Boundary-spanning Search,Knowledge Sharing And Performance Of Crowdfunding In China

As the economy enters a new normal stage of development,the traditional economic development mode has little effect on economic growth,and the crowdfunding and the crowdsourcing become a new engine of economic development.Compared with the traditional way of financing,the crowdfunding is more open,access to capital is no longer based on commercial value as the only standard of the project.Crowdfunding provides unlimited possibilities to small businesses or creators and medium enterprises and individual entrepreneurship financing problems.So,in today's development and prosperity of the Internet financial,crowdfunding as a new financial model of the Internet has far-reaching research significance.Firstly,this paper analyzed about the present situation of the crowdfunding market.And based on the complex interaction in the crowdfunding market,we define the generalized flow in the crowdfunding market,put forward the concept of crowdfunding market maturity,and build the public market maturity evaluation system.After collecting the relevant data of the crowdfunding market,we use the Matlab software to the simulated analysis of crowdfunding market maturity.Secondly,through the questionnaire survey to obtain the feature information of crowdfunding sponsor and his team in crowdfunding boundary-spanning search,knowledge sharing,crowdfunding innovation performance,crowdfunding financing performance,advanced crowdfunding products,crowdfunding interaction,and then use SPSS and Amos software to screen questionnaire data,and explore the relationship between them.The study shows that,the crowdfunding market in China is still in development stage,the market maturity is not high,and the active of the market is low.The real success financing is below the expectations financing greatly.The boundary-spanning search and the knowledge sharing have a significant positive effect on crowdfunding innovation performance: the higher the crowdfunding team's boundary-spanning search and the knowledge sharing,the higher the crowdfunding team's innovation performance.And the breadth of the crowdfunding interaction played a part of the intermediary role in the process,this means that the interaction breadth of the crowdfunding provide a complement to the boundary-spanning search and the knowledge sharing amongst the crowdfunding team.And under the help of the crowdfunding interaction,the crowdfunding team do not have to spend a lot of cost on boundary-spanning search,and also do not worry about the level of knowledge within the crowdfunding team is not rich.And the study also shows that,the boundary-spanning search and the knowledge sharing have a significant positive impact on crowdfunding financing performance,which means that the higher the crowdfunding team's boundary-spanning search and the knowledge sharing,the higher the financing performance of the crowdfunding team.The crowdfunding interaction and the advanced of the crowdfunding products play a partial mediating role in the relationship between the boundary-spanning search,the knowledge sharing and the crowdfunding financing performance.They respectively increase the participation and the awareness of the crowdfunding participants so that the supporters of the crowdfunding will be raised,and thus will improve the crowdfunding financing performance.