Antecedents Of Reward-based Crowdfunding

The financing difficulties of small and medium-sized enterprises is a big problem nowadays,crowdfunding as a new financing method which can solve this problem to a certain extent is adopted widely,hence,which factor can affect the financing performance is a key issue in the field.At the beginning,crowdfunding is reward-based crowdfunding which service group is the creative team or business who has innovative products,and then more of the various types of crowdfunding is derived,and there are no the qualifications of investors restrictions,so reward-based crowdfunding is very popular for investors and currently prevalent crowdfunding model.In crowdfunding industry,technology products have always occupied the mainstream market,and is the most financing capacity of the product category,hence the focus of this study is researching the technology products' reward-based crowdfunding.Nowadays,in the market of technology products' reward-based crowdfunding,the homogeneity of the products is serious,and these products lack innovation,so how fund seekers get more investment from investors in the competition of homogeneous products,and which factors can affect the finance performance of technology products' reward-based crowdfunding,are the main research problem in this paper.Based on the Elaboration Likelihood Model of persuasion,this thesis constructs four types of variables from the central path and the edge path to study the financial performance.The four variables are the project quality variables,the team's empirical variables,the social interaction variables of the project sponsor and the investor,and the return risk variables.This article assumes that projects with better quality are more likely to attract investors to invest,thereby increasing financing performance;experienced project sponsors are more likely to gain investor trust to increase their financing performance;project sponsors and investors have more social interaction to make investors get more product information,thereby increasing the financing performance;the greater the risk of return to investors to reduce investment and then reduce financing performance.To verify the above assumptions,this paper uses the technology products' reward-based crowdfunding data from Jingdong which is one of the largest reward-based crowdfunding platform in China as a data sample,this thesis does empirical regression analysis to figure out the Influencing factors of financing performance of technological products' reward-based crowdfunding by SPSS 22,1382 products information data are collected by hand to be analyzed.The results of this paper show that:(1)The higher the number of dynamic updates of products information,the higher the performance of the financing of technology products' reward-based crowdfunding;(2)The more the number of participants discussed,the higher the performance of the financing of technology products' reward-based crowdfunding;(3)When the scale of target financing is large,the project sponsors who have the experience will raise the financing performance of technology products' reward-based crowdfunding;(4)At present,the purpose of reward-based crowdfunding tends to be diversification.Many project sponsors are no longer a single creative product owner,but a dealer,a media company and a hatching platform.Based on the above conclusions,this paper argues that the project sponsor can increase the number of information updates of its products,interact with the investors,and disclose some of the past crowdfunding experience to gain the trust of investors.The innovation of this paper lies in the analysis of the influencing factors of the performance of technology products' reward-based crowdfunding,which is based on the Elaboration Likelihood Model of persuasion,the project quality is the central path,the project sponsor team experience,the social interaction and the return risk is the edge path.Meanwhile,author of this paper founds that the purpose of crowdfunding turns to be the diversification by the manual collection of data.Hence,the study of this article has practical significance for further understanding of the crowdfunding and the financing of crowdfunding.