The Empirical Research On The Decision-Making Factors That Drive Investors To Participate In Equity-Based Crowdfunding

Equity crowdfunding is a new financing mode based on Internet channel for the public investors.In recent years,under the policy support,equity crowdfunding develop rapidly at home and abroad.This thesis aims to analyze public investors' motivation to contribute financially to equity crowdfunding.And it is available to adjust and perfect the related systems and business processes of the dream-true equity crowdfunding website,enhance service quality,strengthen investors willing to invest and improve the efficiency of the financing combing research results.Theory of consumption value is used as a framework to capture five value dimensions relevant for driving motives to participate in equity crowdfunding activities.The research model and related literature led to the development of 15 hypotheses.Ten direct effects basing on five value dimensions of consumption value theory,as well as four mediating and one moderating effect were identified.An associated questionnaire was developed for hypothesis testing and regression analysis.The results of 251 respondents from dream-true equity crowdfunding website illustrated various values that drive the intention to invest in a crowdfunding project.Significant values were found within the value dimensions emotional value and quality performance value.Furthermore a positive moderating effect of risk of pursuers user characteristics on the intention driving value personal utility was found.