The Study On The Project Financing Performance On Cultural And Creative Platforms

As an emerging Internet finance model,crowdfunding provides new financing channels and marketing tools for individual entrepreneurs and start-ups.However,the amount of project financing growth is slow or even negative,and the project financing failure rate is as high as 50%.Therefore,how to meet the value needs of potential investors and improve the financing performance is a practical problem that crowdfunding platforms and project sponsors need to solve urgently.At the same time,the research on the crowdfunding platform in the existing literature mainly analyzes the influencing factors of the project financing performance from the four aspects of the basic characteristics of the project,fundraisers,funders,and crowdfunding platforms.Refining the basic characteristics of the project is still in the exploratory stage.The theoretical characteristics of crowdfunding projects have not yet been abstracted from a theoretical perspective.What's more,most of the existing research on fundraisers is based on the social resources owned by the initiators,and few studies have investigated their active learning behaviors on crowdfunding platforms.And the initiator can make cognitive updates and experience based on cognitive learning and empirical learning(that is,the initiator's efforts)have an impact on project financing performance,so its role cannot be ignored either.Therefore,this article focuses on the cultural and creative crowdfunding platform,based on the theory of innovation diffusion to theoretically the characteristics of crowdfunding projects,construct an impact mechanism model of innovation project diffusion,and explore the moderating effects of project status and sponsor information disclosure in this impact mechanism.At the same time,this thesis studies the impact of the initiator's efforts on project financing performance.This study collected data on the cultural and creative crowdfunding platform MoDian,collected 985 project data from the website's establishment to October 7,2018,and used the statistical tool STATA14.0 to test the model.The research results show that,first,relative advantage,compatibility and project experience positively affect project financing performance,while observability and learning initiative has no significant effect on project financing performance.Second,the project status positively regulates the relationship between relative advantage and project financing performance,and negatively regulates the relationship between observability and project financing performance.Finally,the initiator's information disclosure positively regulates the relationship between relative advantage and project financing performance,and the initiator's information disclosure negatively regulates the relationship between compatibility,observability,and project financing performance This study provides practical insights into how crowdfunding platforms and project initiators can manage project innovation characteristics to improve crowdfunding financing performance.