A Study On The Participation Intention In Crowdfunding Value Co-creation From The Perspective Of Investors

The current advance in information technology greatly reduces the cost of communication between businesses and consumers,making the value co-creation among businesses,consumers and the third-parties have achieved good practical results in various fields,such as IT,education,medical treatment and so on.As one of the main forms of emerging Internet finance,crowdfunding has also achieved rapid development in the process of value co-creation practice.Understanding the factors influencing investors to participate in crowdfunding co-creation not only can enrich the theoretical research of value co-creation,but also can propose some development strategies for the financiers and platforms.Thus,this study attempts to research the factors that influence investors to participate in crowdfunding from the perspective of value co-creation,seeking measures to increase investors' willingness to participate.Based on the previous studies and in-depth interviews to crowdfunding investors,the factors influencing investors to participate in crowdfunding are summarized.Then combined with the relevant theoretical basis,the research model of investors' willingness to participate in crowdfunding is built,with the raise of corresponding research hypotheses.After that,531 valid questionnaires are collected through the network,and then by means of SPSS and AMOS tools,we use confirmatory factor analysis methods to calculate each assumed path coefficient and significant degree.Finally,in the conclusion of this paper,specific suggestions are made to enhance investors' willingness to participate based on the features of crowdfunding financiers and the platforms.The results show that the factors that directly influence investors to participate in crowdfunding are perceived value and perceived risk.The project quality and team reputation of financiers can significantly affect the perceived value and perceived risk of investors.The information transparence and security services of platforms have significant impacts on the perceived risk of investors,but they have no significant impact on their perceived value.The significant effects of investment experience and risk attitude of investors on their perceived value and perceived risk do not exist.The platforms-financiers interaction,investors-financiers interaction,investors-investors interaction and investors-platforms interaction all can significantly affect the perceived value of investors.The platforms-financiers interaction and investors-financiers interaction can significantly affect investors' perceived risk,but investors-investors interaction and investors-platforms interaction have no significant impact on the investors' perceived risk.The contribution of this paper lies in that based on the perceived value theory,perceived risk theory,asymmetric information theory and S-O-R model,we build the model of factors influencing investors to participate in crowdfunding from the perspective of investors,financiers,platforms and interaction between the three.Through empirical study we get some valuable results,finding that the project quality,team reputation,information transparence,security services and interactivity are the main factors indirectly affect the investors to participate in crowdfunding.Some relevant implications and proposals are given from a practical point,such as on the choice of projects platforms may cooperate with the authoritative third-parties(such as government institutions)and give these projects recommended by the authoritative third-parties priority to launch.Before launch the platforms may ask financiers to pay risk reserves in accordance with a certain percentage of the project financing limit.If the project risk occurs in the later,the reserves will be paid to investors as a first compensation.Otherwise if the project is successful,the reserves as a security deposit will be refunded or shift to the next project.