Abstract
Medical crowdfunding has emerged as a novel means of accessing financial resources, particularly in regions with disparities in healthcare access such as China. Despite the establishment of comprehensive medical security systems, many patients still face significant financial burdens. This study aims to identify the determinants of medical crowdfunding success for charitable causes, utilizing signaling theory. Analyzing data from the Sina Micro-charities platform on Sina Weibo, external and internal signals' impact on crowdfunding performance was assessed. Results indicate that both external signals (registration levels, awards) and internal factors (updates, pictures, title length) significantly influence crowdfunding success. This empirical study contributes to understanding medical crowdfunding performance and extends the application of signaling theory in this context, offering practical insights for fundraisers and platforms.