The Impact Of Observational Learning Information On Crowdfunding Support Behavior

In recent years,with the rapid development of e-commerce,the status of the logistics industry in the national economy is becoming more and more important,but some small and medium-sized micro-logistics companies are facing difficulties in financing.As an innovative Internet finance,crowdfunding provides an effective channel for private capital to participate in the development of logistics industry in China,and to some extent,it can make up for the lack of development funds of small and medium-sized logistics enterprises in China.By the end of 2018,China had raised 13.711 billion yuan in crowdfunding.Although China's crowdfunding is currently showing a good development trend,compared with developed countries,China's crowdfunding started late,the security management system of the crowdfunding platform is not perfect,and there are problems with some project sponsors providing false information,which affects support.Judges on the quality of the project,so more and more supporters rely on other people's support behavior information.Since crowdfunding needs to bring together people to achieve project success,it is very important for the success of crowdfunding projects to deeply discuss the influencing factors of crowdfunding support behavior.Based on observational learning theory,this paper takes rewarded crowdfunding supporters as the research object to study the influence mechanism of crowdfunding support behavior.The aim is to explore the following issues:(1)How observational learning information in the crowdfunding project financing process affects the number of new supporters of crowdfunding Projects;(2)Panel data were used to analyze the dynamic changes of the increase in the number of crowdfunding supporters in the whole fundraising process.The results of the study show that the number of new supporters in crowdfunding projects shows a small u-shaped characteristic during the fundraising period.The number of original supporters and the number of new supporters have a positive U-shaped relationship,while the fundraising progress significantly affects the number of new supporters with an inverted U-shaped.and the number of comments has no significant effect on the increase in the number of supporters.In addition,the number of project concerns has a significant positive impact on the number of new supporters.The research results theoretically enriched the scope of application of observational learning theory,effectively complemented the research on the impact of observational learning information on the behavior of supporters in crowdfunding platforms,and explored the dynamic change of the number of new supporters in crowdfunding.In practice,according to the impact of observation and learning information on the number of new supporters,crowdfunding platforms or innovative project funders can design financing display information or financing plans by referring to such influencing factors and behavioral rules,thereby attracting more Potential supporters participate in investment.At the same time,it provides specific crowdfunding financing suggestions for small and medium-sized micro logistics companies.Therefore,The results of this paper enrich the theoretical research on crowdfunding support behavior and have important practical significance for improving the success rate of crowdfunding financing projects and the long-term operation and healthy development of crowdfunding platforms.