestions for fundraisers to carefully consider this kind of financing method before initiating the projects and also hoped to further provide a standardized indicator system and method for evaluating the financing performance of reward-based crowd-funding projects in this field.