Research On Behavior Characteristics And Risks Of Online Crowdfunding Two-sided Market Participants

Under the national strategic deployment of "mass entrepreneurship and innovation" and "Internet+",the number of small,medium and micro enterprises in China has increased rapidly,but at the same time,it has also generated greater financing needs.In order to solve the long-term financing problems of the majority of small,medium and micro enterprises,especially the start-up enterprises,it is necessary to carry out effective financial innovation and explore the appropriate financing mode.Online crowd-funding is a "low threshold","popular","flexible and efficient" new Internet-based micro-financing mode.It is a beneficial supplement to traditional financing methods such as bank loans and venture capital,and has gradually won the recognition of the majority of innovative entrepreneurs,all kinds of enterprises and even the whole society.Online crowdfunding has developed rapidly since it was included in the 13th Five-Year Plan in 2016.The increase of new online projects has attracted the attention of investors,which has also led to the intensification of competition.It is of great significance to study how online crowdfunding,a typical bilateral market,promotes the steady growth of the scale and trading volume of the bilateral entities through the network externalities of both participants,so as to promote the steady progress of the crowdfunding platform and even the whole crowdfunding industry.At the same time,in the context of accelerating the construction of a new economic development pattern and the impact of COVID-19,the state has provided strong support to encourage and support the development of small,medium and micro enterprises,and put forward higher requirements for the construction of a new digital service model for finance and effective service for the real economy.Therefore,correct understanding of the network and the raise participation main body behavior characteristic and the resulting risk issues helps to promote entrepreneurial finance performance,protect investors'legitimate rights and interests,and enhancing risk management on the raised platform,to guide the healthy development of network and the market continues to raise,to better service for financial support of the real economy under the new development pattern.In view of this,this paper focus on the network and the raise of bilateral market participants' behavior characteristics and risk issues,in order to pass the web crawler technology for the tens of thousands of the raise of project data as the research sample,to raise bilateral network all the participants as the research object,based on the theory of bilateral market,product dual value structure theory,theory of customer perceived value and information asymmetry theory,follow the "network externalities,preference,pricing,risk" progressive transformation of the study of logic,makes a theoretical study on the network externality characteristics of the two participants in the bilateral online crowdfunding market,investor preference and discrimination,fund-raiser pricing strategy,the existence of risk problems and the easing mechanism under information asymmetry,and uses empirical analysis to support the relevant demonstration.The main work and findings of this paper are as follows:Firstly,in terms of the characteristics of network externalities,this paper starts from the theory of network externalities of bilateral markets,and finds empirical findings through theoretical analysis combined with baseline regression,moderating effect regression and heterogeneity analysis:(1)the degree of competition of entrepreneurs has a negative net effect on financing performance;The attention of both internal and external investors on the platform has a positive external net effect on financing performance.In addition,there is a "weekend trough effect" on the promotion effect of external investors'attention on financing performance.(2)The attention of internal investors can effectively alleviate the negative externality effect of internal project competition on project success,but has no significant moderating effect on external fund competition.(3)Further research shows that the negative externality effect of entrepreneur competition on the success of food projects is the least,while the negative externality effect on the success of science and technology projects is the largest.It is more important for the success of a project when it is started and more important for the investment per person when it is finished.With the increase of financing objectives,the negative externality effect of entrepreneur competition on project success and the positive externality effect of investor attention on project success also gradually increase.Secondly,in terms of investor preference and discrimination,this paper,based on the investor preference corresponding to the basic value attribute and the transcendental value attribute of crowdfunding products,extends the scale discrimination and regional discrimination of online crowdfunding.(1)There is scale discrimination against small and micro enterprises by investors,and this discrimination belongs to the category of effective statistical discrimination.Among the moderated release factors,both project financing experience and third-party endorsement of product have moderated release effects on scale discrimination,while higher information disclosure level has no significant effect,and only third-party endorsement of product can reduce product quality risk.Through O-B decomposition,it is further found that 62.97%of the scale performance gap is related to the discrimination suffered by small and micro enterprises.(2)The northeast and western regions with lower quality risk,on the contrary,have worse financing performance.The regional discrimination in online crowdfunding market is an ineffective preference discrimination.Regional economic development level,media stigmatization label and education level are all important factors affecting regional exclusion,while the former two are the main reasons for regional discrimination among investors.The mediating effect model was further used to test the path.It was found that the lower level of economic development was mainly through the channel of investment capital,the lower level of education and the media stigma label were mainly through the channel of investor number,and all had a negative effect on the financing performance.Thirdly,in the pricing strategy of fundraiser,aimed at the research conclusion of limited investors focused on the universality of discrimination and preference,in this paper,the dynamic game model is used to compare the difference of the success rate of three pricing methods,namely,one-time pricing,staged pricing and menu pricing,when fundraisers provide homogeneous product menu and heterogeneous product menu,and then the optimal pricing method--menu pricing is determined.Secondly,based on the theoretical analysis of the external effects of the highest and lowest prices in the pricing menu on the financing success rate,the actual project data of Jingdong Crowdfunding is used for regression.it is found that the lowest price in menu pricing has a negative effect on the financing success rate,that is,the higher the minimum price is,the smaller the financing success rate is.Within a certain range,the maximum price has a positive effect on the success rate of financing,while after exceeding the limit,the effect turns from positive to negative,that is to say,the relationship between the maximum price and the success rate of financing presents an inverted U-shaped curve that rises first and then falls.In addition,compared with SME entrepreneurs,grassroots entrepreneurs have a higher success rate of financing,which is due to the appropriate setting of the highest price,which brings a greater positive effect to make up for the greater negative effect brought by the lowest price.Finally,under the information asymmetry of the raise risk problems,this article adopts the way of theory combined with empirical,text mining,first of all,based on the investors to evaluate the network and the raise of the existence of adverse selection and moral hazard problems,time trend and experience heterogeneity problems such as study,and then explore the fundraiser,whether can through project internal and external information transmission and third party signal regulation to reduce information asymmetry.The results show that:(1)the products with high financing completion rate have lower quality level and higher overdue rate,and there are adverse selection and moral hazard problems in online crowdfunding.As time goes by,low-quality products gradually push high-quality ones out of the crowdfunding market,and the problem of adverse selection becomes more and more serious.The problem of moral hazard has gradually eased.At the same time,the moral hazard of fund-raisers is alleviated to some extent under the influence of experience background,and adverse selection is more prominent in the sample of experienced fund-raisers.(2)The highest pricing of products and the degree of information disclosure can effectively alleviate the moral hazard of crowdfunding,and the rich number of product segments and the flexible price difference of product segments can significantly alleviate the adverse selection problem;As a "filter" for investors,a higher project investment threshold can promote the improvement of financing efficiency,but in the opposite direction,it hinders the success rate of financing.The experience of the fundraiser and the number of investor support in the external signal of the project can reduce the risk perception of the investor,while the longer the delivery time will increase the moral hazard of the fundraiser under the information asymmetry,and discourage the enthusiasm of the investor.The third-party evaluation report can enhance investors'understanding and confidence in products under information asymmetry,and positively regulate the degree of information disclosure,the number of product segments and the price difference of segments.This paper integrates theories from multiple disciplines into the research framework of "behavioral characteristics and risk issues of both parties involved in online crowdfunding",and use the baidu index,the web crawler and text mining design many innovative indexs,all the participants to raise not only extends the network behavior research theory and practice base,clear all the participants to raise the bilateral network externality characteristics,rich entrepreneurs competition of related research,make up for the investor discrimination problems and factors of slow-release blank,and further improve the signal transmission in the network and the raise mechanism,to alleviate the adverse selection and moral hazard under information asymmetry problem to provide effective support,and to explore the adverse selection and financing investors personnel after default problem provides a new perspective.In terms of research significance,the research of this paper can provide theoretical basis and empirical support for rational strategies of bilateral crowdfunding participants,normative adjustment of crowdfunding platforms and regulation and remediation of relevant government departments.