Research On The Influencing Factors Of Technology-based Products Crowdfunding Prerformance

Crowdfunding refers to the emerging direct financing model in which project sponsors publish projects based on network platforms and set target financing amounts to raise funds for the general public.As a rising star in the field of Internet finance,crowdfunding has brought about a turning point in solving the financing difficulties of SMEs,but in stark contrast to their outstanding contributions,the industry's research on the factors affecting the crowdfunding financial performance is very scarce and lacks of effective guidance for practical applications.First of all,this study identifies research issues through analyzing existing literature and summarizing the research background and status.Secondly,this study redefines the concept connotations which are closely related to itself through combing the previous literature and the perspective of this research,and introduces signal theory,herding theory and elaboration likelihood model as the guiding basis for the construction of the theoretical model,and explains the applicability of the theory.Thirdly,this study systematically explains the classification and connotation of explanatory variables.The explanatory variables are summarized into three aspects:basic characteristics of projects,project popularity,and initiator's visualization information.Then,each variable definition index is introduced one by one.Based on this,research hypotheses are proposed and theoretical model is constructed based on the three major theories.Fourthly,this study takes Jingdong technology-based products crowdfunding as research target,and uses R language to perform a full subset regression on 4350 samples to filter variables,constructs regression equations which can explain the explanatory variables well,and verifies the model's generalization ability by K-fold cross validation method to make full use of data provided by crowdfunding platforms and social networks.Finally,based on the previous theoretical analysis and empirical research results,combined with the researcher's thinking,this study presents a feasible strategy for raising the financing performance of technology-based products from the dual perspectives of the initiator and the platform.The empirical findings of this study are as follows:(1)The return cycle of technology-based products crowdfunding negatively affects crowdfunding performance.(2)The scale of projects for technology-based products crowdfunding negatively impacts crowdfunding performance.(3)Among three types of visualization materials studied in this study,only the number of pictures for technology-based products crowdfunding positively affects crowdfunding performance.The length of the project name and the number of progress updates have no significant impact on crowdfunding performance.(4)The number of topics raised by technology-based products positively affects the crowdfunding performance.(5)The number of people concerned has no significant impact on the crowdfunding performance of technology-based products,but the number of people who like or support them have a positive impact on it.(6)There is no significant correlation between the output of many information and crowdfunding performance,including the length of technology-based products crowdfunding project names,the number of progress updates,and the number of sponsors initiated and supported projects,in addition,providing a lower minimum investment,more selectable investment amounts,and the better exposure position for the project purchase are also not directly related to the improvement of crowdfunding performance.