Abstract:    As an emerging Internet finance model, crowdfunding provides new marketing methods and financing channels for start-ups and individual entrepreneurs. As a new engine for the integrated development of the Internet economy and the real economy, the crowdfunding platform has huge market potential. However, the amount of project financing growth is slow or even negative, and the project financing failure rate is as high as 50%. Therefore, how to meet the value needs of potential investors and improve the financing success rate is a practical problem that crowdfunding platforms and project sponsors need to solve urgently. At the same time, the research on the crowdfunding platform in the existing literature mainly analyzes the influencing factors of the project financing performance from the four aspects of the basic characteristics of the project, fundraisers, funders, and crowdfunding platforms. Refining the basic characteristics of the project is still in the exploratory stage. The cultural creativity crowdfunding platform, as a typical innovation ecosystem, the projects on the platform are regarded as an innovative product or service, and its innovation characteristics are more prominent. Therefore, this paper focuses on the cultural creativity crowdfunding platform, based on the theory of innovation diffusion to theoretically abstract the characteristics of crowdfunding projects, construct an impact mechanism model of innovation project diffusion, and explore the moderating effects of project status and sponsor information disclosure in this impact mechanism. First, based on the positive impact of innovation characteristics stated in the theory of innovation diffusion on the results of innovation diffusion, it is proposed that the relative advantage, compatibility and observability characteristics of crowdfunding projects positively affect the financing performance of crowdfunding projects. Second, considering that the status of the crowdfunding project will affect the user′s decision-making reference model, it is proposed that the crowdfunding status (in the crowdfunding and the success of the crowdfunding) will adjust the relative advantage, compatibility and observability characteristics of the crowdfunding project positive impact of financing performance. Finally, considering the positive emotional response caused by the information disclosure of the initiator, it is proposed that the information disclosure of the initiator will positively regulate the positive impact of the relative advantage, compatibility and observability characteristics of the crowdfunding project on project financing performance.
    In this study, MoDian website, a representative cultural creativity crowdfunding platform is taken as the research object. We collected online data from the establishment date of the website to October 7, 2018, and analyzed and tested the model by using the STATA14.0 tool. According to the research, it is shown that, primarily, relative advantage and compatibility have a positive impact on project financing performance; there was no significant impact between observability and project financing performance. In addition, the location of the project, the type of support amount, the number of projects initiated by the initiator, and the number of projects supported by the initiator all positively affect the project financing performance, while the target amount, the number of projects that the initiator is concerned about, and the number of creative ideas that the initiator is optimistic about negatively affect the project financing performance. Then, project status has a positive impact in regulating the relationship between project financing performance and relative advantage, and negatively influence the regulation of the relationship between project financing performance and observability. What′s more, for the relationship between compatibility and project financing performance, the project status has no significant impact on their relationship. Sponsor information disclosure plays a positive role in the relation between project financing performance and comparative advantage, and negatively influence the relationship between compatibility, observability and project financing performance.
    The research has made some theoretical contributions. Firstly, the impact mechanism model of innovation diffusion constructed in this paper has detailed the research on the influencing factors of crowdfunding project financing performance. Secondly, this paper analyzes the impact of relative advantage, compatibility, and observability on the financing performance of crowdfunding projects, and provides a new theoretical perspective for research in the field of crowdfunding. Finally, this paper sets project status and initiator information disclosure as moderators, explores its moderating effect on the relationship between innovation characteristics and project financing performance. The dual perspectives of the sponsor and the initiator reveal the boundary conditions of the impact mechanism model of crowdfunding project diffusion. 

Key words:  cultural creativity, crowdfunding platform, financing performance, innovation diffusion theory