Research On The Influence Of Virtual Social Capital On Crowdfunding Based On Perceived Value

Corporate innovation is one of major national policy of China.However,the capital shortage has made small and micro enterprises face development difficulties.To promote innovation and entrepreneurship,it is necessary to solve the problem of “financing difficulties” in traditional financing methods.Driven by Internet technology,rewarded crowdfunding is used as a new financing method to promote the transformation of enterprises innovation.In the process of offline project financing,social capital is an important factor influencing funding effect.A large amount of literatures have analyzed this issue deeply.However,on the crowdfunding platform,the virtual nature of the network may bring new connotation to social capital,and its influence mechanism on the project's fundraising performance also shows different characteristics from traditional cognition.How does virtual social capital affect the perceived value of investors,which in turn affects the performance of crowdfunded projects? Does the relationship between crowdfunding project performance and investor perceived value change with the change of project type? There is hardly any existing literature can give a satisfactory answer to these questions.It is necessary to further deepen the research on the mechanism of the role of virtual social capital in crowdfunding performance.In accordance with the social capital theory,this paper analyzes crowdfunding performance from three dimensions: structural,relational and cognitive social capital,and it also determines the measurement and influence of investor perceived value in rewarded crowdfunding projects according to the customer perceived value theory.Based on the research hypothesis,it constructs a moderated mediation model for the impact of virtual social capital on crowdfunding performance.Investor perceived value is taken as the mediating variable,and the project type is the moderating variable.It explores the impact of various variables on crowdfunding performance and the strength of relationships and it examine the intrinsic mechanism and the impact of virtual social capital on crowdfunding performance.Using Python to captured 1,321 crowdfunding project data from the Jingdong crowdfunding website,and uses methods such as Bootstrap,Group Regression and Moderated Mediation Testing for empirical verification of the theoretical hypotheses.The empirical results show that the number of concerns and topics in structural social capital,and the number of updates and the investments in relational social capital have supported crowdfunding performance positively.The l evel of topic response rate has no significant statistical impact on crowdfunding performance.In the process of the impact of structural and relational social capital on crowdfunding performance,investor perceived value has played a significant mediator role;project types significantly adjusted the direct and indirect paths of virtual social capital affecting crowdfunding performance.Therefore,in the process of rewarded crowdfunding,in order to improve the financing efficiency,small and micro enterprises should pay attention to the accumulation of virtual social capital,continuously improve the network structure,strengthen the network connection,and accumulate structural social capital.These corporations should attach great importance to the reputation gained by fund raisers in the crowdfunding process,invest more reciprocal behaviors,maintain effective communication with investors to acquire trust,and accumulates virtual relational social capital.In order to improve the performance of crowdfunding,it is also necessary to make every effort to meet the different needs of different investors to enhance the perceived value of investors for crowdfunding projects.