Research On The Impact Of Heterogeneous Social Capitals On Crowd-funding Performance

Along with the financing problems of small and micro enterprises increasingly prominent and the Internet technology continues to evolve,a novel financing method which rely on the Internet platform came into being and integrates the small capitals from a large and diverse pool of investors.Crowdfunding,allowing individual found-ers of any projects to request funding from many individuals,often in return for future products or other forms of gifts.Because the financing requests of small and mi-cro-enterprises usually are small and scattered,as well as lack of effective collaterals,it is difficult for these organizations to obtain funds from traditional financing chan-nels and sometimes also undertake high financing costs.Therefore,with the characte-ristics of low threshold and decentralization,crowdfunding attracted wide concern of the grassroots group when it emerged,and be regarded as an anti-traditional and ef-fective dynamic resource allocation system.However,due to the existence of infor-mation asymmetry and the lack of related supervision,the enthusiasm and participa-tion of the crowdfunding investors in the current credit environment are not enough,crowdfunding projects still face considerable difficulties.In order to solve the effi-ciency dilemma of crowdfunding,this paper focuses on the influencing mechanism of heterogeneous social capitals on crowdfunding performance,aiming at improving the financing efficiency of crowdfunding.First of all,in view of the connotation of crowdfunding performance,this paper fully excavates the nature of crowdfunding activities from two perspectives of features and process of crowdfunding,participation motivation,and a new definition of crowdfunding performance is given from the perspective of "Value co-creation".Se-condly,on the basis of analyzing the characteristics of different social capitals and the information asymmetry problems,this paper discusses the influencing mechanism of two social capitals on crowdfunding performance from two aspects:ex ante and ex post.The comparing study shows that the social capital from social networking site(SC)always prefer to "people",while other social capital within the crowdfunding commu-nity(CC)pay more attention to "idea",these attributes help investors to overcome the adverse selection and moral hazard problem to some extend.Finally,we empirically examined the above conceptual framework with 1009 projects sample data from Zhongchou.com by STATA 10.0.The results show that different social capitals are both highly correlated with crowdfunding performance,and comparatively,the community capital has more remarkable effects.Therefore,crowdfunding platforms should be good at exploring and making use of communities both outside and inside,and im-prove its operational efficiency by accumulating community capital.