The Influencing Factors of Reward Crowdfunding on Small and Micro Entrepreneurial Project Financing : A Moderating Perspective of Economic Embeddedness

Abstract: The emergence of crowdfunding financing platforms provides a new solution to the financing difficulties of small and micro enterprises. In order to improve the financing performance of small and micro enterprises, existing studies mostly start from the aspects of the project itself, promoter, investors, etc., and rarely consider the impact of the overall social environment. This study introduces social embeddedness theory, takes the moderating effect of economic embeddedness as research object, establishes a crowdfunding financing performance measurement model, and discuss the moderating effect of the RMB/US dollar exchange and the CPI on the crowdfunding performance. The research results show that participation willingness plays partly mediating role between product value and crowdfunding performance, and a complete mediating role between visualization value and crowdfunding performance; the RMB/US dollar exchange rate up-regulated the relationship between perceived value and financing performance. The CPI negatively regulates the relationship between perceived value and financing performance