The Influence Of Online Information On Financing Performance Of Reward-based Crowdfunding

With the popularity of the Internet,innovation is being completed in the process of democratization,public innovation has gradually become a trend,however,the vast majority of public innovation projects is difficult to obtain funds through traditional financing channels(including bank loans,venture capital,etc.).The financing difficulties of innovative projects are also constantly compelling people to seek new ways of financing.In recent years,some innovative enterprises or individuals began to rely on the Internet platform to seek financing directly from the public,this emerging financing model is known as "crowdfunding",which creativity is to expand the financing to the public.Founded in 2009,Kickstarter is the world's largest crowdfunding platform,as of march 2017,the site has more than 1,300 million supporters,more than 120,000 projects successfully financing,the cumulative total financing of more than 3 billion US dollars.With the huge success of crowdfunding in foreign countries,many domestic crowdfunding platform has also sprung up.This innovative mode of financing not only won the recognition of innovative entrepreneurs,individuals and society,but also aroused widespread concern at home and abroad,has become a new topic of scholars.In fact,in terms of its mode of operation,crowdfunding refers to the project sponsor through the Internet platform,to the potential public investors to display information on the quality of the project,then,public investors based on these real-time online information to make investment decision-making process.It is easy to see that the online information of the project has an important influence on the success of the project financing.So the question is coming,which online information will affect the performance of innovative project financing?What kind of online information has the highest impact on the financing performance of innovative projects?In the face of different types of projects,the impact of various types of online information on project financing performance is the same?However,from the existing literature research,few articles based on mature theoretical methods to explore t above problems.Based on project capital theory and signal theory,this paper studies the effect of online information on financing performance of reward-based crowdfunding.Human capital,social capital and intellectual capital as independent variables and financing performance as dependent variable.The results show that intellectual capital information has the greatest impact on financing performance,and human capital information and social capital information have almost the same impact.However,under the different types of projects,the impact of human capital information and social capital information are significantly different.In Science&Technology and Publishing projects,human capital information has more influence than social capital information.In Art and Entertainment projects,social capital information has more influence than human capital information.For the first time,this paper applies the signal transmission theory and the project capital theory to the research field of the reward-based crowdfunding,which extends the research boundary of signal theory and capital theory,and provides a mature theory for the follow-up research.Based on these theories,this paper first divides the project online information into three dimensions:human capital information,social capital information and social capital information,and explores the influence of various kinds of online information on project financing performance.On this basis,this paper explores the impact of various types of online information on the performance of different types of reward-based crowdfunding projects and makes up for the gaps and deficiencies of relevant research.The results of this study not only enrich the empirical research on the Internet,but also provide a new perspective for the online information research,this study give the project sponsor and the public platform some targeted specific suggestions about how to improve the project financing performance,there is a strong practical significance.At the same time,the study also exists that the number of samples is not large enough,the choice of indicators is not comprehensive enough,to be further improved.