With the dramatic growth of internet and platform economics, reward-based crowdfunding (RBC) has become prevalent, providing unprecedented opportunities to small- and medium-sized enterprises (SMEs). Nevertheless, crowdfunding projects can find it difficult to succeed. Fundraisers can hardly simultaneously obtain both financial and non-financial benefits. This paper aims to investigate value co-creation including investment and feedback in RBC. After using a focus group to explore the underlying mechanisms of value co-creation in RBC, this research draws from the person–environment fit (P–E fit) theory to develop the research model. We used an online scenario-based survey, 364 valid samples of which were collected. The empirical results show that attractiveness and the P–E fit, including need fulfillment (NF) and value congruence (VC), lead to backers’ intentions to co-create value. Moreover, attractiveness fully mediates the relationship between NF and feedback intention (FI). NF and VC exhibited significantly different effects on FI, in terms of the different product types, that is, entertainment and technology in this research.

随着互联网和平台经济学的迅猛发展，基于奖励的众筹（RBC）变得越来越普遍，从而为中小企业（SME）提供了前所未有的机会。但是，众筹项目很难成功。筹款者几乎无法同时获得财务和非财务收益。本文旨在研究RBC中包括投资和反馈在内的价值共创。在使用焦点小组探讨RBC中价值共创的潜在机制之后，本研究借鉴了人与环境的适应（P–E适应）理论来发展研究模型。我们使用了基于情景的在线调查，收集了364个有效样本。实证结果表明，吸引力和P–E拟合，包括需求满足（NF）和价值一致性（VC），导致支持者共同创造价值的意图。此外，吸引力完全介导了NF和反馈意图（FI）之间的关系。就产品类型不同，即本研究中的娱乐和技术而言，NF和VC对FI表现出显着不同的影响。