An Empirical Study Of The Investors' Behavior In Chinese Crowdfunding Market

With the characteristic of openness,equality and sharing,contemporary Internet technology has penetrated into the traditional financial field and pushed the information revolution to a new height.And the e-commerce platform,the third party payment platform,the P2 P lending platform and the Internet banking are emerging and developing rapidly.As one of the Internet financial models,crowdfunding has broken the limitation of the traditional finance in the financing channel,and has become an important way to help small and micro businesses to collect funds effectively.Therefore,analyzing the behavior rules of investors on the crowdfunding platform is of great value for ensuring rational investment,improving financing performance and promoting sustainable development of the crowdfunding market.Based on web crawlers,this thesis uses 42300 daily bidding observations for 1410 crowdfunding projects from z.jd.com and explores the investor's investment behavior from the dynamic perspective.The core work of the thesis is revealing the law of two typical investors' behaviors,herding behavior and onlooker behavior.After the generalization of the general law of the behavior,in order to make the conclusion more specific and reliable,the thesis divides the crowdfunding projects into two types from the perspective of degree of information asymmetry,namely,the project with asymmetric information and the project with symmetric information.Using group regression to reveal the impact of information disclosure on investors behavior.According to the above research,the two main research findings of the thesis are as follows.Firstly,without considering the degree of information asymmetry about the crowdfunding projects,investors' investment behaviors in the domestic crowdfunding market can be summarized as follows.With the completion of the project funding goal as a demarcation point,in the early period of fundraising,investors show herding behavior,which was due to the information asymmetry and limited personal rational judgment ability of investors.After the fundraising goal is reached,investors show onlooker behavior because investors' intrinsic motivations,such as personal satisfaction and sense of responsibility,are weakened to reduce investment or no investment.Thisfinding shows that investors' psychology and behavior pattern are not static,but would be dynamically influenced by the degree of completion of project funding goal.Secondly,considering the degree of information symmetry about crowdfunding projects,compared with projects with serious asymmetric information,for the projects with symmetrical information,the positive impact of existing investment information on potential investors is weak before reaching the crowdfunding goal.It means that alleviating the degree of information asymmetry can effectively restrain herding behavior of investors.The negative impact of the existing investment information on the potential investors is weak after reaching the crowdfunding goal.It means that alleviating the degree of information asymmetry can also remission the onlooker behavior.In general,the study shows that increasing information transparency is beneficial to investors' rational investment,and also helps fundraising projects get more funds.