The Research On The Behavior Of Participants In Crowdfunding

In the process of innovation and growth,SMEs face serious financing constraints due to their shortcomings such as small scale,weak strength and poor anti-risk ability.On the one hand,it is basically impossible for innovative companies to obtain loans from banks because they are no mortgage,no guarantee,no patents,no transaction records,and the product is still only a gleam,especially in the early stage of the project.On the other hand,companies did not have the strength to conduct initial public offerings in the early days of the venture.Coupled with the lack of effective guarantees and less capital requirements,the chances of obtaining venture capital are correspondingly small.However,the crowdfunding financing model might solve this problem.China introduced this model from 2011.After seven years of development,the number of online platforms has increased year by year.The number of projects and the amount of funds raised by crowdfunding are also increasing.But at the same time,there are also platform issues,such as its offline,its transformation,financing fraud etc.One of the important reasons is that there is a serious information asymmetry problem in the crowdfunding market.This information asymmetry occurs not only between crowdfunding financiers but also between platforms and bilateral players.A correct understanding of the motivations and behaviors of the participants helps to eliminate the risks caused by information asymmetry,guides the crowdfunding to continue healthy and rapid development,and better serve the real economy.Taking the behavior of crowdfunding participants as the research object,this paper clearly defines the concepts and categories,sorts out the relevant theoretical research,and verifies the heterogeneous incentives and self-feedback effects of the participating subjects.On this basis,explore the behavioral patterns of crowdfunding participation,from the perspective of platform,investor,and financing,demonstrate the risks arising from the interaction of the three parties,and put forward corresponding regulatory countermeasures.The main research work is as follows:Clearly define the concepts and research areas of crowdfunding participants,introduce bilateral market theory and information asymmetry theory which are most relevant to rewarding crowdfunding;review existing research literature from the perspective of crowdfunding participation,analyze the mechanism and effect of their interactions.This laid the theoretical foundation for subsequent empirical testing.Verification of the heterogeneous incentives and self-feedback effects of crowdfunding participants.By constructing a theoretical model,it is demonstrated that the heterogeneous financing incentives involved in crowdfunding can achieve incentive compatibility under the design of a good mechanism and the transaction data of the earliest established crowdfunding platform in China verified the existence of selffeedback effect.However,the discussion of the empirical results found that the existence of self-feedback effect can not cover the problems of crowdfunding itself,such as representative issues of the investor community,sustainability issues with project funding and resources,credit problems that may arise from the platform's own incentives etc.This provide the necessity for follow-up research to explore the behavior law of crowdfunding participation in the three parties.Chapter 4 examines the effects of changes in the behavior of the crowdfunding platform transformation on the impact of participants.The platform “Dian Ming Shi Jian” has transformed from the original integrated crowdfunding to the vertical crowdfunding of intelligent hardware projects,and the project crowdfunding phase has been postponed to the front end of the mass production.This change has affected the participants' behavior.The number of projects and the cumulative amount of funds raised have increased significantly.This change is a rational choice for the platform.Chapter 5 is an empirical analysis of investor behavior.Based on the theory of behavioral finance,this chapter explores the factors that affect the evaluation of investment decision weights and expected value of investors in the process of crowdfunding,and tests the effect based on the transaction data captured by the network.Chapter 6 is an empirical analysis of the behavior of financiers.Through research on its financing behavior,it is found that crowdfunding does make up for the deficiency of traditional financial services to a certain extent,but the difference in regional financial development level is also highlighted in the crowdfunding financing model.At the same time,the degree of financing constraints also has a positive relationship with crowdfunding,especially for science and technology projects.This chapter also uses multi-dimensional social capital theory to explore the factors affecting the success of crowdfunding.Indicators representing structural dimensions,relationship dimensions,and cognitive dimensions all show positive effects on the availability of crowdfunding funds,while the number of sponsored projects is negatively correlated.Crowdfunding participates in the risk analysis of inter-subject interaction behavior.By constructing the game model,it is deduced that the crowdfunding investment and financing parties have adverse selection in crowdfunding,and there is a game relationship between the crowdfunding platform and the financing party.According to the game analysis of the interaction behavior of the participating parties,it is concluded that there may be collusion between the crowdfunding financier and the platform.This chapter examines the moral hazard after successful crowdfunding,and its existence can lead to damage the efficiency of crowdfunding investment.Regulatory countermeasures and recommendations based on the analysis of the status of supervision,the corresponding regulatory countermeasures are proposed.It is suggested that the supervisory department should establish a crowdfunding supervision system from four aspects: strengthening the awareness of behavioral supervision,proactively implementing forward-looking supervision,encouraging industry selfdiscipline,and strengthening the protection of crowdfunding investors.