Abstract: Serial crowdfunding has incubated many innovative and creative projects and increasingly become a financing way to support the development of small and micro enterprises. Based on the heuristic-systematic model, this paper constructs a model on the serial crowdfunding financing performance from the perspective of investors. Based on the 206 observation samples from the vertical platform “Modian Network” since it was founded, this paper reveals the effect path of source credibility, crowdfunder experience perception and the quality of later project on later project financing performance, and explores the impact of heuristic cues and systematic cue on the performance of serial crowdfunding financing. The results show that: source credibility and crowdfunder experience perception (heuristic cues) have a significant effect on the financing performance of later project; the quality of later project (systematic cue) has a significant effect on the financing performance of later project; there is a bias effect in the heuristic-systematic model, and heuristic cues indirectly affect the financing performance of later project through the mediated role of systematic cue. The findings explain the reasons for the rapid rise of serial crowdfunding and the differences in financing performance. It has great enlightenment significance to improve the operation efficiency of crowdfunding market.

Key words: crowdfunding, serial crowdfunding, financing performance, heuristic-systematic model, HSM