关键词: 奖励众筹；融资绩效；投资者行为；动态预测

Abstract: Starting in 2015, compared with foreign crowdfunding platforms that need to review the sponsor’s personal information, bank collection account, guarantor’s social security account, and other information, the Chinese platform has lower requirements for personal information disclosure of project sponsors, and the overall market has serious information asymmetry. Besides, most relevant studies are based on cross-sectional data, and few use panel data to analyze the dynamics of project financing. More importantly, existing research has not paid attention to the dynamic monitoring of rewarding crowdfunding financing performance and lacks corresponding measurement and monitoring methods. Limited by high information acquisition costs and low information processing capabilities, when faced with the virtuality and borderless nature of cyberspace, it is often difficult for investors to correctly evaluate project results based on existing project settings, description information, and real-time project financing progress which eventually generate the risk of investment failure. Based on this, an in-depth exploration of investor dynamic behavior is conducted, hoping to use innovative models to improve information processing capabilities and reduce the impact of information asymmetry in the crowdfunding market.

Key words: rewarding crowdfunding; financing performance; investors’ behavior; dynamic forecasting