Abstract: The financing of the crowdfunding project can be seen as a process in which the initiator gains the competitive advantage, and the dynamic capacity of the initiator is the key to gain the competitive advantage. Based on the theory of dynamic capability, this paper chooses 457 technology projects as sample data from the well-known crowdfunding platform——Jingdong cowdfunding in China, and analyzes the influence of initiator's dynamic ability on financing performance and the moderating role of the competitive intensity by using multiple regression. The empirical results show that the initiator's environmental adaptability and resource integration ability all influence the performance of project financing positively. The competition intensity of the project moderates the influence of the dynamic capability of the initiator on the project financing performance positively. On this basis, the conclusion of this paper is given and the research suggestions are given.

Key words: crowd funding, dynamic capacity, competition intensity, financing