Research On Crowdfunding Platform Ecosystem And The Key Subjects Behaviors

As a newly-emerged mode,crowdfunding has changed the ways and channels for entrepreneurs to acquire venture capital.The project initiators and the funders are the two major subjects of crowdfunding platforms,and crowdfunding platforms serve both of them.For the crowdfunding platforms,the investment,initiation,sharing and continuous support of crowdfunding projects from the initiators and funders are substantial-considerable in importance to the success.Researches on behaviors of investors and initiators have important academic and practical significance.In order to make better service to the entrepreneurs,it is usual for the crowdfunding platforms to cooperate with third party organizations and leads to the form of the new crowdfunding ecosystem.It is a developing tendency for the crowdfunding platforms to establish the crowdfunding ecosystem.The relevant research focusing on the crowdfunding has appeared later on account of the feature of crowdfunding as a new economic mode.Based on the previous studies,this paper contains further studies of crowdfunding platform ecosystem,as well as the behavior intention of the project sponsors and investors.The research contents and conclusions of this paper are as follows:First,the research on the crowdfunding platform ecosystem has been conducted.Based on multi-crowdfunding platforms,three types of crowdfunding ecosystems have been put forwarded: Fusion crowdfunding platform ecosystem,independent crowdfunding platform ecosystem and cross-type crowdfunding platform ecosystem.The main differences between three crowdfunding platform ecosystems are the degree of close relationship and the number of species in ecosystems.The evolutionary dynamic of crowdfunding platform ecosystem come from the development of biological and species.When the number of biology and species in crowdfunding platform ecosystem reaches a certain threshold,new resources and service requirements will be generated,which require the designers of the crowdfunding platform ecosystems to meet the needs only if the crowdfunding platform ecosystems can be upgraded.The evolution power of crowdfunding platform ecosystems is the joint effort and from entrepreneurs,investors and the crowdfunding platform.Second,on the funding intentions‘ point of view,sharing intentions and re-supporting intentions of crowdfunding supporters in reward crowdfunding were studied in this research.The research methodology contains putting forward research hypotheses,designing questionnaires,collecting data and empirical analysis.Firstly,research on the backers‘ funding intentions was conducted.The results show that the consumers and investors attribute but not the social man attribute could be generated in the characters of funders.Initiator ability and imitating others hold a positive effect on the intention to support the project but not in the discounting own information.Then,a research was carried out on the sharing intentions of reward crowdfunding users.The results show that sharing intentions of crowdfunding users are impacted by the motivations such as social interaction,enjoyment of helping,self-image expression and users‘ crowdfunding project recognition.project property factors such as project visual design,project information quality,project Innovativeness and project perceived risk also have significant effects on users‘ crowdfunding project recognition.sharing contents have a special effect on sharing behavior on crowdfunding sites.Finally,an exploration of users‘ re-funding intention in reward crowdfunding was conducted in this research.The results of this research turned to be that user interface security perception positively affects user‘s crowdfunding satisfaction while the Expectation Confirmation Model is appropriate for users‘ re-funding intention research,perceived usefulness positively affects crowdfunding users‘ satisfaction and their re-funding intentions and consumer innovativeness can effectively enhance crowdfunding users‘ re-funding intention.Finally,the research stood from the perspective of the project initiator to reach financing performance of crowdfunding project.The research results show that the initiation experience of crowdfunding initiator has a significant positive impact on financing performance of the current project.Overall,the project initiator‘ funding experience has no significant impact on financing performance of the current projects,but there are still positive influences when projects categories belong to Food,Game,Journalism,Music,Photography and Technology categories.