中文摘要：

中小微企业普遍存在融资难问题,众筹作为一种新兴的互联网金融模式,为中小微企业融资提供了新的思路。采用网页数据抓取方法,选取2013年9月-2015年9月在众筹网上成功筹资的演艺类项目作为样本,分析筹资成功项目的支持者投资行为。研究发现：支持者人数的增加在项目筹资期内呈现小u型特征,即在项目的前期,支持者数量会随时间递减,而在项目的后期,支持者数量会随时间递增,并在最后一天有所下降;此外,项目在筹资过程中,支持者的投资行为存在明显的羊群效应,而视频宣传可以显著降低这一效应。

英文摘要：

Medium small and micro-sized companies generally encounter financing difficulties. Crowd- funding, as a new model of Internet finance, has provided a brand new idea for solving this problem. In this paper, the backers＇ investment behavior for successful projects is analyzed with the samples of successful performing arts projects listed on zhongchou, corn from September, 2013 to September, 2015 by using web data fetching method. The paper finds that the typical pattern of backers＇ investment behavior is u-shaped over the funding cycle, that is, the number of backers is decreasing during the beginning period and increasing during the ending period, but decreases on the last day. It also finds that backers invest with an obvious herd effect during the financing process while video promotion can reduce the herd effect.