THE VALUE CO-CREATION MECHANISM OF VIRTUAL COMMUNITY INTERACTION IN CULTURAL AND CREATIVE PRODUCT CROWDFUNDING

As an important component of the crowdfunding ecosystem, virtual communities play a crucial role in value co-creation for cultural and creative product crowdfunding. However, existing research primarily focuses on crowdfunding project characteristics and platform features, with insufficient exploration of the value co-creation mechanisms of virtual community interaction. Based on virtual community theory and value co-creation theory, this study employs 501 valid questionnaire data and utilizes structural equation modelling and bootstrap mediation effect testing methods to systematically investigate the mediating role of virtual community interaction (activity level, cohesion, and identification) between cultural and creative product characteristics and crowdfunding purchase intention, as well as the moderating effect of perceived risk. The findings indicate that all three dimensions of virtual community interaction have significant positive impacts on crowdfunding purchase intention, with identification having the strongest influence (β=0.389, p