Project funding performance which determines the rise and fall of the crowdfunding platform, is largely governed by the subjective behavior of investors. Leveraging the perspective of attribute substitution theory, we focus on two factors that affect the subjective funding behaviors of investors: emotional language in the project description and risky funding choices of prior investors. According to the same theory, we classify the projects as either hedonic or utilitarian, identifying whether the association between the factors and funding success of projects vary for hedonic vs. utilitarian projects. Using Kickstarter data, our analysis shows a positive association between the risk-seeking investor ratio and project success for hedonic projects. In addition, it identifies a positive association between the extent to which arousal words are used in project descriptions and project success for all projects. Thus, both positive associations are stronger for hedonic projects than for utilitarian projects. Our findings suggest that investors in crowdfunding contexts do not always make rational decisions in funding projects. This has implications for how a project is positioned within the crowdfunding solicitation marketplace.

项目筹资绩效决定了众筹平台的兴衰，很大程度上取决于投资者的主观行为。利用属性替换理论的视角，我们关注影响投资者主观融资行为的两个因素：项目描述中的情感语言和先前投资者的风险性融资选择。根据同一理论，我们将项目分类为享乐型或功利型，确定享乐型和功利型项目的因素和项目资金成功之间的关联是否不同。使用Kickstarter数据，我们的分析显示享乐项目的风险寻求投资者比率与项目成功之间存在正相关。此外，它确定了在项目描述中使用唤醒词的程度与所有项目的项目成功之间的正相关关系。因此，享乐项目的两个积极联系比功利主义的项目更强。我们的发现表明，在众筹环境中的投资者并不总是在资助项目中做出理性的决定。这对项目在众筹募集市场中的定位有影响。