Research On The Model Of The Financing Performance Of Cultural And Creative Crowdfunding

In recent years,cultural and creative industries have developed rapidly under the support of national policies,but cultural and creative enterprises generally have financing difficulties,which is a critical factor restricting the development of enterprises.In the context of big data and intelligence,a new model of financing for cultural and creative enterprises has emerged.Crowdfunding is of great value to the cultural and creative industry.How to explore the performance model of cultural and creative crowdfunding is a cutting-edge research topic.The paper proposes research questions based on the theory of perceived value,social capital and social embeddedness:(1)From the perspective of perceived value and social capital,are the factors influencing the financing performance of cultural and creative crowdfunding different from other types of crowdfunding?(2)From the perspective of cultural embedding,do cultural IP and crowdfunding cultural factors have an impact on investors’ investment behavior? In response to the above research questions,the article crawled the data related to the Taobao crowdfunding platform,Weibo platform and Baidu index,and processed it for empirical research.The specific research contents are as follows: Firstly,based on the theory of perceived value,social embeddedness and social capital,combined with the characteristics of cultural and creative crowdfunding,the paper analyzes the impact of perceived value,social embeddedness factors and the mediating role of social capital,and puts forward corresponding research hypotheses;Secondly,the commonly used measurement variables of product value,service value,monetary cost and virtual social capital are sorted out,and the cultural influence scope and intensity are supplemented as cultural embedded measurement variables,and the cultural and creative crowdfunding measurement variables are constructed;Thirdly,a sentiment analysis model is established based on the Naive Bayes algorithm,which conducts sentiment analysis on Weibo texts,identifies user sentiment,and is used to measure the cultural influence scope.At the same time,Baidu Index of relevant keywords is used to measure the scope of cultural influence scope;Finally,the cultural and creative crowdfunding financing performance research model is established,the impact path of perceived value and cultural embeddedness on crowdfunding financing performance is analyzed,and the mediating role of social capital among perceived value,cultural embeddedness is verified.The conclusion of the article is as follows: Firstly,Compared with conventional crowdfunding,product value and monetary cost in cultural and creative crowdfunding still have an impact on crowdfunding financing performance,however service value no longer has the effect of weakening information asymmetry,and has no significant impact on crowdfunding financing performance;Secondly,Virtual social capital plays a partial mediation effect between product value,monetary cost and crowdfunding financing performance,while virtual social capital plays a complete mediating effect between service value and crowdfunding financing performance.Thirdly,product value has a negative effect on crowdfunding financing performance through virtual social capital,while monetary cost and service value have a positive effect on crowdfunding financing performance through virtual social capital.And product value has a negative effect on crowdfunding financing performance through virtual social capital,while monetary cost and service value have a positive effect on crowdfunding financing performance through virtual social capital;Lastly,virtual social capital plays a complete mediating role between cultural embedding and crowdfunding financing performance,and cultural embedding can only have an indirect positive impact on crowdfunding financing performance through virtual social capital.