Research On The Influencing Factors Of Online Reward-based Crowdfunding Project

Under the background of "mass entrepreneurship,mass innovation",small and micro enterprises have made important contributions to entrepreneurship,employment and technological innovation in China.According to the financial service report of China's small and micro enterprises issued by the people's Bank of China in 2018,China's small and micro enterprises have contributed more than 50% of taxes,more than 60% of GDP,more than 70% of technological innovation,more than 80% of urban labor employment and more than 90% of the number of enterprises,which are important carriers of mass entrepreneurship and innovation.However,since 2018,China's foreign environment has been complex and severe,with more uncertain factors,and domestic economic cyclical and structural problems superimposed,aggravating the problems of financing difficulties and high financing costs for small and micro enterprises.As a new way of financing,crowdfunding,compared with traditional financing institutions(banks,venture capital institutions and angel investors),small and micro enterprises can disclose the information of project products on the crowdfunding platform through the Internet,so that they can directly face the Internet users for public financing,expand the financing channels and reduce financing costs.Previously,most of the domestic and foreign scholars' research on Reward-based crowdfunding was based on signal theory,motivation theory and elaboration likelihood model(ELM)etc.and focus on the information of online crowdfunding project itself,the characteristics of project sponsors and the interaction between backers and sponsors during crowdfunding period.Based on the cross-sectional data,these papers analyze its research on crowdfunding success and financing performance,while the dynamic researches on panel data are relatively few.Based on the dynamic perspective of rewardbased crowdfunding research,this paper introduces the responsibility diffusion effect,goal gradient effect and deadline effect,and analyzes the dynamic factors that affect online reward-based crowdfunding.The existing dynamic perspective research of online reward-based crowdfunding is based on the successful crowdfunding data in the initial stage of crowdfunding industry,focusing on the dynamic changes of additional backers and additional financing in the process of crowdfunding,analyzing the influencing factors,so as to further help the project financing to better financing.It is found that: in the initial stage of project financing,there is a responsibility diffusion effect,and the existing number of backers and financing amount are not conducive to the support of potential investors for the project.In the final stage of crowdfunding,there is a target gradient effect,that is,when the project is about to end,most successful crowdfunding projects also reach the preset target amount at this time,and the investors are encouraged.Additional backers and additional financing increased greatly,and the overall change presented a "U" shape.Based on the data of 2019 JD reward-based crowdfunding,this paper finds that there is a target gradient effect in the early stage of financing of JD crowdfunding projects as well.However,the target gradient effect no longer only appears in the final stage of financing.Many crowdfunding projects achieve the goal early and produce the target gradient effect in advance.With the approaching of the deadline,the number of additional backers and financing amount are increasing,resulting in the deadline effect.Comparing the latest use data of previous research literature,combined with the collected JD reward-based crowdfunding data,it is found that: compared with the data of early scholars,the success rate of project crowdfunding is greatly improved at present.At the same time,many projects have completed the target goal shortly after the start of crowdfunding,rather than achieving the target goal in the final stage of financing.Therefore,this paper based on the online reward-based crowdfunding project point to complete the target goal within the specified time is different.The collected data are divided into three parts: incomplete target goal-crowdfunding failure;complete target goal ahead of time-early crowdfunding success;complete target goal without early crowdfunding success-late crowdfunding success.Following the previous scholars' research on reward-based crowdfunding from a dynamic perspective,we put the responsibility diffusion effect,target gradient effect and deadline effect into the model,and analyzed the dynamic impact on online reward-based crowdfunding projects in the context of crowdfunding failure,early crowdfunding success and late crowdfunding success,and drew the following conclusions:(1)First of all,this paper further verifies the existence of the responsibility diffusion effect.No matter the successful project or the failed project of crowdfunding,there is a general responsibility diffusion effect,which is manifested as: when the project starts,the existing backers and financing are not conducive to the increase of additional backers and additional financing.(2)Later,we find that there is a general target gradient effect in crowdfunding projects.The specific performance is that when the financing amount of the project is close to the target,the motivation of investors to help the sponsors to crowdfunding is increased,and the number of additional backers and the amount of additional financing are increased.With the achievement of the target amount,the number of new supporters and the amount of new financing began to decrease.(3)Finally,the existence of the deadline effect is confirmed,especially for the project whose financing amount can reach the preset financing target in advance,the stronger the deadline effect is.The specific performance is as follows: with the approaching of the project deadline,the phenomenon of project backers' delay is weakened,the backers are of the necessity of project support,and additional backers and additional financing are increased.