The Study About The Crowd Participation Behavior Influence Factors Of Crowdfunding

Capital has the common property of resource: scarcity. And the new economicsituation compel the inventors be cautious about their invent behavior. This cautiousattitude makes a lot of potential projects are ignored. Start-ups as the important part ofinnovation economic are very hard to get the attention from the capital.In response to investing obstacles such as lacking collateral, cash flow and inventorinformation asymmetry, innovative thinkers began looking to non-traditionalfundraising as a means to get the capital they needed to implement ideas. More andmore start-ups are looking for the crowd capital from website rather than depending onthe regular inventors like angle investment, bank and venture capital. This newfinancing mode is called “Crowdfunding”. Crowdfunding gathers the money, ability andchannel from the crowd to support the activity of the other person or organization. Incase of the money is from the crowd, so how to stimulate the crowd participationbehavior and reach the critical mass are important to start-ups. This research do theempirical study about the influence factors about the crowd participation behavior ofcrowdfunding, exploring the influence factor, and provide the advices for start-ups andcrowdfunding websites.This research is based on the theory of crowdfunding, public participation behaviorand user motivation under network environment combined with the Unified Theory ofAcceptance and Use of Technology (UTAUT), and the crowdfunding participationbehavior of crowd as the research object. Trying to exploring the relationship betweenprospective earnings, trust, promotion condition, charity, participation willingness andparticipation behavior. This research will use descriptive statistics, factor analysis andlinear regression etc. as the analysis statistic methods, making the data collection andanalyzing around the study object, establish model and testing research hypothesis. Themain contents and achievements are as follows:1. This research chose prospective earnings, trust (including crowdfunder trust andcrowdfunding website trust), promotion condition (including perceived behavioralcontrol, promotion factor and project fund-raising progress) and charity, introducingparticipation willingness as intermediate variable, establishing the study model aboutparticipation behavior.2. This research sent the questionnaire to the users of one crowdfunding websiteDemohour.com, and made the descriptive statistics analysis. The results indicate that the users are almost the young people and accept the higher education. Which we can getthe main customer group is gradually paying more attention to crowdfunding.3. This research put forward11hypotheses combing the previous researcher’sresults. Five hypotheses are absolutely passed through the verification, four hypothesesare partially pass through the verification, two hypotheses are not pass through theverification. The research results indicated that the prospective earnings, crowdfundingwebsite trust, promotion factor and participation willingness have the positivecorrelation with the participation behavior, crowdfunder trust, perceived behavioralcontrol, project fund-raising progress and charity are not proved the positive correlationof this four independent variables and participation behavior. Participation willingnessplays an intermediary role between prospective earnings and participation behavior, andthis intermediary role is also effecting between crowdfunding website trust andparticipation behavior. Participation willingness plays an intermediary role betweencrowdfunder trust and participation behavior is not be proved, as also with the charityand participation behavior.The research results emphasize that the entrepreneur must pay more attention onthe product innovation in that to promote the participation behavior of crowdfunding.The crowfunding website should build a sense of belonging to promote the attraction ofwebsite.