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Deconstruction of Online Crowdfunding Performance from the Perspective of Information Asymmetry

【Authors】
HU Jinyan & HAN Kun
【WorkUnit】
HU Jinyan (Shandong University, 250100; Qingdao University, 266071)HAN Kun (Shandong University, 250100)
【Abstract】

Information asymmetry is a bigger problem in online crowdfunding-a new way of financing and starting business than in the traditional financing market. Through theoretical analysis and empirical analysis on the crawler data of JD's crowdfunding platform, it is found that the price ceiling of products and the degree of information disclosure can effectively alleviate the moral hazard of crowdfunding, and rich product classification and flexible product pricing by class can significantly alleviate the problem of adverse selection. As a “filter” for investors, a higher threshold for project investment can improve financing efficiency, but hinder the success rate of financing. The experience of fund raisers and the amount of investor support in the external signals of projects can reduce the risk perception of investors, while the longer the delivery time is, the more moral hazard fund raisers will face under the condition of information asymmetry, thus discouraging the enthusiasm of investors. The third-party evaluation report can enhance the understanding and confidence of investors in products under the condition of information asymmetry, and positively adjust the degree of information disclosure and project quality information, but has no effect on the project pricing information and external signal. Through the robustness test, it is found that investors prefer entrepreneurs in the online crowdfunding market. Finally, this paper puts forward policy suggestions on improving the financing performance of entrepreneurs, protecting the lawful rights and interests of investors and guiding the healthy and stable development of online crowd-funding market

JEL:G23, D82, L26

【KeyWords】
Online Crowdfunding, Financing Performance, Information Asymmetry, Entrepreneurs