The Effect Of Innovative Projects' Quality Signals On Fundraising In Reward-based Crowdfunding

China has comprehensively promoting high-quality economic,and has vigorously implementing policies of innovation and entrepreneurship.Lots of innovative projects have emerged,and has greatly promoted the transformation of innovative achievements and the development of innovative economy.In the early stages of innovation and entrepreneurship,entrepreneurs usually have problems of insufficient venture capital,and traditional financing channels such as venture capital and angel investment still have high thresholds for entrepreneurs,and cannot effectively alleviate the financing difficulties of innovative projects.Internet finance provides entrepreneurs with low-cost and low-risk innovative financing channels,helping innovative projects break the dilemma of "difficult financing and expensive financing".Reward-based crowdfunding based on product/service returns has become the most active Internet financial financing channel and has received extensive attention from entrepreneurs.The value uncertainty and information asymmetry of innovative projects still face greater financing challenges.Innovative project quality signals play an important role in evaluating project quality and reducing information asymmetry by potential supporters.In the high-noise signal environment of reward-based crowdfunding,both individual quality signals and quality signal combinations have become important individual factors that affect supporters'investment decisions.However,existing research lacks a systematic analysis of the quality of reward-based crowdfunding innovative projects.The multi-factor combination of quality signals has not been discussed in depth.Systematically combing the quality characteristics of innovative projects and exploring the influence of quality signals of different characteristics of innovative projects on reward-based crowdfunding is of great significance for deepening the research on signal theory.Exploring the influence of innovative project quality signals on the success or failure of reward-based crowdfunding financing and the level of net financing effects has important theoretical and practical significance for understanding how quality signals affect innovative project financing.In addition,exploring the multi-factor combination that affects reward-based crowdfunding from the level of the combination of innovative project quality signals is a research space that has not been systematically involved in the theoretical community,and has outstanding research significance.The above-mentioned research has important practical reference significance and decision-making guidance value for how innovative projects can effectively transmit project quality signals,avoid financing failures,achieve project financing goals,and pursue the maximization of financing benefits.Based on financing theory,signaling theory,and innovative project capital theory,this research uses quantitative empirical analysis and qualitative comparative analysis methods to study the effect of innovative project quality signals on incentive crowdfunding from the perspectives of linear symmetric and nonlinear asymmetric relationships.The impact of activities.Combining the relevant reviews of innovative project financing,Internet finance,incentive crowdfunding financing,innovative project quality and project quality signals,this article will conduct research from the following three parts:(1)Innovative project quality signals versus incentive crowdfunding financing The impact of success or failure results,explore the linear symmetric relationship between the quality signals of innovative projects and the success or failure results of reward-based crowdfunding,as well as the non-linear asymmetric relationship between signal combinations and the success or failure results of financing;(2)The influence of innovative project quality signals on reward-based crowds Financing the net effect of financing successful projects,exploring the linear symmetric relationship between the quality signal of innovative projects and the net effect of reward-based crowdfunding,as well as the non-linear asymmetric relationship between signal combination and the level of net financing;(3)Innovative projects The influence of quality signals on the net financing effect of failed projects with reward-based crowdfunding,exploring the linear symmetric relationship between quality signals of innovative projects and the net effect of reward-based crowdfunding,as well as the non-linear asymmetric relationship between signal portfolio and the level of net financing effects,And through the comparison with the results of research content two,from the quality signal and its combination level,it further explores the signal factors of the failure of reward-based crowdfunding.The main conclusions drawn from this research are:(1)The videos provided by innovative projects,entrepreneur member information and external cooperation information,entrepreneurs have successfully initiated reward-based crowdfunding innovative project financing activities on the same crowdfunding platform,and innovation The project information updated during the financing cycle of a type project can significantly positively affect the success of financing;(2)The information update signal of an innovative project as a non-third-party certified social capital information signal is a necessary condition for the success of crowdfunding,but it is not The impact of financing success requires the joint action of other signals,The lack of information update signals for innovative projects is also the main reason for the failure of crowdfunding;(3)For innovative projects that are successfully funded,the videos and entrepreneurship provided by innovative projects Information about external cooperation,entrepreneurs who successfully initiated innovative project financing on the same crowdfunding platform,and project information updated during the financing cycle of innovative projects can all significantly affect the net financing effect at the net effect level;(4)High Net As a non-third-party certified social capital information signal,the effective level of innovative project information update signal is a necessary condition for the high financing net effect level of innovative projects that affect the success of financing,and the innovative project information update signal with low net effect level is used as a non-standard The third-party certified social capital information signal is a necessary condition that affects the low level of financing net effect;(5)In the award-based crowdfunding innovative projects that failed in financing,there are only financing goals,third-party certified human capital and non-third parties The net effect of certified social capital signals promotes the net financing effect.Intellectual capital signals,non-third-party certified human capital signals,and third-party certified social capital signals have no impact on the net financing effect;(6)non-first The three-party certified social capital signal is missing in the signal portfolio.Most of the reward-type crowdfunding innovative projects that have failed financing lack the update of the project progress information.The "fallen short" project is because the project progress information has not been updated."No one cares about" projects set up excessive financing targets without updating the project progress information.The main management implications of this study:(1)Entrepreneurs need to update project progress information on the platform,which is a necessary condition for successful financing.The lack of updated information on project progress also leads to their financing failure;(2)After innovative project financing,entrepreneurs need to update more project progress information on the platform.This is a necessary condition for achieving high net financing effects.On the contrary,they must not achieve high net financing effects;(3)The lack of project renewal signals will directly cause innovative project financing to "fall short",and too high financing targets will further lead to "no one cares" for financing failed projects.The theoretical contributions of this research include:(1)The high-noise signal environment of reward-based crowdfunding is fully considered.It not only explores the influence of individual quality signals of innovative projects on the success or failure of financing and the net effect of financing,but also deeply explores the signal combination.The influence of an overall factor on the two provides new ideas for the research on the transmission mechanism of quality signals in reward-based crowdfunding;(2)A systematic discussion of innovative projects in reward-based crowdfunding reflects intellectual capital,human capital,and society.The impact of the quality signal of capital on the success or failure of financing and the net effect of financing has enriched the relevant research on the quality characteristics of reward-based crowdfunding innovative projects;(3)It subdivided the ability and ability of reward-based crowdfunding innovative projects to obtain external financing.It enriches the relevant research on the financing success or failure results and financing net effects of reward-based crowdfunding innovative projects;(4)Explores the quality signal combination and financing success or failure results of reward-based crowdfunding innovative projects from the perspective of non-linear asymmetric relationship.The sufficient and unnecessary relationship with the net effect of financing provides new research ideas and research perspectives for the related research on the quality signals of reward-type crowdfunding innovative projects from the causal level;(5)Starting from the failed financing projects themselves,in-depth exploration The signal factors leading to the failure of project financing provide a new perspective for research on reward-based crowdfunding and innovative project financing.Although this research provides theoretical and practical reference value for innovative projects to effectively transmit project quality signals and achieve project financing goals or maximize financing benefits,this research still has certain limitations:(1)This research is only based on the static level to study the impact of innovative project quality signals on reward-based crowdfunding;(2)The research object of this research is the quality signals of reward-based crowdfunding innovative projects,and the main research content is that the quality signals of innovative projects are in reward-based crowdfunding.The transmission mechanism in fundraising;(3)The data source of this study is only the innovative projects of China's reward-based crowdfunding platform.The following research will further extend and expand these three aspects.