Research On The Influence Of Personality Traits On The Investors’ Participation Willingness Of Crowdfunding

The development of crowdfunding in China has provided new financing channels and entrepreneurial models for small and medium-sized companies and entrepreneurs with dreams,which also provided a new investment method to investors.After several years of explosive development,but with the bankruptcy of domestic P2 P and other financing platforms,the development of crowdfunding has also fallen into a bottleneck.Throughout the domestic crowdfunding platform,whether it is a comprehensive crowdfunding platform with a strong ecommerce platform background or other small and medium-sized platforms,the financing success rate of the project is not high.In order to solve the problems in the financing rate of crowdfunding projects,it is fundamental to find the reasons that affect the willingness of investors to participate.The academic researches on the willingness to influence the participation of crowdfunding investors are mostly focuses on the factors of the project itself,which rarely explores the intrinsic factors that influence investors’ decision-making from the perspective of their subjective psychology.Based on the perspective of psychology,this paper proposes the five personality traits(Neuroticism,Extroversion,Openness,Agreeableness,and Conscientiousness)as factors that influence investors’ willingness to participate in crowdfunding.Which Constructs a theoretical model from the psychological level to the cognitive level and to the behavior level with perceptual value(Emotional Value,Functional Value,Social Value and Cognitive Value)as Mediator variables.This paper takes product crowdfunding investors as the research objects,collects firsthand data through questionnaire survey,and uses SPSS21.0 and AMOS21.0 to empirically analyze the data to test the hypothesis proposed in this paper.The empirical results show that the dimensions of perceived value have a significant impact on the willingness of investors to participate product crowdfunding.Personality traits have no direct impact on the willingness of investors to participate product crowdfunding,but indirectly affect the willingness of investors to participate product crowdfunding by affecting perceived value.Extroversion,openness,and agreeableness have significant impacts on emotional value.Extroversion,agreeableness and conscientiousness have significant impacts on functional value.Extroversion and openness have significant impacts on social value.Extroversion,openness,and agreeableness have significant impacts on cognitive value.Based on in conclusions of this paper,some suggestions are made for product crowdfunding platforms and project sponsors.For the project sponsors,the initiators should have a general understanding of the psychology of the product crowdfunding investors,and show the project to investors in a targeted way.For the platforms,they should be based on the market.First of all,it is necessary to enhance the understanding of the personality traits of product crowdfunding investors,and to segment investors according to their personality traits.Secondly,the platform can match investors and projects according to the investor’s value sensitive type,and then personally recommend the project to investors.In addition,based on the dual consumption and investment attributes of product crowdfunding,the platform can work with social medias to make marketing strategies to attract potential investors.Finally,while paying attention to the personality traits of investors,the platforms and sponsors should also improve the quality of the platform projects themselves.Each crowdfunding platform should strengthen mutual cooperation and enhance the professionalization of the platform.