①基于众筹融资效率的影响因素分析

Influence factor analysis based on crowdfunding efficiency

选取中国最具有代表性且发展较为成熟的第三方网站——“众筹家”为研究对象,基于“众筹家”项目实际数据,采用多元回归分析等方法进行研究,删除异常点和强影响点,利用加权最小二乘回归修正异方差,得到更加合理的估计参数,找出对众筹融资绩效影响显著的因素,从而得出有利于众筹融资绩效提高的针对性建议.实证结果显示:众筹筹资效果受到包括目标融资金额、实际融资、回报方式、项目要素数量以及评论数等多方面因素的影响.

This paper selects the most representative and more mature third-party website–"crowdfunding"in China as the research object.Based on the actual data of"crowdfunding Home"project,multivariate regression analysis and other methods are used.The abnormal and strong influence points are removed by the influence analysis,and the weighted least squares regression is used to correct the heteroscedasticity,so as to obtain more reasonable estimation parameters.Finally,the most significant factors are found for the performance of crowdfunding financing.Through analysis,we can identify the most significant factors affecting the performance of crowdfunding financing and draw targeted recommendations that are conducive to the improvement of crowdfunding financing performance.The empirical results show that the crowdfunding is affected by many factors including the target financing amount,actual financing,return method,number of project elements and number of comments.