Research On Influence Factors And Mechanism Of Reward-based Crowd-funding Project Performance

With the continuous development of the Internet and online social networks,crowdfunding,as an old financing idea,has gained new opportunities for development.Since crowdfunding has overcome a series of limitations of traditional financing channels,and provides a new financing way for businesses,groups and individuals,so it has been developing rapidly since its return.However,this does not mean that every crowdfunding project will be successfully funded,or every sponsor will realize its original dream.As a key issue to determine the project quality and vitality,the project performance is directly related to the success or failure of the crowdfunding project.Exploring the influencing factors and the influencing mechanism of the project performance is of great practical significance to ensure the prosperity and growth of the crowdfunding market.This paper takes the reward-based crowdfunding projects as the research object,and explores the influencing factors and mechanism of the project performance from the two stages of financing and implementation,according to the whole process of the project operation.As for the financing performance of reward-based crowdfunding project,this paper analyzes it from aspects of process and result.In the aspect of process,we keep track of the financing process of the reward-based projects on Jing Dong crowdfunding platform,and propose the theoretical model of financing performance based on the Customer Delivered Value Theory,Signal Theory,Herding Effect Theory,Life Cycle Theory and so on.Finally,econometric model is used to empirically analyze the panel data of project financing performance.In the aspect of financing result,we select the aforementioned samples as research object.According to the complex theory,the static configuration model of crowdfunding performance is established,and the fuzzy set qualitative comparative analysis is used to carry out empirical research.For the implementation performance,we track the sample in the foregoing study,and select the successfully implemented projects as the research object.Based on the investors' comments,the key influencing factors and measure indicators of the implementation performance are analyzed with help of text mining.Combining the E-Service Quality Theory,the Logistics Service Quality Theory and the donation behavior related theory,we propose the theoretical model of the implementation performance and expirically test it through the questionnaire survey data.This paper tries to make some innovative achievements possessing theoretical and practical value in the following aspects.1.Empirical results of the financing performance of reward-based crowdfunding project based on the perspective of financing process show that the financing performance is significantly affected by the project person value,the number of images,the financing goal,the project popularity and the herding of investor behavior.The influ-ences of the above factors on the financing performance are moderated by the development stage of the financing cycle.The research result can effectively help the initiators to improve the financing performance.2.Empirical results of the financing performance of reward-based crowdfunding project based on the perspective of financing result show that each factor present the characteristics of integrity and complexity when it plays a role in the final financing performance of the project,and the impact of single factor on the financing performance depends on the configrational model it exists.This research fills the application gap of asymmetric analysis in the research field of financing performance of crowdfunding projects,and provides management recommendations for project initiators,which has important theoretical significance and application value.3.Empirical results of the implementation performance of reward-based crowdfunding project show that the reward project quality has the strongest influence on the implementation performance,followed by the social benefits gained by investors,and the service quality of the implementation process.The financing performance of the project has a significant positive impact on the quality of the service and product,and the dynamic characteristics of the financing process play an important role in the formation of performance.The results reveal the general formation rules of the project implementation performance more accurately and provide guidance for the initiator in the aspect of project management and operation,as well as intellectual support for investors to make investment strategies.