A Study On The Factors Influencing The Financing Performance Of Donation-Based Crowdfunding Projects

In recent years,the rapid development of the Internet has led to a breakthrough in various forms of business,and the charitable cause in our country has also made great efforts to innovate,and the "Internet + public welfare" industry has been developing rapidly.From the traditional offline fundraising to online crowdfunding,this not only brings great changes to the public welfare financing activities,but also opens up new ideas for the fund-raising mode of charitable organizations such as foundations.But at present,throughout the donation-based crowdfunding industry,the fund-raising performance of the project is still at a relatively low level,and the result of the fund-raising is not satisfactory.This is a key issue of common concern for all participants in donation-based crowdfunding.On the basis of reviewing and combing the related literature,such as the overview of crowdfunding,the overview of donation-based crowdfunding and the influencing factors of financing performance of donation-based crowdfunding projects,this paper is based on the principal-agent theory and theory of reasoned action.This paper probes into the process of accomplishing the actual donation behavior of the supporters and puts forward the research hypotheses.At the same time,the conceptual model is constructed from the two dimensions of attitude and subjective norms,and160 samples whose initiator is foundations on Taobao Public platform,one of the first batch of financing platforms designated by the Ministry of Civil Affairs for the donation-based crowdfunding project.The multi-linear regression method is used to study the impact of project information,creator information on fund-raising performance,and to explore whether sponsor information plays an intermediary role in it.The results show that the degree of information disclosure,the cost rate of public welfare,the level of reputation,the tax preferential qualification and the regional public welfare environment have a significant positive impact on the financing performance,and the organizational scale has a significant negative impact on the financing performance.The number of people concerned plays an intermediary role in the relationship between the organizational scale,the cost rate of public welfare,the tax preferential qualification,the regional public welfare environment and financing performance,but there is no intermediary role in the relationship between the degree of information disclosure,the level of reputation and the performance of financing.According to the above conclusions,this paper puts forward some practical enlightenment from four angles: government,platform,creator and sponsor.