群眾募資作為一種向大眾籌集資金的募資模式，近年來已廣泛應用於支持特定計畫或企業。此模式使專案發起人能夠跳脫傳統金融中介機構，直接向公眾募集資金，並根據回報性質分為捐贈式、獎勵式、借貸式與股權式等主要類型。傳統的群眾募資多以專案導向為主，具有明確的募資目標金額與時間限制。然而，隨著創作者經濟的發展，許多創作者尋求穩定且長期的收入以支持其持續創作，而非僅依賴單次專案募資。為滿足此需求，在此基礎上更進一步發展出訂閱式群眾募資(Subscription-based Crowdfunding)。此模式使創作者能擺脫單一專案的限制，透過線上平台，直接從會員獲得持續且穩定的金錢贊助，以支持其內容創作。為了提升會員的訂閱意願與忠誠度，創作者多致力於提供豐富的專屬內容、設計多樣的會籍方案，並積極建立社群互動，這些策略被認為是維持收入的關鍵。
然而，過往研究多半聚焦於探討提升訂閱以及付費動機的正面影響，卻相對忽略了這些經營行為的潛在負面效應。隨著平台上的內容供給、方案選擇與社交強度提高，會員的認知與心理可能超出負荷，進而引發過載現象。當會員接收的資訊、面臨的選擇或感受到的社交壓力過大時，可能導致參與度下降、決策困難，甚至停止付費，這將直接威脅創作者的收入穩定性。
因此本研究旨在以過載理論為核心框架，深入探討創作者的內容供給、社群互動與方案設計對會員付費率的影響。本研究的核心假說為：上述因素與會員付費率之間並非單純的線性正向關係，而是呈現倒U型非線性關係。也就是說，適度的內容供給與社群互動有助於會員付費率提升，但一旦超過最適水準，便將引發過載現象，導致會員付費率下降。
本研究蒐集1505位創作者，橫跨8週之面板資料。研究結果顯示，單純累積貼文數量與外部連結反而會降低付費率，而自我介紹字數與私密貼文留言數則呈現倒U型關係，需維持適中以達最佳效果。值得注意的是，在方案制定上，極簡或高度細分的配置能獲得較佳的付費率，呈現出與既有文獻不同的U型趨勢。本研究填補了過載理論於訂閱式群眾募資領域的知識空白，並提供創作者經營策略上的參考方向，使其能針對性優化定價與內容策略，提升整體的付費效益。

With the expansion of the creator economy, subscription-based crowdfunding has emerged as a vital model, enabling creators to secure continuous income. To retain subscribers, creators typically rely on providing exclusive content, designing diverse membership tiers, and fostering active community interaction. While previous literature emphasizes the positive outcomes of these operational strategies, it often overlooks their potential negative consequences.
Grounded in Overload Theory, this study investigates how content supply, community interaction, and subscription plan design impact member payment rates. The hypothesis suggests that these operational factors do not possess a simple linear relationship with payment rates. Instead, they exhibit an inverted U-shaped relationship. While moderate levels of content and interaction encourage subscriptions, exceeding a certain range triggers cognitive overload, leading to decision fatigue and decreased payment rates.
Analyzing panel data collected from 1505 creators, the empirical results confirm these non-linear relationships. The findings indicate that endlessly accumulating posts can actually harm subscriptions. Moreover, specific interaction metrics achieve positive results only at moderate levels. Interestingly, the formulation of subscription tiers demonstrates a U-shaped trend, revealing that extreme minimalist or highly segmented configurations yield the best payment rates.
Ultimately, this research bridges the knowledge gap regarding overload theory in subscription crowdfunding. It provides creators with objective strategic guidance, thereby improving overall monetization efficiency.

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