Impact Factors of Crowdfunding Intention Under Two Different Project Types: An Empirical Study From China

Despite the fact that China’s crowdfunding market has grown rapidly in recent years, project financing failure remains a common occurrence. Based on perceived value and perceived risk theory, this study constructed a research model of supporters’ crowdfunding intention in order to better examine the variations in the elements that affect supporters’ crowdfunding intention under donation-based and product-based crowdfunding types. A questionnaire survey of 450 respondents who had participated in crowdfunding projects showed that project feature could influence crowdfunding intention by affecting perceived attribute. The empirical research yielded the following conclusions. From the project feature level, it is found that project innovation has a significant impact on the perceived attribute of product-based crowdfunding project supporters, while innovation has a small impact on the perceived attribute of donation-based crowdfunding project supporters. However, the project return of donation-based crowdfunding projects has a significant impact on the perceived attribute of supporters. When it comes to perceived attribute, although perceived value has a substantial effect on backers’ intention in both crowdfunding types, perceived risk only has a significant impact on the crowdfunding willingness of product-based project supporters.