Empirical Study On The Impact Of Quality Perception On The Later-stage Financing Performance Of Serial Crowdfunding Projects

Internet crowdfunding broke through the way of traditional financing,and relies on the Internet platform to provide financing channels for small and micro enterprises or individuals with innovative and entrepreneurial ideas.In 2001,the American music crowdfunding website Artist Share was established,marking the beginning of modern Internet crowdfunding.Since then,Internet crowdfunding platforms have continuously emerged.Indiegogo was founded in 2008,Kickstarter and Pledge Music were founded in 2009,and the era of Internet crowdfunding began.However,it is often difficult for startups to satisfy the funding needs of enterprise development through a single crowdfunding.After completing the first crowdfunding,enterprises that still lack funds are likely to continue to complete the financing of subsequent projects through crowdfunding.Maintain the operation of startups.This way of sponsoring crowdfunding by launching projects multiple times is called serial crowdfunding.As of December 31,2019,among the promoters of technology projects on the Kickstarter platform,serial crowdfunding promoters accounted for 30.35%.In crowdfunding activities,sponsors and platforms are most concerned about the financing success rate,which can be measured by financing performance.Overall,the financing performance of serial crowdfunding projects has gradually attracted the attention of scholars,but potential supporters of serial crowdfunding projects often use the completion quality of serial crowdfunding projects as the basis for judging the quality of subsequent projects,and the quality of the project can be obtained.Online reviews contain information about the perceived quality of projects released by invested supporters.The perceived quality of crowdfunding projects refers to the subjective evaluation of the project quality by the supporters.In terms of theory,this paper analyzes the related theories of financing performance of crowdfunding projects and perceived quality theory.Next,this paper compares the investment decisions of the crowdfunding supporters with consumer purchase decisions as reality,and gradually analyzing the connotation of perceived quality in the context of crowdfunding,and promoting the perceived quality of guiding crowdfunding projects is also likely to be an important decision basis for potential supporters.Here,by analyzing the theory about the dimensions of the perceived quality in the marketing field and the actual situation of the crowdfunding project,we compare and summarize the perceived quality dimensions of the crowdfunding project: timeliness of delivery,overall product quality,logistics quality,maintenance quality,and the relevant theories of the four dimensions of the perceived quality are reviewed,and the four hypotheses about the influencing factors of the financing performance of later projects are obtained.In terms of empirical research,here we use the data from Kickstarter,a mainstream foreign crowdfunding platform,to process the data of the crowdfunding project's reviews by text classification methods,to capture the keywords of each dimension of perceived quality,so as to obtain the perceived quality change of the sample project,and finally perform regression testing.The empirical results show that: the timeliness of the delivery of crowdfunding projects,the overall quality of products,and the quality of maintenance quality have a significant positive impact on the financing performance of later projects.By exploring the impact of the perceived quality of serial crowdfunding projects on the financing performance of later projects,this paper further enriches the relevant theories of crowdfunding financing performance and expands the theoretical connotation and application areas of perceived quality.In terms of practical significance,the analysis of this paper has practical guidance significance for the promoters to improve the financing performance of crowdfunding projects: the timeliness of the delivery of crowdfunding projects,the overall quality of products,and the quality of service have a significant impact on the financing performance of later projects.Through this paper,crowdfunding sponsors could recognize that a certain dimension of project quality is the focus of supporters,so as to give full recognition to the project stages where these quality dimensions are relative,or give priority to these project stages when time and financial resources are limited,to meet the investment expectations of the supporters,and help the sponsors pay attention to the errors that may occur in the practice process of the current project or the launch of the later project,correct errors in time or even prevent them from happening beforehand,and improve the performance of serial crowdfunding financing.