Research On The Decision-making Behavior Of Donor Funding For Public Crowdfunding

Public funding is a kind of financial innovation mode which combines charitable public welfare.As a new way of public welfare financing,public welfare crowdfunding has the advantages of convenient way of raising money,low raising cost and fast raising speed.In recent years,public funding has developed rapidly,but from the development of the whole crowdfunding industry,the success rate and amount of public funding projects have been at a low level.According to the China crowdfunding industry development report 2018(top),the actual amount of funding for successful projects in the first half of 2018 is about 13.711 billion yuan,while public funding accounts for only 136%.Research on public funding projects Capital performance and donor decision-making behavior are the basis to improve the raising rate of public funding projects,and also the guarantee to promote the healthy and rapid development of public funding industry.This paper takes 8473 public fund raising projects which have been completed by Tencent Le Donation platform as the research object,and studies the decision-making behavior of donor contribution based on the perspective of project information transmission.The main research contents are the contribution decision-making behavior made by the public fund raising donors to different information from the project and the adjustment effect of the signal set from the raising funds on the donor contribution decision-making behavior.Firstly,this paper analyzes the public fund raising industry and typical projects,summarizes the current situation of public fund raising,and then analyzes the motivation of donor's contribution decision-making by introducing signal theory and responsibility diffusion effect,and builds it based on signal theory The research model of the decision-making behavior of public-funded donors is established,and the research hypothesis of this paper is put forward.Empirical research,this paper uses the Tobit model to carry on the benchmark regression analysis to the sample data,and by adding the interactive item analysis comes from the regulation effect of the set signal of raising funds.In addition,this paper discusses the heterogeneity of different types of public funding projects,and analyzes the decision-making behavior of public funding donors under different project types.Through the research on the decision-making behavior of public fund raisingdonors,it shows that the donors have a tendency to contribute to the "public welfare" category and the institutional implementing party project,and the donor funds show the onlooker behavior under the responsibility diffusion effect.In addition,the signal from raising funds has a moderating effect on the contribution decision of public fund raising donors,which is as follows: raising time has a significant negative effect on the nature of the project,the executive and the donor's contribution decision,the target amount has a significant positive effect on the number of support and the donor's contribution decision,and the higher target amount weakens the responsibility diffusion effect in the donor's contribution decision making behavior.Based on the research findings,this paper puts forward some suggestions from the corresponding angle to promote the public welfare crowdfunding industry to play a better role in inclusive finance.