Research On The Impact Of User Involvement On The Reward-based Crowdfunding

As an emerging financing method,crowdfunding breaks the barriers of traditional financing methods and provides a low-finance financing channel for small and micro enterprises.However,since 2017,the crowdfunding industry has ushered in the reshuffle stage,and many platforms have been forced to go offline.By June 2018,the domestic crowdfunding platform elimination rate has reached 70.61%.Therefore,it has become an urgent issue for crowdfunding platforms and financing entities for how to attract more users to participate in crowdfunding and increase the chances of crowdfunding success.This paper studies the factors that influence users' participation in crowdfunding behavior.Firstly,it sorts out and summarizes the research progress of crowdfunding and crowdfunding user behavior,user participation behavior research model,perceptual value theory,perceived risk theory and word-of-mouth.After that,it puts forward three major factors affecting users' participation in crowdfunding behavior.The independent variables,namely perceived value(financial value,functional value,emotional value,social value),perceived risk,word of mouth(project comment,industry image),and proposed the willingness to participate as a mediator variable,constructed the research model of this paper,and proposed relevant Suppose 22.In this study,data were collected by means of questionnaires,and related data were analyzed by tools such as spss23.0 and Amos23.0.The model was fitted and modified to obtain the path coefficients between variables,and the relevant hypotheses were tested.The research results show that in the reward-based crowdfunding model,the financial value,functional value,emotional value in the perceived value,as well as the project comments and industry image in the word-of-mouth,have the willingness and participation behavior of the user to participate in the reward-type crowdfunding investment.Positive positive impact;social value has little effect on participation willingness and participation behavior.Perceived risk has a negative and significant impact on the willingness and behavior of users to participate in rewarded crowdfunding investments;in the financial value,functional value,emotional value,perceived risk,project comments and the influence of industry image on participation behavior,the mediating effect of participation willingness Significant.Finally,based on the results of data analysis and the development status of rewarded crowdfunding,this paper puts forward relevant suggestions and inspirations.