| Abstract | As an innovative financing mechanism, crowdfunding is effectively stimulating the vitality of mass entrepreneurship and innovation. Based on the unique micro-data of 961 programs from 2011 to 2015 in Dreamore platform, this paper adopts different investment indicators and investment frequencies to study the behavior of non-equity (including donations and products) crowdfunding in China. Empirical results show that significant substitution effect exists in the investment behavior of non-equity crowdfunding in China. Mainly due to strong patronage purposes and social participation purposes, supporters of non-equity crowdfunding do not pay much attention to investment returns, which is the focus of equity crowdfunding investors, however. Therefore, supporters of non-equity crowdfunding projects tend to help others achieve success, namely, to help unsuccessful projects achieve success and reduce the excessive pursuit of successful projects. We also find that substitution effect of successful projects is lower than that of failed projects, which is consistent with the notion aiding in carrying out the good projects of others. Additionally, other factors such as blog, video, dream grades, expected sending time of products, project type and project duration have impacts on the substitution effect. |