Research On The Influence Of Investors’ Psychological Perception On The Financing Rate Of Crowdfunding In Cultural And Creative Industries

The cultural and creative industry started in the 1880 s.It is an emerging industry with creativity as the core,deep integration of culture,intellectual property,technology and economy.China has issued a series of related policies to guide and support the development of cultural and creative industries.As the main body of cultural and creative industries,small,medium and micro-sized cultural and creative enterprises are faced with difficulties in financing,which limits the further development of cultural and creative industries.With the rapid development of Internet technologies such as cloud computing and big data,the Internet-based crowdfunding financing model stands out,providing a brand new financing model for China’s cultural and creative industries.This model not only lowers the entry threshold and cost for both funders and investors,but also activates a huge amount of private capital and promotes the effective allocation of market resources.Through combing the relevant literature of crowdfunding,it is found that the qualitative and quantitative research of crowdfunding is relatively rich.Crowdfunding research for specific industries mainly focuses on agriculture and technology,and there are few related researches on cultural and creative industry crowdfunding.By sorting out the literature related to cultural and creative industries,it is found that many scholars still have different definitions of the concept of cultural and creative industries.Related research on the financing of cultural and creative industries mainly focuses on the problems of financing difficulties for small,medium and micro-sized cultural and creative enterprises,and corresponding suggestions from the aspects of government support and innovative financial products.By analyzing the development status of China’s cultural and creative industries crowdfunding,it’s found that the crowdfunding financing model can effectively connect small,medium and micro-sized enterprises and private capital.Some scholars have also proposed to use the crowdfunding financing model to alleviate the financing problems faced by small,medium and micro-sized cultural and creative enterprises,but most of them are qualitative analysis and lack of quantitative research.Crowdfunding is an online financing model that relies on the Internet and crowdfunding platforms.The project’s availability of financing is largely affected by investors’ subjective evaluation of the project.Through combing the literature related to psychological perception,it is found that cultural andcreative crowdfunding projects focus on cultural and creative characteristics and investor psychological perception are related to each other.Therefore,this article will explore the impact of investor psychological perception on the financing rate of crowdfunding in cultural and creative industries.This article uses the cultural and creative crowdfunding representative platform Modian as the data source,and uses the Octopus data crawling software to capture the cultural and creative crowdfunding projects as research sample that have been crowdfunded from the time of its establishment in June 2014 to January 2020.First of all,according to the existing research,it can be seen that crowdfunding has herd effects and information asymmetry.By analyzing the herd effects and information asymmetry of cultural and creative crowdfunding projects,the factors influencing the project financing rate are summarized,including the number of comments,fans and unpaid supporters,etc,and build the operating mechanism of the crowdfunding system of cultural and creative industries with the help of complex adaptive system theory.Based on the related research of the psychological model,this article divides the investor’s psychological perception into three dimensions: attention degree,information disclosure degree and perceived cost,and constructs the investor psychological perception model of cultural and creative industry crowdfunding,determine the quantitative indicators of attention degree,information disclosure degree and perceived cost to establish the connection between investor psychological perception and project financing rate,and make corresponding assumptions.Then,based on descriptive statistics,Pearson correlation test and multiple collinearity test,this paper uses multiple linear regression model for analysis and finds that the degree of attention and the degree of information disclosure are positively related to the project financing rate,and the perceived cost is negatively related to the project financing rate.Among them,the number of comments,the number of fans,the number of free support,the number of project updates,and the number of returns have a significant positive impact on the project financing rate.The target financing amount and the number of projects initiated by funders significantly negatively affect the project financing rate.The relationship between the video,the minimum investment amount and project financing rate is not significant.And results of the robustness test show that the regression model is robust by dividing the project data by region.Finally,in order to promote the further development of crowdfunding in cultural and creative industries,this article puts forward specific suggestions from the perspectives of fundraisers,investors,platforms,regions and government.