HUANG Jianqing：etc：Key Success Factors of Crowdfunding Projects——Based on the Empirical Comparison of KIA and AON

Abstract：As a typical Internet Finance Model, Crowdfunding has developed very fast in recent years.Relying on the progress of Internet technology and the innovations of finance service, crowdfunding also becomes a suitable way for SEM financing.On the basis of existing literatures and the realities of “Dreamore” in China, this paper analyzes the influences of the basic attributes, investment threshold, scalability of project, and activity of participants of projects on the success of crowdfunding and compares the two financing model of Keep-it-all(KIA)& All-or-nothing(AON).In the meantime, we also provide some suggestions for related participants.This paper holds that the project of low targeted sum and great scalability is more suitable for KIA and in China's current situation of crowdfunding, low investment threshold is unsuited and timely update and complementary of project information is important.The study of this paper not only provides theoretical support for China's crowdfunding practice, but also helps governments to effectively guide the development of internet finance.

Key words： Crowdfunding    Internet Finance    Financing Models    KIA    AON

source:Finance & Trade Economics ,No.9,2015