| Since the reform and opening,the development of domestic small and medium enterprises is very rapid.According to the Rong360's "Chinese Small Micro-enterprise Pratt & Whitney Index Report",At present,China's small micro-enterprises accounted for more than 99% of all enterprises,and the contribution of GDP exceed 60%.However,financing difficulties of small and medium enterprises is still a historical problem.In recent years,Internet finance developed rapidiy and became a new channel of small and medium enterprises' financing.As one of the representative models of Internet finance,crowdfunding has received extensive attention.As of the end of 2016,the country has a total of 427 crowdfunding platforms,the history of financing is more than 35 billion yuan,and these platforms solve the urgent needs of many small and medium enterprises.However,in China,equity crowdfunding and reward crowdfunding can only achieve the goal of 19% and 47% on average.In order to solve this problem,this paper will reserch the impacts of backers' investment decisions.Firstly,we add to our empirical understanding of backer dynamics over the project funding cycle.Two month of publicly available data on projects listed on four Chinese Crowdfunding platforms are used to establish that the typical pattern of project support is L-shaped.In general,backers are more likely to contribute to a project in the first few days as compared to the other period of the funding cycle.Secondly,we reserch the effects of social influence,which be known as “Goal Gradient Effect”,that the perceived impact of later stage decisions tends to increase over the course of goal pursuit.Finally,the updating of the projects,the number of comments and the number of the persons who focus on the project have a regulation of the effect between achieving rate and new backers' investment decisions.Potential backers will judge the quality of the project according to the information,before following others' investment strategy. |
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