An Empirical Study Of The Factors That Influence Investors' Participation In Reward-based Crowdfunding Behavior

Economic globalization and the popularization of the Internet have led to rapid developm ent,but the de velopment and the sca le of rewarding crowdfunding is particularly prom inent.Rewarding crowdfunding is an im portant channel for consumers to participate in the creation or and production processes of products or services.T he adoption of the crowdfunding model not only solve the project team lack of funds problem s,but also make full use of the wisdom of public investors.Therefore,the participation of public investors in rewarding crowdfunding is very important for the success of the project.“How should s mall and m edium enterprises,entrepreneurs and crowdfunding platforms attract public investors to activel y participate in rewa rding projects,and improve the succes s rate of the project” is the academic question that the s tudy expected to answer.The article begins with the existing research,su mmarize the impact of industry applications,theoretical models,participant motivation and project success factors,and combs the relevant research on the participatory behavior and the user participation motive in the network environment.Then,review the crowdfunding,rewarding crowdfunding and the consumer value theory,on this basis the author finds out the shortcomings of the current theoretical research,thus establishing the research theme of this paper.In order to better explain the behavior of investors involved in the rewarding crowdfunding from multiple perspectives,this pa per use the grounded theory to analyze the case and extract the relevant influencing factors,at the sam e time introduce the technology acceptance m odel and the consumption value theory to discuss the influencing factors of the invest ors' participation in the in centive type.Finally,through literature reading,q uestionnaires,SPSS and other research m ethods and tools to explores whether economic value,social value,experiential value,project value and website-driven value have a significant impact on investor's participation.The results show that the econom ic value,social value,experience value and project value have a significant impact on the willingness of investors to participate in rewarding crowdfunding,econom ic value,soci al value,experien tial value,project value and website function value have a significant impact on investors' participation.At the same tim e,participation will p lay an intermediary role in the process of economic value,social value,experien tial value and project value im pact on investor's participation.This paper also analyzes the results of the above research,and on this basis propose how to attract inve stors to participate in the rewarding crowdfunding,platform how to provide better serve for investors,so as to achieve the purpose of improving project success rate.At the end of this paper,the limitations of this paper are expounded,and the future research direction is put forward.