Empirical Study On The Financing Performance Of Crowdfunding Projects From The Perspective Of Expectation Theory

Crowdfunding is a new form of Internet financing,which is of great significance to China’s economic development.On the one hand,crowdfunding breaks the financing limit and realizes the innovation of traditional financing mode,and helps to improve China’s financial system.On the other hand,the emergence of crowdfunding alleviates the financing difficulties of small and medium-sized enterprises to a certain extent,and brings a strong boost to the development of small and medium-sized enterprises.At the same time,crowdfunding helps the public to carry out innovation and entrepreneurship,which is of great significance to promote employment and the development of innovative industries.Based on the perspective of expectancy theory,this paper studies the influencing factors of crowdfunding project financing performance.This paper consists of six parts: The first chapter first briefly describes the research background related to crowdfunding and puts forward the research questions,then clarifies the research ideas and research methods,and finally introduces the content;The second chapter uses the literature induction method to sort out and summarize the theories of crowdfunding financing model,expectation theory and customer perceived value,and analyzes the applicability of expectation theory to the research of crowdfunding financing performance;The third chapter systematically analyzes the relationship between crowdfunding performance and the value and expectation value of crowdfunding projects based on the expectation theory,and proposes research hypotheses;The fourth chapter mainly introduces the sample data collection process and the selection of respective variables,dependent variables and adjustment variables,and carries out model design.The fifth chapter uses SPSS software to perform descriptive statistical analysis and correlation analysis,then perform regression analysis and adjustment effect test on the sample data,finally summarize and analyze the model;The sixth chapter is the conclusion and outlook,combined with the previous research content,extracts the research conclusions of this paper,and gives corresponding countermeasures and suggestions.The results indicate that project value and success expectations have an impact on financing performance.In terms of project value,the number of pictures in the project introduction,the number of attention and comments received by the project can increase the financing performance of the crowdfunding project.The number of videos and the number of updates have no significant impact on financing performance.In the terms of project financing success expectation,the project return time and target financing amount have negative influence on financing performance.Sponsor identity has a significant impact on financing performance.When sponsor identity is a company or enterprise,crowdfunding project financing performance is higher.When sponsor identity is an individual,the financing performance is lower.The type of crowdfunding project has a moderating effect.Different types of projects have different degrees of influence on financing performance.