The Influence Of Rhetoric Language And Bilateral Interaction On Crowdfunding Effectiveness Of Cultural Creative Enterprises

Cultural creative industries have the advantages of knowledge intensive,environmental protection,energy saving,and high degree of integration.As a national strategic industry,it is of great significance to the long-term growth of the national economy.Chinese cultural and creative enterprises are mainly SMEs,and difficult to obtain financing in traditional financial services.In recent years,the rise of Internet finance has relaxed the financing constraints,in which crowdfunding is one of the important ways to solve the financing difficulties of them.The success of crowdfunding projects is not only a corporate finance issue,but also a marketing problem of influencing investors’ perceived value to enhance their investment motivation through the release of limited information.Crowdfunding is a kind of Internet finance.Its virtual platform and information asymmetry strengthen the risk perception of potential investors.Previous studies have shown that the establishment of initial trust in online transactions is an important factor to arouse consumers’ interest and then initiate their consumption behavior,and the description text of crowdfunding projects is the primary key factor to establish initial trust between project sponsors and potential investors.This paper selects the data of cultural creative enterprises’ crowdfunding projects in the award-based crowdfunding platform "MODIAN",and applies the hierarchical ordinal regression model to explore the influence of rational and perceptual rhetoric language in the project description text on the effectiveness of cultural creative enterprises’ award-based crowdfunding.At the same time,this paper introduces the bilateral interaction effect between fundraisers and(potential)investors,and empirically tests its influence on crowdfunding effectiveness and its moderating effect on the relationship between rhetorical language and crowdfunding effectiveness.The empirical results show that for the rational rhetoric language,telling credibility has a significant positive effect on the effectiveness of crowdfunding projects,but telling logic does not affect much.For the perceptual rhetoric language,telling emotion has a significant positive impact,and when the number of words about emotion is between 100 and 199,crowdfunding effect is most likely to reach a higher level.On the other hand,bilateral interaction has a significant effect,and it can significantly positively regulate the effect of emotional rhetoric.Based on this,this paper suggests that cultural and creative enterprises should not pay too much attention to the logical expression when making project introduction text,but should describe as much as possible the content that conveys the credibility of the initiator,the credibility of the project team and the credibility of the project,and control the number of words about emotion between 100-199.On the other hand,they can actively interact with investors,by releasing more messages,replying to the comments of investors,and setting up review reward to increase the engagement of investors,and timely obtaining the frontier information of the market according to the suggestions of investors can optimize the project,realize value co-creation,and improve crowdfunding effectiveness.In the long run,it can improve the dynamic response ability and flexibility of the enterprise,gradually produce more cultural and creative products,and improve products’ market competitiveness and market share,and then,eventually facilitate the stable growth of the enterprises.