群眾募資已成為一種顛覆性的融資模式，使個人能夠透過網路直接為創業項目提供資金。群眾募資平台透過建立創作者與全球觀眾的直接聯繫，推動了這一市場的成長。然而，並非所有募資活動都能達成目標；例如，在 Kickstarter 上，60% 的募資活動未能達到預設目標，10% 甚至完全無法籌得資金。本研究探討在回饋型群眾募資中，訊號策略如何影響支持者的行為，解決資訊不對稱對募資成功的阻礙。透過整合訊號理論與刺激-有機體-反應（SOR）框架，本研究旨在識別並驗證能夠促進支持者信任、正面態度、投資意願及電子口碑的訊號。
本研究採用序列探索性混合方法設計，深入探討群眾募資的動態。質性研究階段對 14 個在 Kickstarter 上極為成功的募資案例進行多案例分析，識別出三種關鍵訊號類型：項目相關訊號、創作者相關訊號及社交訊號。這些訊號透過認知與情感路徑影響支持者的動機。量化研究階段透過對 277 位支持者的問卷調查，採用偏最小平方法結構方程模型（PLS-SEM）驗證上述發現。結果顯示，項目的實用性及創作者的能力顯著促進信任與正面態度，而社交訊號則增強情感參與。出乎意料的是，過於保守的募資目標及過大的受眾規模可能削弱信任，顯示支持者對訊號的解讀具有細微差異。

Crowdfunding has emerged as a disruptive financing model that enables individuals to fund ventures directly over the Internet. By establishing direct connections between creators with a global audience, crowdfunding platforms are propelling the growth of this market. However, not all campaigns achieve their funding goals; for instance, on Kickstarter, 60% of campaigns fail to meet their targets, and 10% do not raise any funds at all. This study investigates how signaling strategies shape backer behavior in reward-based crowdfunding, addressing the challenge of information asymmetry that hinders funding success. By integrating signaling theory with the Stimulus-Organism-Response (SOR) framework, it aims to identify and validate signals that foster backers’ trust, positive attitudes, funding intentions, and electronic word-of-mouth.
A sequential exploratory mixed-methods design was adopted to thoroughly explore crowdfunding dynamics. The qualitative phase conducted a multiple case study of 14 highly successful Kickstarter campaigns to identify three key signal types: project-related signals, Creator-related, and Social signals. These signals shape backer motivations through cognitive and affective pathways. The quantitative phase validated these findings via a survey of 277 backers, analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results confirm that project usefulness and creator competence strongly drive trust and positive attitudes, while social signals enhance emotional engagement. Unexpectedly, overly modest funding goals and large audience sizes may undermine trust, indicating nuanced backer interpretations.

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