An Empirical Research On The Diffusion Of Responsibility Behavior And The Goal-gradient Behavior Of Equity Crowdfunding

In recent years,with the ever-changing mobile communication technology,the development speed of the Internet Financehas been rapidly increased.The crowdfunding relying on Internet is becoming more and more popular in China.As a new type of financial intermediary,the crowdfunding has established a platform for communication between individuals or organizations with financial needs and the public to communicate ideas,and has established a direct channel for financial services between fundraisers and investors.As a fundraising method for the general public,the success of crowdfunding projects cannot be separated from the support of the public funders,in the process of participating in fundraising,the behavior pattern of funders influences their funding decisions,therefore,studying the behavior of investors is beneficial for crowdfunding project sponsors to take targeted actions to improve the success rate of crowdfunding project financing.On the basis of sorting out the existing literature and analyzing the financing characteristics of equity crowdfunding,this paper concludes that the psychological motivation for the funder to participate in the equity crowdfunding project is mainly the non-profit-seeking motivation.The behavior of the funder will be subject to self-responsibility and self-satisfaction,etc,on the basis of this,the hypothesis of the articlewas put forward,and uses 9090 samples in 90-days of the 101 equity crowdfunding projects of “Jingdong Dongjia”from March 31,2015 to October 19,2016,to examine the diffusion of responsibility behavior and the goal-gradient effect of the investors who participate in the fund-raising activities of equity-based crowdfunding from the perspective of the financing period and the completion degree of financing,as well as the affect of the project scale,the remaining time and the investment proportion of the leading investors to the behavior of the investors.Empirical results show that: after the influence of the cross-section heterogeneity of project was controlled by the panel data fixed effect model,the larger accumulated amount in the early stage,the less amount of investment in the later period,that is,investors show a diffusion of responsibility behavior in the project phase,further,this negative impact is strengthened by the smaller project size,larger investment proportion of the leading investmentand success of project.In addition,after the data of projectcontrolled by the panel poisson regression,the model shows that the number of project supports increases as the amount of funding approaching the target.Once the amount of funding meeting its target funding,the number of project supports show a steep downward trend.