Backers’ Preferences in Crowdfunding Projects: Field Experiments Based on Project Characteristics

How to attract backers in the process of crowdfunding has always been a research hotspot. However, the existing research ignores that the key to solve this problem is to clarify the preference type of backers, and lacks discussion on the influence mechanism of backers’ preferences. Therefore, this paper takes backers’ preferences as the research object and combines the existing literature to propose hypotheses on the relationship between risk level, innovation type and backers’ preferences. Inter-group experimental design was adopted to explore the difference of backers’ preferences and influencing factors among different crowdfunding projects through field experiments. The results show that risk level and innovation type have significant influence on backers’ preferences. The effects of two types of characteristics can be reflected in investing, following and forwarding intention. The interaction effect between two types of characteristics only exists in forwarding intention. The research results reveal the reasons for the difference in backers’ preferences, which supplementing and improving the understanding of the hidden connection between backers’ preferences and project characteristics. Moreover, these results help creator adjust their projects to meet backers’ preferences and reduce the cost of time and money for backers.