Research On Influence Factors About The Investors Participation Behavior In The Crowdfunding

On the age of represented by the Internet information, It will make a disruptive effect on the existing investment patterns. The public’s original investment patterns include deposits, financial products and investing in the stock market as so on. However, relying on the development of Internet technology, Information asymmetry is weakening. So It generated a lot of new investment and financing model. The financing models different from traditional bank loans or the stock market. The new financing models which develop based internet technology called "Internet financial model". Crowdfunding is the one. It is a new financing model relying on the Internet Development. Crowdfunding is an model of collecting of the public funds,channels and the abilities to provide the necessary financial support for small businesses, artists and individuals’ items. Since crowdfunding to raise money from The public, how to promote The public’s participation in investment and reach a certain size is the problem which is worth of consideration for crowdfunding platforms and financiers. Therefore, this paper use the empirical analysis of the factors which effect the mass who participate in the Internet finance behaviors. And explore the factors that influence investors to participate in investment behaviors. So it is to give platform and financiers some advises.Based on the previous studies of people’s acceptance and adoption behaviors about information systems. Combinate of Internet financing products’ features. Analysis investors and financiers’ behaviors whether financing platform have regulatory scrutiny or not by Game Model. Re-integrate TPB and TAM theoretical model to constructe research framework. Probe the effection on willingness to participate and participation behavior of perceived usefulness, perceived ease of use, perceived risk, expected revenue, sense of trust, interestingness and promoting conditions. In this paper, the questionnaire data were used SPSS 22.0 to test the reliability and validity, correlation and regression analysis to test the proposed hypothesis. The main contents and results are as follows:(1)This article select perceived usefulness, perceived ease of use, perceived risk, expected revenue, sense of trust, interestingness and promoting conditions as independent variables and willingness to participate as mediator and participant as the dependent variable. Integrate TAM Model and TPB Theory to build the model of participant behavior.(2) The results found that perceived usefulness, perceived risk, expected revenue, sense of trust, interestingness and promoting conditions have significant positive impact on Investors’ participating behaviors and willingness to participate.Perceived risk has a significant negative impact on the participation and willingness to participate in behavior. Participation willingness to participate in behavior were highly positive correlation. perceived ease of use has positive impact on participating behaviours and willingness to participate but not significant.(3) By Game Model, If the platform does not have to vote oversight of the review mechanism, the Investors and financiers’ Nash equilibrium is(not invest, providing false information). If the platform does have to vote oversight of the review mechanism, the Investors and financiers’ Nash equilibrium is(invest, providing truth information).So, If the platform does have to vote oversight of the review mechanism, it can strengthen investors’ willingness to participate. And it have a direct positive role in promoting investors’ participation behavior.Finally, this paper make some suggestions:(1)The law requires limitation of the amount of financing about financiers and the amount of investment about investors.(2)Further improve the judicial system of the capital market.(3)Platforms should be review the amount of investment and risk education work for investors.(4)And oversight of the financing of the project.(5)Take Jing dong club for an example to illustrate how to strengthen the risk controlling mechanism.(6)Financiors should ensure the attraction of the projects.