With the rise of mass entrepreneurship and innovation,crowdfunding is a way of network financing which is developing rapidly.Crowdfunding not only helps solve the financing problems of start-ups but also meets the consumption or investment needs of the current mainstream consumer groups(the generation after 80 s and 90s).At present,reward-based crowdfunding is the most popular form of crowdfunding,but more than 40% of platform projects fail to raise funds,and the participaticon of backers directly determines the success of the platform project.So,the study of factors influencing public participation in reward-based crowdfunding and its mechanism of action is critical to the success of crowdfunding projects.This paper selects the novelty of products and the vividness of product display as the pointucut,and studies the influencing factors and mechanism of public participation in reward-based crowdfunding.Most of the existing literature focuses on the influence of factors such as crowdfunding products and project characteristics on backers’ decision-making outcomes,and lacks an analysis of the internal path mechanisms that influence the backers’ decision-making outcomes(ie,These factors influence the decision-making process of backers and influence the path mechanism of their decision-making behavior).Based on Elaboration Likelihood Model(ELM)and environmental psychology Stimulus-Organism-Response(S-O-R)model to study the novelty of product and the vividness of product display on impact on decision outcome and process of backers.According to ELM,the novelty of the product is as the central route,and the vividness of the product display as the peripheral route,and analyzes the different influence between cognitive needs of the individual characteristics on the core route and the peripheral route,which is the complement to the previous crowdfunding research.This paper uses the method of empirical research,on the basis of relevant literature of reward-based crowdfunding,establishes an empirical research model and proposes relevant hypotheses.Making web pages of reward-based crowdfunding by simulating the JD crowdfunding platform,and then invite participants who have the experience of reward-based crowdfunding to the simulation reward-based crowdfunding experiment,after this,participants will asked to fill in post-hoc survey,finally collected 372 effective answer sheet;then make a data analysis about experimental questionnaire data,using SPSS22.0 and AMOS22.0 software to analyze the reliability and confirmability factor of the experimental data.Finally,using SPSS process3.2 to analyze the research model,and validate the proposed hypothesis and get the main following conclusions:The study found that product novelty and product display vividness have different influence on backers.Product novelty has a greater influence on backers’ intention to fund than the vividness of the product display,but the influence of both on backers’ intention to fund is significant directly.Emotional response(pleasure and arousal)and cognitive response(inspired by)have mediating effect on the influence of product novelty and product display vividness on backers’ intention to fund.In addition,this research chose the cognitive need of backers as a moderator variable,to study the influence of product novelty and product display vividness on backers at different level of cognitive need.The results show that compared with low cognitive need backers,product novelty has a more significant influence on the backers with high cognitive need,while the vividness of product display has more significant influence on the backers of lower cognitive need,other hypothesis about moderator variable are not supported.The results of this research can provide constructive suggestion and references for entrepreneurs who make use of reward-based crowdfunding for financing,and also help researchers and administrators of reward-based crowdfunding platform understand much more the new business model of reward-based crowdfunding. |