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Analysis Of Influencing Factors Of Investors' Choice Behavior Based On Product Crowdfunding

Posted on:2020-01-13Degree:MasterType:Thesis
Country:ChinaCandidate:M L ZhangFull Text:PDF
GTID:2439330596981718Subject:Economic statistics
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As an internet financial innovation tool,crowdfunding can effectively realize the interface between market financiers and investors by means of crowdfunding platform,and investors can obtain products,services or capital appreciation.To a certain extent,it has made up for the financing gap of small and micro enterprises by gathering social idle funds,and provided financial support for the development of small and micro enterprises.As a kind of crowdfunding,product crowdfunding has the characteristics of low risk and low threshold.In recent years,due to the influence of policies on product crowdfunding constraints,market and itself,the number of support for product crowdfunding has dropped sharply.The product crowdfunding platform has withdrawn from the Internet finance sector.Therefore,the research and analysis of the willingness of investors in product crowdfunding can better grasp the information needs of investors,effectively guide the platform to achieve standardized operations,and enhance investors' confidence in crowdfunding.This paper uses the data information of the big data platform--JD crowdfunding platform crowdfunding project to conduct empirical research,and from the perspective of crowdfunding participant investment and consumption,how product crowdfunding participants can make their own investment behaviors and make investment decisions.Factors to consider.This study mainly analyzes the investment behavior of crowdfunding participants from three perspectives: First,using the previous literature to study the investment behavior and consumption behavior of product crowdfunding participants;Second,based on the data to build the perception of crowdfunding participants' investment Risk,clarify the content of perceived risk of product crowdfunding;third,classify project types,study how different project types,project addresses and participants' psychological factors affect participants' willingness to invest in crowdfunding projects.The study used the project data of JD Crowdfunding to test and validate the model hypothesis through structural equation modeling(SEM)and logit regression analysis.The results show that(1)the perceived risk of product crowdfunding participants mainly includes three aspects,namely,follow-up risk,quality signal risk and project sponsor risk;(2)compared with food projects,science and technology projects and publishing The impact of the project on the investment decision of the participants is significant.There is a negative relationship between the science and technology projects and the investment decisions of the participants.The relationship between the publishing projects and the investment decisions of the participants is positive;(3)The geographic location of the project Participants' investment decisions have a significant impact.Investors prefer to invest in areas with better business environments and better facilities such as Beijing,Shanghai,Guangzhou and Zhejiang.(4)Participants' perceived risk factors and their investment decisions There is a significant positive relationship between the participants,that is,participants are more willing to invest in project-informed projects,and more concerned about the project sponsor's ability and experience.From the research results of this paper,it can be seen that the role of the project type in the product crowdfunding project is very important.Participants will try to select the publishing project,and invest in more detailed projects,and avoid the selection of technology projects;participants Will care about the geographical location of the project,tend to choose projects in Beijing,Shanghai,Guangdong and Zhejiang to invest;the majority of participants in product crowdfunding are risk-appropriate investors,expecting to obtain greater benefits,crowdfunding environment There is indeed a herd behavior,which indirectly contributes to the success of the project.The research in this paper has certain reference significance for how the project sponsors choose the project and the project risk.It has certain reference significance for how the platform party sets the disclosure content of the project information.
Keywords/Search Tags:Product Crowdfunding, Investment Intention, Perceived Risk, SEM-Logit
PDF Full Text Request
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