| In recent years,with the rapid development of Internet technology and the gradual opening of Chinese financial related policies,Internet finance has already became a hot spot among people’s attention.As a new type of financing tool,crowdfunding has became an important product of the innovation and development of Internet finance.Crowdfunding investment has two treasures,the low threshold and the wide audience range,which are not only conducive to the rapid flow of private capital,but also help small and medium-sized enterprises solve the problem of financing difficulties.By the end of 2017,the national crowdfunding amount reached 22.25 billion yuan.Although Chinese current crowdfunding shows a rapid development trend,compared with European and American countries,owing to late start of Chinese crowdfunding,there are still many problems to be solved: how to improve sponsors’ crowdfunding behavior and thus improve the success rate of crowdfunding projects,is still a very research-oriented issue.Reward-based crowdfunding is one of the fastest and largest crowdfunding model in China.Since reward-based crowdfunding relies on the public to gather the power of the public to achieve project success,it is important to discuss the influencing factors of the participation behavior of the incentive crowdfunding sponsors for the success of the crowdfunding project.This paper takes reward-based crowdfunding sponsors as the research object and studies the influencing factors of sponsors participating in crowdfunding.Based on the theory of social cognition,a theoretical model of reward-based crowdfunding participation behavior was established.The main questions we explored as follows:(1)In the process of crowdfunding,which factors in the individual cognition and environmental cognition of the crowdfunding sponsors would affect the crowdfunding participation behavior;(2)How sponsors’ self-efficacy affects their behavior of taking part in crowdfunding.The results show that the ability of fundraiser and the quality of project information in environmental cognition have a significant impact on the willingness to participate,while the influence of platform reputation to participant willingness is not significant.In terms of individual cognition,self-efficacy can influence participant willingness through expected product value and expected emotional experience,at the same time,the mediating effect of the expected product value and expected emotional experience is significant.The conclusion has enriched the theory of reward-based crowdfunding participant behavior.By introducing social cognition theory into crowdfunding research,the paper not only deepens the understanding of sponsors’ participation in crowdfunding behavior,but also expands the application scope of social cognition theory.Secondly,the paper reveals the mechanism of self-efficacy on the willingness to participate in crowdfunding.For crowdfunding platforms and crowdfunding project fundraisers,by learning more about the influential factors of sponsors’ participation behavior,they can take corresponding measures to attract sponsors to participate in crowdfunding projects and finally get their crowdfunding financing performance improved. |
