The Influence Of Project Information On The Decision-making Of Different Return Schedules Investors In Reward-crowdfunding

As an emerging financing and e-commerce model with the development of Internet finance,crowdfunding has been more and more recognized.Crowdfunding plays a positive role in solving the financing difficulties of small and medium-sized enterprises and agricultural poverty alleviation.Due to the difference between crowdfunding and traditional e-commerce model,most products will only be produced after the success of crowdfunding,so investors in crowdfunding face greater information asymmetry and uncertainty.Therefore,project information in crowdfunding plays an important role in the decision-making of investors.At present,the research also focuses on the impact of project information on the success of crowdfunding and the impact of financing performance.However,the existing researches mostly analyze the overall investors,while crowdfunding projects have different return stages,which also generate different types of investors,such as small investors who participate in the projects with the attitude of trying,ordinary investors who hope to get product returns,and large investors similar to wholesalers.What project information has an impact on investors?Do different types of investors focus on the same project information?Fundraisers focus on different types of fundraisers depending on the purpose of the initiative.Therefore,this paper based on these issues to carry out research,enrich existing research,and provide new ideas for future research.By collecting and analyzing the related literature,the choice is relatively mature in the study of the raise of elaboration likelihood model as the theoretical basis,the raise of project information can be divided into center path information and the secondary path information,center path information including the project quality and project uncertainty,the secondary path information including electronic word of mouth information of the project.The number of different types of investors is taken as the dependent variable to analyze and sort out the influence of project information on different types of investors.This paper uses python language to write the code to grab the project information of"crowdfunding website",collates 754 project information data,and uses the multiple regression model to analyze and find:(1)project information of different paths has influence on the decision of different types of investors according to the ranking of returns,but the influence is different.Small investors pay more attention to the information of secondary path and less attention to the information of central path.Ordinary investors pay more attention to the path information of the center;Large investors are not sensitive to project information.(2)a reasonable number of project pictures can help improve the effect of crowdfunding,but too many or too few pictures may have a negative impact on investors.This paper gives a reasonable explanation.(3)when project types are different,project information paid attention to by different types of investors will change significantly.In projects that are returned in kind,such as publishing and agricultural crowdfunding,the project information concerned by small investors and ordinary investors is basically the same as the overall research results.For technology projects,due to the special nature of technology products,small investors will also pay attention to the path information of the center.For entertainment and art crowdfunding,small investors and ordinary investors also pay attention to the path information of the center,but the information they pay attention to is different.(4)there is a phenomenon of brushing orders in incentive crowdfunding,which needs further management to protect the rights and interests of investors.This study has great reference value for crowdfunding platforms and fundraisers.Crowdfunding platform can improve project profits through reasonable page design.By strengthening the platform's evaluation and audit of the project financing party,we can ensure the interests of investors and enhance the reputation of the crowdfunding platform.Fundraisers can reasonably organize the project information of their own projects according to the different aims of the initiated projects,so as to complete the project objectives of crowdfunding as soon as possible and improve the benefits of crowdfunding.