Research On The Influence Of The Behavior Characteristics Of Investment And Financing Subjects On The Performance Of Crowdfunding

As an innovative financing model,crowdfunding breaks the limitations of traditional financing models in terms of time and space,featuring low investment threshold and high flexibility,and has become an important financing method for small,medium and micro enterprises.The crowdfunding industry is developing rapidly,but it is still at an early stage of development,with information asymmetry problems and significant differences in the financing performance of individual projects.Even for two very similar projects launched on the same platform at the same time,there are significant differences in financing performance,so it is urgent to study the factors affecting crowdfunding financing performance.The behavioural characteristics of investors and financiers,the two most important actors involved in crowdfunding,have a profound impact on crowdfunding performance.In this study,we have reviewed the performance of crowdfunding and the related research on investors and financiers,and found that most of the existing studies have studied the factors influencing the performance of crowdfunding from a single perspective of investors or financiers,and there is a lack of studies that include investors and financiers in the same research framework,and the research on network externalities and herding effects in the behavioural characteristics of crowdfunding investors and financiers needs to be improved.Therefore,based on the two-way perspective of investors and financiers,this study selects the crowdfunding platform of Mo Dian Network as the research object,and obtains 2296 successful crowdfunding projects on Mo Dian Network through a combination of octopus crawling and manual collation,and measures the network externality and herding effect of investors and financiers in the crowdfunding context from three dimensions: interaction among investors,competition dynamics among financiers,and interaction among investors and financiers.The study examines the impact of the behavioural characteristics of crowdfunding investors and financiers on the performance of crowdfunding.At the same time,considering the existence of consumer attributes of crowdfunding investors and the variability of behavioral characteristics of investors and financiers in different types of crowdfunding projects,this study uses the minimum investment amount of crowdfunding projects as a moderating variable and the project type as a heterogeneous variable to further analyze the impact of behavioral characteristics of investors and financiers on the performance of crowdfunding financing.The findings show that:(1)The interactive characteristics of investors have a positive impact on crowdfunding performance,whether through one-way or two-way communication,both types of interaction can improve crowdfunding financing performance;financier competition characteristics have a phased impact on crowdfunding financing performance;investorfinancier interactivity characteristics have a negative impact on crowdfunding financing performance,and investors do not favor serial financiers;(2)The minimum investment amount has a significant moderating effect;(3)The impact of the behavioural characteristics of the investor and financier on crowdfunding financing performance shows variability depending on the type of project.Finally,based on the findings of the study,countermeasure suggestions are put forward.Platforms and financiers should consider the competition of projects within the platform,choose the right time,stagger the launch and other related recommendations,and investors should process complex information before making investment decisions and invest rationally,so as to better avoid risks and have a good investment experience.