Research On The Adoption Model And Empirical Study Of Venture Capital Investors

With the rapid development of Internet technology and mature, "Internet +" gradually get into the public view, and Internet finance has become a hot public concern. As a rapidly developing financing tools, crowd-funding is the inevitable outcome of the development of the Internet financial innovation. The advantages of wide audience and low threshold make crowd-funding promote the flow of private capital and resolve the financing difficulties that small and medium-sized enterprises have. By the end of 2015, China has successfully launched283 on-line crowd-funding platforms, which increased by nearly doubled compared with2014,and raised a total of 11.424 billion Yuan, which exceeded 100 billion Yuan for the first time.While crowd-funding is showing a trend of rapid development in our country, there are a lot of problems in many areas and it is still in its infancy compared with European and American countries. Crowd-funding mainly rely on the power of the public to raise funds, so researching the factors which affect all the investors’ financing investment behavior adoption, establishing adoption model, making empirical research, drawing the conclusion and giving some suggestions is very important.From the investors’ point of view, this paper regards the factors that affect the adoption behavior of investors as the research object, to explore crowd-funding investors’ adoption financing model and to do empirical research. This research is based on the Technology Acceptance Model, referring to the User Adoption Theory, the factors influencing investment behavior of public investors, the Public Participation Behavior Theory, theory of trust and the summary of other related documents. Select the actual use as dependent variable; select perceived usefulness, perceived ease of use nature, subjective norms, perceived risk, perceived trust, network externalities and the expected return as independent variables; and propose hypotheses, build models. In the stage of the data collection, questionnaire online by means of seven Likert scale. Then use two kinds of statistical software SPSS and LISREL, to examine the reliability of the data reliability and validity analysis, test hypotheses and path analysis by structural equation model analysis, explore the relationship between variables. Finally the results show that: 1) perceived usefulness has a positive effect on adoption behavior significantly; 2)perceived ease of use effect perceived usefulness significantly positive; 3) subjective norms has a positive effect on adoption behavior significantly; 4) the perception of trust has a positive effect on adoption behavior significantly; 5) the expected return has a positive effect on the perceived usefulness significantly; 6) the influence between network externality and perceived ease of use is not significant; 7) the effect between network externality and perceived usefulness is notsignificant; 8) the negative effect the perceived risk dose to the adoption behavior is not significant.At present, Chinese domestic scholars mainly focused on the concept, the mode of operation, the legal status of participants and their regulators, theoretical research developments abroad and its enlightenment of crowd-funding to China. Empirical Study of China fall behind other countries, and it doesn’t form a certain scale. So, empirical research in this paper compensate for the lack of domestic research in the field of crowd-funding, which is one of the innovations of this paper. The research analyzes the influence of the adoption behavior from seven dimensions of the factors, which adds research perspectives on crowd-funding innovatively.Finally, combined with crowd-funding development situation in our country, the paper analyzes the results from four aspects of politics, economy, technology and society. Then the last part of this research makes a suggestion from three field including how to strengthen the construction of crowd-funding platform, how to enhance investors’ risk awareness and improve the successful rate of the project, for the development of crowd-funding in our country.