| With the development and progress of mobile communication and internet technology since 21 st century,crowdfunding on online platforms grows rapidly in recent years.As a new type of financial intermediary,crowdfunding platforms acting as a third-party intermediary usually can provide opportunity for participants(individuals or SMEs)to communicate ideas,pre-sale their products and get financing from investors who make decision dispersedly.However,with the fact that there exists serious problem of information asymmetry between investors and financers,how to improve the success rate of crowdfunding is a very important issue by cultivating or introducing rational participants.Based on the literature review and financing characteristics analysis,this dissertation uses 18,180 daily bidding observations for 606 public projects from crowdfunding platform ‘Zhognchou.com' during March 1 and June 30 in 2016 to examine firstly whether there exists responsibility diffusion behavior and herding behavior in different funding stages.Then the determinants on two kinds of behaviors and the rationality of herding behavior are furtherly examined.The empirical results include threefold.Firstly,there exists responsibility diffusion effect for the evidence that the cumulative investment has a significantly negative impact on subsequent investors.Secondly,responsibility diffusion effect would be more pronounced for financing projects with smaller size,closer deadline and higher success possibility.Thirdly,in the later stage of exhibition period,the herding behavior exists with the evidence that subsequent biddings are positively related to previous cumulatively biddings.Moreover,the herding behavior is(partly)rational,which means that subsequent investors can infer information based on the investment decision of earlier investors.The favorable information about projects has a negative adjustment effect on herding behavior,while unfavorable information has a positive adjustment effect on herding. |
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