Research Of The Performance Of Crowdfunding Introducing The Luckv-draw Pattern

Crowdfunding is a way of raising money that are different from the traditional way of collecting funds,linking projects and investors through the Internet,bringing together many personal investments into projects that investors are interested in.The primary difference from the traditional financing mode is:the participation is more open and pluralistic,and the way of investing is easier.Although there is still a cumbersome investigation and post monitoring in entity crowdfunding,but in the area of product crowdfunding,the advantages are fully played out.Kickstarter,the representative of crowdfunding website,was established in the United States in 2009 to finance a variety of creative products.In China,since 2013 when ZhongChouWang came online,the crowdfunding model began to rise,many electrical business platform began to enter this area,among which earlier entered is the JD Crowdfunding.In general,the products of the crowdfunded projects are still in the early stage of development,design and testing,and not yet produced in quantity.The rise of the crowdfunding in China was just accompanied by the rapid development of intelligent hardware.Thus many new intelligent hardware products went into the platform,and laid the foundation for the platform's creative and technological style.Introduction of lucky-draw pattern into crowdfunding has achieved great success.The significance of this support mode is to remove the participation barrier,and allow more people to participate in the project.Because of the risk of crowdfunding projects,for example,products cannot be delivered in time,users tend to seek projects that already have a large number of supporters.In addition,the crowdfunded products are innovative,so the platform project information is still insufficient for the user's judgment,in this uncertain situation,the user often chooses to follow the other person's decision.In such a platform mode,the number of supporters for lucky draw can have an important impact on the performance of the project's crowdfunding through herding effects.It is impossible to ignore that the virtual community in the Internet environment has a significant impact on user behavior.Some researches in the field of crowdfunding suggest that there are virtual crowdfunding communities on the platform,and the community's identity is derived from the endorsement of the ideas and meaning of the crowdfunded projects,as well as the value pursuit of the matter itself.This psychological factor plays a decisive role in the user's investment decision.This paper proposes a mediation model,and notes the moderating effect of community identification.Research results show that,the number of lucky-draw supporters is positively related to crowdfunding performance,and its influence on the number of financial supporters is moderated by the number of likes of the project.