| Under the background of mass entrepreneurship and innovation,Internet crowdfunding provides important financial support for many entrepreneurs to realize their dreams.However,there is often serious information asymmetry between the two sides of the crowdfunding financing platform,which leads to the problem of crowdfunding trust crisis,which not only seriously hinders the improvement of crowdfunding financing performance,but also poses a challenge to the development of the crowdfunding industry.At present,information disclosure has become an important channel to alleviate crowdfunding information asymmetry and improve crowdfunding financing performance.However,the existing literature is lack of discussion on crowdfunding heterogeneous information disclosure,and there is also little knowledge on how to use crowdfunding heterogeneous information disclosure to alleviate crowdfunding information asymmetry.Therefore,it is urgent to explore the impact mechanism of heterogeneous information disclosure on the financing performance of Internet crowdfunding,and explore how to use reasonable information disclosure methods to improve the information asymmetry of crowdfunding industry.Considering the phased characteristics of crowdfunding information disclosure,this paper divides the crowdfunding information disclosure process into three stages:Publishing Information Disclosure "led" by the initiator,interactive information disclosure "guided" by the initiator and endorsement information disclosure "induced" by the initiator,and constructs a three-stage theoretical framework to alleviate the information asymmetry of crowdfunding.Through the sample matching of crowdfunding project data and community interaction data,this paper empirically verifies the promotion effect of heterogeneous information disclosure of three types of sponsors with different degrees of control on crowdfunding financing performance.Through the analysis of substitution and complementarity model,it is found that the release information disclosure is strengthened by the interactive information disclosure in the improvement of financing performance,but there is a substitution effect between the release information disclosure and the endorsement information disclosure;Endorsement information disclosure only improves the financing performance of practical value products,but has little impact on experience and early taste products.Further,this paper also discusses the impact of heterogeneous information disclosure on crowdfunding financing performance in different types of crowdfunding projects and the analysis of information disclosure overload,which is conducive to deepen the understanding of crowdfunding heterogeneous information disclosure.According to the analysis of the impact of heterogeneous information disclosure on crowdfunding financing performance,this paper puts forward a series of information disclosure strategies in the process of crowdfunding financing from the perspective of sponsors,namely phased strategy,sequential strategy,heterogeneous strategy and moderation strategy.The conclusions of this study help to clarify the positive impact of heterogeneous information disclosure on crowdfunding and its interaction,and provide reference suggestions for crowdfunding entrepreneurs to reasonably improve financing performance and the development of crowdfunding platforms in China. |
