The Effect of Initiator Social Capital on the Crowdfunding Performance -Moderating Role of Nature of Ownership

the crowd-funding business model plays a significant role in promoting the financing and promotion of small and medium enterprises(SMEs) in the current process of industrial optimization and upgrading in China. Using 1064 historical crowdfunding data from 2014 to 2019 as research samples, regression analysis method is adopted to theoretically discuss and empirically test the relationship between initiator social capital, nature of ownership and crowdfunding performance. This paper examines the differential influence of initiator social capital on crowdfunding performance and analyzes the moderating effect of nature of ownership. The results show that, under the background of crowdfunding in China, the social capital of the initiators positively influences the performance of crowdfunding. The higher the social capital of the initiators, the higher the performance of crowdfunding, and vice versa. The nature of ownership positively regulates the relationship between initiator social capital and crowdfunding performance.