Research On The Risk Influencing Factors Of Incentive Crowdfunding In China

Incentive crowdfunding financing is also called product crowdfunding.It is one of a variety of crowdfunding financing methods.It is a kind of "product pre-sale" that develops rapidly in the context of China's platform economic development and the government's encouragement of "public entrepreneurship and innovation" "Project financing" is a legal financing method.In 2011,the crowdfunding financing model entered China and developed rapidly.So far,a large number of excellent platforms and projects for Internet crowdfunding have appeared.Incentive crowdfunding financing has become an important supplement to the development of the capital market,broadening the channels for investment and financing,and improving the efficiency of investment and financing.However,the development of rewarded crowdfunding in China is short,and transactions can only be completed online through crowdfunding platforms.There are asymmetric information between project sponsors and investors,and the related domestic regulatory laws are not perfect.complex.The risk of reward-based crowdfunding financing is a key factor that affects its healthy and stable development.The prevention and control of risk has become an urgent need.Only by controlling the main influencing factors of risk can we effectively prevent and control the overall risk.This article first sorts out the relevant literature on domestic and foreign incentive crowdfunding and makes a little comment;secondly,it summarizes the relevant concepts of incentive crowdfunding,including its definition,participants,and financing process;then,analyzes the incentive type The main risks of crowdfunding financing include four types: legal risk,platform operation risk,technical risk and credit risk.Then,a relevant index system of rewarding crowdfunding financing risk factors is preliminarily constructed,and a questionnaire survey is conducted to collect data.Through SPSS23,the reliability and validity of the obtained samples are analyzed to determine the final risk index system.In the empirical part,the relationship between various risk influencing factors is analyzed with the help of AMOS23,and the case of Jingdong crowdfunding is used to verify the existence of the above risk influencing factors.The analysis results show that: in the process of rewarding crowdfunding financing,legal risks,platform operational risks,technical risks,and credit risks are likely to occur.Among them,the lack of supervision,the risk of insufficient control of the project by the platform,the risk of immature product research and development technology,and the risk of unrealized investor rights are the key factors for legal risk,platform operation risk,technical risk and credit risk.In order to verify the scientific validity of the above index system,this article takes Jingdong crowdfunding as an example,and analyzes whether the risk exists in Jingdong crowdfunding according to the content of the constructed index system.The results show that the risk of Jingdong crowdfunding is roughly consistent with the risk of empirical results,and the index system has scientific validity.According to the analysis results of structural equations and the case analysis of Jingdong crowdfunding,put forward suggestions on the risk prevention of reward-based crowdfunding financing: improve the supervision system of reward-based crowdfunding financing;increase the platform's control of projects;establish a database of reward-based crowdfunding;Introduce third-party evaluation agencies and fund management agencies;protect investor rights and enhance investor education;establish dispute resolution mechanisms and disciplinary systems.