Research On Factors Influencing The Financing Performance Of Culture And Creative Crowdfunding Project

In recent years,cultural and creative industry has received universal attention around the world,and the development of cultural and creative industry has become a strategic choice of the country.As one of the most dynamic industries of Chinese economy,the cultural and creative industry is still faced with financing difficulties and low financing efficiency.The situation of fund bottleneck also makes the sustainable development of the industry restricted to a certain extent.Crowdfunding provides new ideas for the development of cultural and creative industry.Crowdfunding is mostly used to attract public attention and support by displaying creative ideas,which is consistent with the innovative characteristics of cultural creativity itself.It can not only help project financing,but also contribute to the popularizing and marketing of products in the early stage.With the popularity of crowdfunding platforms around the world,Chinese crowdfunding platforms have also been launched in succession,such as Zhongchou and Angel Exchange,which are the earliest comprehensive crowdfunding platforms in China.Since 2014,crowdfunding platforms focusing on cultural and creative industry have emerged successively,such as Wenchou,Modian and Wenchuanghui,marking that crowdfunding platforms have begun to enter the market segmentation stage.Nowadays,the scale of cultural and creative crowdfunding platforms in China has been very considerable,and crowdfunding has also become an important mode of cultural creative financing.However,although the overall development trend of cultural and creative industry is good,the overall success rate of crowdfunding projects is low,and the financing performance is affected by various factors.Even in 2016,when crowdfunding was popular nationwide,the number of cultural crowdfunding platforms in normal operation rapidly increased to 62,but the overall success rate of crowdfunding was only 66%.Therefore,for the financing performance of crowdfunding projects,it is very important to deeply study the influencing factors,so as to help the project sponsors to better identify the improvement plan,improve the financing performance effectively,provide a more perfect financing environment for the cultural and creative industry,so that more cultural and creative enterprises can obtain project funds through crowdfunding and then occupy a larger share in the financing market of the cultural and creative industry.Many scholars have studied the causes for the low financing performance of cultural creative crowdfunding projects from different perspectives.Some scholars have studied the influence of social interaction on the financing performance of crowdfunding projects from the characteristics of sponsors,some scholars have studied the influence on the financing performance of crowdfunding projects from the psychological perception of investors,and some scholars have studied how to improve the financing performance of projects from the characteristics of projects and innovation characteristics.This paper finds that previous studies on the performance of cultural creative crowdfunding usually only start from a certain perspective.Therefore,this paper will comprehensively consider project characteristics,potential investors and project sponsors,take cultural creative crowdfunding projects as research objects,build an empirical research model based on innovation diffusion theory,perceived value theory and social capital theory,and explore the influencing factors of project financing performance from four aspects: project innovation characteristics,perceived benefits,perceived costs and social capital.This paper takes Modian crowdfunding platform as the research sample,collects the information of 5442 successful crowdfunding projects on the platform,uses SPSS to conduct Pearson correlation analysis,multiple regression analysis and robustness test on the sample data to find out the key factors affecting the financing performance of cultural and creative crowdfunding projects,verify the model and relevant hypotheses,and obtain the influence weight of each factor affecting the financing performance of cultural creative crowdfunding projects.From the research results,this paper proves that some factors in project innovation characteristics,perceived value and social capital have a significant impact on the financing performance of cultural creative crowdfunding projects,and puts forward relevant suggestions based on the empirical results,hoping to provide references for the future development of cultural creative crowdfunding.