Crowdfunding Design Based On Social Learning Theory

The development of Internet technology has brought about the innovation of financial structure,and the Internet finance represented by crowdfunding has been strongly supported by national policies.The mode of crowdfunding has broken the shackles of traditional financing mode and realized the effective connection between social capital and small and medium-sized enterprises.It has alleviated the financing difficulties of SMES and has a broad market prospect.At the same time,the low threshold of crowdfunding projects leads to the frequent occurrence of social learning in crowdfunding market.It is easy for investors to imitate other people's investment decisions to produce Herd behavior.This phenomenon makes it more difficult for crowdfunding promoter to predict the investment behavior of investors,which increases the difficulty of the design of crowdfunding projects and reduces the success rate of crowdfunding.Based on this background,this paper explores the design problems of crowdfunding projects.In this paper,the theoretical framework of social learning is firstly analyzed,and the concept and basic elements of Bayesian renewal are defined in the study of social learning theory.In this paper,we describe the binary update model and gaussian signal update model which are the most representative in the theoretical research,and explore the concrete properties and practical meanings of the two models.This is the theoretical basis for studying social learning phenomenon in crowdfunding.In the background of crowdfunding,the influence of consumer social learning on crowdfunding design is studied under the situation of monopoly and competition.In the case of monopolistic enterprises,this paper constructs the crowdfunding design model of multi-period consumer social learning.It is proved that in the case of monopoly,the social learning behavior of consumers leads to the herd phenomenon in the crowdfunding market,and the optimal design decision of monopoly enterprises in social learning is obtained.Studies have shown that under the background of monopoly,consumer's social learning can make the enterprise profit,Crowdfunding promoter can induce consumers into the herd behavior completely by setting a price in a certain range,so as to obtain higher returns.In the case of competitive enterprises,this paper constructs a crowdfunding design model of competitive crowdfunding enterprises based on the Hotelling model.The enterprise's optimal crowdfunding design decisions in the competition situation are also obtained.The research shows that in the competitive situation,the social learning of consumers will aggravate the competition between enterprises,which will reduce the price and the profits of enterprises.The stronger the learning intensity of consumers,the greater the loss of earnings.This article is helpful to the project sponsor to improve the design of crowdfunding,deepen the Crowdfunding promoter's psychological understanding and raise self judgment of market position,contribute to the project sponsor explore the market potential,raise more social capital,ensure the success rate of crowdfunding.