The Study Of Two Stage Signal Game Between The Project Sponsor And Investor In Crowdfunding Publication

Crowdfunding publishing is a new type of publishing model created by the Internet era.It is a new concept that integrates crowdfunding and publishing through the Internet.The essence of Crowdfunding publishing is a financing method.The main participants include investors,sponsors,and intermediary platforms.Crowdfunding publishing is a new exploration of the traditional publishing industry in the Internet age.Although the mode of crowdfunding publishing has a very positive practical significance for the development of the publishing industry,the overall success rate of fundraising is not optimistic.This article uses a two-stage signal game to study the behavior of project sponsors and investors in crowdfunding publishing.First of all,this article discusses the origin,development and status quo of crowdfunding and crowdfunding publishing,and expounds the theoretical research on crowdfunding publishing at home and abroad.Secondly,this paper discusses the project sponsors and investors in the three stages of crowdfunding publishing behavior,and believe that crowdfunding publishing can achieve a win-win situation for all participants,at the same time,although crowdfunding publishing has many unique advantages,there are still many problems at this stage,so it is necessary to deepen research and find countermeasures.At last,this article analyzes the two-stage signal game of the project sponsors and investors,and introduces example analysis,and draws the following conclusions:(1)The project sponsors will release the corresponding market signals according to the types of their own projects,when the project sponsors release the wrong market signal,its own utility will decline;(2)When the project sponsor releases its own project as poor quality,the investor will still ignore the signal and adopt the strategy that the project is of high quality.Therefore,the crowdfunding publishing market exists Market failure.This paper gives the following suggestions: improve the market mechanism,regulate the main body`s behavior of crowdfunding publishing;expand the social benefits of crowdfunding publishing,and maintain the originality of the publishing project;the government strengthens the legislation and supervision of the crowdfunding publishing industry.