| The sustained,healthy and stable development of China’s economy has brought about the continuous improvement of people’s living standards.Meanwhile,people’s consumption demand for cultural products has gradually increased.The Chinese government has also issued relevant policies to promote the reform and development of cultural fields.The overall competitiveness of the cultural industry has been constantly strengthened.The main body of cultural industry is mostly small and micro enterprises and individuals.Due to its characteristics of valuing creativity over assets,it is difficult to obtain financial support from traditional financial institutions.This character largely restricts the rapid development of the cultural industry.Based on the internet technology,the crowdfunding is highly consistent with the characteristics of cultural industry due to its low threshold,wide range of stakeholders and high degree of participation.At the same time,the raised platform provides a new financing channel for cultural enterprises and an important path for financial innovation to promote the development of cultural industry.Based on this,this article mainly studies the influence factors of the project’s success in the cultural industry.Through industry research and case analysis,the function route and influence mechanism of the participants are deduced.And then we select the specified index as the core variables and control variables of this article.By using the data to make empirical analysis we can get the specific conclusions and provide suggestions to improve the success rate of cultural industry crowdfunding projects.This article selects 1262 cultural crowdfunding projects published by Motian as sample data,and uses logit regression model to fit the success rate of projects.The results show that there is a negative correlation between the target amount of crowdfunding and the success rate.The higher the financing target means the success rate will be lower.There is a positive correlation between the number of followers and the success rate of the project.The more followers mean the financing success rate will be higher.And also there is a positive correlation between the number of project updates and the success rate of financing.The more project updates means the success rate will be higher.Then through the model test and heterogeneity analysis,the results show that the regression results of the model are relatively robust.The empirical results show that the regression model has practical theoretical and practical significance,and the three basic hypotheses proposed in this paper have been verified.Based on the above mechanism and empirical analysis,this paper finally draws the relevant conclusions,and puts forward suggestions to the financing party,the supporting party,the platform side and the regulatory department,so as to promote the sustainable and healthy development of the industry. |
