众筹融资绩效影响因素研究——基于京东众筹的实证分析

A Study on Factors for the Performance of Crowdfunging——An Empirical Analysis Based on JingDong Crowdfunding

众筹作为当代互联网金融的重要组成部分,对发挥金融服务实体经济的功能具有重要的作用。本文基于对京东众筹的实证分析,试图探究众筹融资绩效的影响因素。研究表明,众筹项目设定、投资者参与对融资绩效具有正向激励作用,筹资者众筹参与则具有负面影响,项目的信息披露程度对不同类型的项目具有不同作用,公益性项目对诸多因素不敏感。最后,本文在分析原因的基础上给出了相关建议,以期促进国内奖励型众筹的健康发展。

As an important part of contemporary Internet Finance（ITFIN）, crowdfunding plays an important role giving full play to the financial services for the real economy. Based on the empirical analysis of JingDong Crowdfunding, this paper attempts to explore the influencing factors of crowdfunding financing performance. The research shows that crowdfunding project setting and investor participation play a positive stimulating role in financing performance while crowdfunding participation of fundraisers has a negative impact. The degree of information disclosure of the project has different effects on different types of projects, while the public welfare project is insensitive to many factors. Finally, this paper gives some relevant suggestions on the basis of analyzing the reasons, expecting to promote the healthy development of domestic reward-based crowdfunding.