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Abstract：
Crowdfunding is a new type of financing favored by entrepreneurs in need of capital. Financing performance is a key concern for crowdfunding project initiators. Although a growing number of studies have investigated the factors that affect the financing performance of crowdfunding projects, there are still some issues that need to be further clarified. How does the investment behavior of backers, as the supply side of finance, affect the financing performance of project in reward-based crowdfunding? What are the moderating mechanisms of this influence by initiator characteristics and project attributes? Based on a panel data set from Zhongchou, a famous agri-food crowdfunding platform in China, this paper finds that the investment speed, the investment intensity, the number of early backers, the backers\' comments, and the number of selfless backers all have significant effects on financing performance. The core trust factors of initiator characteristics and project attributes play a moderating role in the relationship between backer investment behavior and financing performance, but there are differences in the moderating mechanisms. Based on the research conclusions, practical enlightenment is proposed for initiators, crowdfunding platforms, and regulators.
摘要：
众筹是受资金需求企业家青睐的一种新型融资方式。融资绩效是众筹项目发起人关注的重点。尽管越来越多的研究对影响众筹项目融资绩效的因素进行了考察,还有一些问题需要进一步澄清。支持者的投资行为如何，作为金融的供应方，在基于奖励的众筹中影响项目的融资绩效？发起人特征和项目属性对这种影响的调节机制是什么？基于来自中观的面板数据集，中国著名的农业食品众筹平台，本文发现，投资速度，投资强度，早期支持者的数量，支持者的评论，无私支持者的数量都对融资绩效有显著影响。发起人特征和项目属性这两个核心信任因素对支持者投资行为与融资绩效的关系起调节作用,但是调节机制有所不同。根据研究结论,为发起者提出了实践启示，众筹平台,和监管者。
