Is There Any Spatial Clustering in Crowdfunding?——Evidence from Zhongchou.com
WANG Lei1, ZHANG Bing1, ZHANG Si-qi1, TONG Yi2
1.International Business School, Shaanxi Normal University, Xi’an 710119, China; 2.School of Economics and Management, Northwest University, Xi’an 710119, China
Abstract：
As an emerging “Internet+” mode, the crowdfunding, to a large extent, offers a good solution to the financing problems of micro-enterprises, and meanwhile,it expands investment channels for investors. The most important thing is that it breaks the geographical constraints to investment and financing activities using the Internet IT, and thus it optimizes the efficient allocation of social resources. Using data from zhongchou.com, this paper finds that the project site has no effect on the financing success, while other factors, such as the amount of funding target, the number of investors, the number of people concerned about project, the frequency of project information disclosure and communication between the investor and the borrower, do affect the performance of the financing. It is concluded that the crowdfunding has no spatial clustering for borrowers and it can maximize the use of social funds and achieve the effective flow of resources within the scope of the whole society.
WANG Lei, ZHANG Bing, ZHANG Si-qi, TONG Yi.Is There Any Spatial Clustering in Crowdfunding?——Evidence from Zhongchou.com[J] Economic Survey, 2017,V34(3): 7-12
2017 
