众筹商业模式与运作机制实证研究——以Kickstarter为例
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摘要
众筹对区域经济发展和创新创业具有重要的推动作用,但当前我国众筹行业发展规模和发展水平较低,而且与国外存在显著的差别。本文针对Kickstarter为代表的一类捐赠众筹平台,建构了众筹的商业模式,探索了众筹活动中各方的市场行为、社会效应之间的关联机制及其对众筹绩效的影响,并采用Kickstarter上众筹项目数据进行了实证检验。实证结果表明:众筹运营中市场行为和社会效应对于众筹绩效存在非常显著的作用,众筹平台和参与者应重视这些关联作用机制,合理制定众筹运营的规则和决策。
Crowdfunding plays an important role in promoting regional economic development, labor, innovation and entrepreneurship. Today, huge gaps and differences exist in crowdfunding industry between China and USA. This paper proposes a brand new business model for crowdfunding, especially for the donation-based crowdfunding such as Kickstarter, examines the correlation mechanism between market behavior and social effect, and their impact on crowdfunding performance. Additionally, we conduct an empirical test for these effects with a unique Kickstarter crowdfunding panel data set. The empirical study shows that market behavior and social effect have a significant effect on crowdfunding practical application.
Crowdfunding plays an important role in promoting regional economic development, labor, innovation and entrepreneurship. Today, huge gaps and differences exist in crowdfunding industry between China and USA. This paper proposes a brand new business model for crowdfunding, especially for the donation-based crowdfunding such as Kickstarter, examines the correlation mechanism between market behavior and social effect, and their impact on crowdfunding performance. Additionally, we conduct an empirical test for these effects with a unique Kickstarter crowdfunding panel data set. The empirical study shows that market behavior and social effect have a significant effect on crowdfunding practical application.
引文
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[29] Yuan H.,Lau R.Y.K.,Xu W.The Determinants of Crowdfunding Success:A Semantic Text Analytics Approach[J].Decision Support Systems,2016,91(11):67-76
[30] Paschen J.Choose Wisely:Crowdfunding Through the Stages of the Startup Life Cycle[J].Business Horizons,2017,60(2):179-188
[31] Du L.,Hu M.,Wu J.Contingent Stimulus in Crowdfunding[R].Rotman School of Management Working Paper,2017
[32] Burtch G.,Ghose A.,Wattal S.The Hidden Cost of Accommodating Crowdfunder Privacy P A Randomized Field Experiment[J].Management Science,2015,61(5):949-962
[33] 王雪莉,董念念.中国式众筹的信任如何构建和演化?——基于水木客众筹行为的案例研究[J].管理评论,2018,30(1):242-255
[34] 陈娟娟,张亚斌,尹筑嘉.众筹市场资助者行为变化研究——基于众筹平台“众筹网”的经验证据[J].中国软科学,2017,(9):141-153
[35] Stanko M.A.,Henard D.H.Toward a Better Understanding of Crowdfunding,Openness and the Consequences for Innovation[J].Research Policy,2017,46(4):784-798
[36] 邓万江,李习栋,马士华.预付款众筹模式下新产品定价与质量设计[J].系统工程理论与实践,2018,38(7):1768-1777
[37] Zheng H.,Li D.,Wu J.,et al.The Role of Multidimensional Social Capital in Crowdfunding:A Comparative Study in China and US[J].Information & Management,2014,51(4):488-496
[38] Agrawal A.,Catalini C.,Goldfarb A.The Geography of Crowdfunding[R].National Bureau of Economic Research Working Paper,2011
[39] Lukkarinen A.,Teich J.E.,Wallenius H.,et al.Success Drivers of Online Equity Crowdfunding Campaigns[J].Decision Support Systems,2016,87(7):26-38
[40] 周冬梅,赵闻文,何东花,等.众筹平台上内部社会资本对新创企业资源获取的影响研究[J].管理评论,2018,30(4):33-44
[41] 刘征驰,何焰,马滔,等.基于发起人视角的创意众筹异质性激励机制研究[J].管理学报,2017,14(6):868-876
[42] Younkin P.,Kuppuswamy V.The Colorblind Crowd?Founder Race and Performance in Crowdfunding[J].Management Science,2018,64(7):2973-3468
[43] Mollick E.,Nanda R.Wisdom or Madness?Comparing Crowds with Expert Evaluation in Funding the Arts[J].Management Science,2015,62(6):1533-1553
[44] Kuppuswamy V.,Bayus B.L.Crowdfunding Creative Ideas:The Dynamics of Project Backers in Kickstarter[R].SSRN Working Paper,2013
[45] Zhang J.,Liu P.Rational Herding in Microloan Markets[J].Management Science,2012,58(5):892-912
[2] Howe J.Crowdsourcing:Why the Power of the Crowd is Driving the Future of Business[M].New York:Crown Publishing Group,2010
[3] Bayus B.L.Crowdsourcing New Product Ideas over Time:An Analysis of the Dell Idea Storm Community[J].Management Science,2013,59(1):226-244
[4] Sorenson O.,Assenova V.,Li G.,et al.Expand Innovation Finance via Crowdfunding[J].Science,2016,354(6319):1526-1528
[5] Bellman R.,Clark C.E.,Malcolm D.G.,et al.On the Construction of a Multi-stage,Multi-person Business Game[J].Operations Research,1957,5(4):469-503
[6] Drucker P.F.The Theory of Business[M].Boston:Harvard Business Review,1994
[7] Timmers P.Business Models for Electronic Markets[J].Electronic Markets,1998,8(2):3-8
[8] Lewis M.The NewNew Thing:A Silicon Valley Story[M].New York:Hodder & Stoughton,2012
[9] Ovans A.What Is a Business Model?[EB/OL].Harvard Business Review,https://hbr.org/2015/01/what-is-a-business-model,2015
[10] Magretta J.Why Business Models Matter[J].Harvard Business Review,2002,80(5):86-92
[11] 罗珉,曾涛,周思伟.企业商业模式创新:基于租金理论的解释[J].中国工业经济,2005,(7):73-81
[12] 高闯,关鑫.企业商业模式创新的实现方式与演进机理——一种基于价值链创新的理论解释[J].中国工业经济,2006,(11):83-90
[13] 原磊.商业模式分类问题研究[J].中国软科学,2008,(5):35-44
[14] Zott C.,Amit R.,Massa L.The Business Model:Recent Developments and Future Research[J].Journal of Management,2011,37(4):1019-1042
[15] 丁玉章,于洋,王元盛,等.大规模虚实连锁:渠道创新[M].北京:科学出版社,2012
[16] 魏炜,朱武祥,林桂平.基于利益相关者交易结构的商业模式理论[J].管理世界,2012,(12):125-131
[17] Osterwalder A.A Better Way to Think About Your Business Model[EB/OL].Harvard Business Review,https://hbr.org/2013/05/a-better-way-to-think-about-yo,2013
[18] 汪寿阳,敖敬宁,乔晗,等.基于知识管理的商业模式冰山理论[J].管理评论,2015,27(6):3-10
[19] Kaartemo V.The Elements of a Successful Crowdfunding Campaign:A Systematic Literature Review of Crowdfunding Performance[J].International Review of Entrepreneurship,2017,15(3):291-318
[20] Ahlers G.K.,Cumming D.,Günther C.,et al.Signaling in Equity Crowdfunding.Entrepreneurship Theory and Practice,2015,39(4):955-980
[21] Choy K.,Schlagwein D.Crowdsourcing for a Better World[J].Information Technology & People,2016,29(1):221-247
[22] Burtch G.,Ghose A.,Wattal S.An Empirical Examination of the Antecedents and Consequences of Contribution Patterns in Crowd-Funded Markets[J].Information Systems Research,2013,24(3):499-519
[23] Mollick E.The Dynamics of Crowdfunding:An Exploratory Study[J].Journal of Business Venturing,2014,29(1):1-16
[24] 王正沛,李国鑫.众筹生态系统的构建:一个多案例的研究[J].管理评论,2017,29(5):256-272
[25] Hu M.,Li X.,Shi M.Product and Pricing Decisions in Crowdfunding[J].Marketing Science,2015,34(3):331-345
[26] 黄健青,陈欢,李大夜.基于顾客价值视角的众筹项目成功影响因素研究[J].中国软科学,2015,(6):116-127
[27] 郑海超,黄宇梦,王涛,等.创新项目股权众筹融资绩效的影响因素研究[J].中国软科学,2015,(1):130-138
[28] 王伟,陈伟,祝效国,等.众筹融资成功率与语言风格的说服性——基于Kickstarter的实证研究[J].管理世界,2016,(5):81-98
[29] Yuan H.,Lau R.Y.K.,Xu W.The Determinants of Crowdfunding Success:A Semantic Text Analytics Approach[J].Decision Support Systems,2016,91(11):67-76
[30] Paschen J.Choose Wisely:Crowdfunding Through the Stages of the Startup Life Cycle[J].Business Horizons,2017,60(2):179-188
[31] Du L.,Hu M.,Wu J.Contingent Stimulus in Crowdfunding[R].Rotman School of Management Working Paper,2017
[32] Burtch G.,Ghose A.,Wattal S.The Hidden Cost of Accommodating Crowdfunder Privacy P A Randomized Field Experiment[J].Management Science,2015,61(5):949-962
[33] 王雪莉,董念念.中国式众筹的信任如何构建和演化?——基于水木客众筹行为的案例研究[J].管理评论,2018,30(1):242-255
[34] 陈娟娟,张亚斌,尹筑嘉.众筹市场资助者行为变化研究——基于众筹平台“众筹网”的经验证据[J].中国软科学,2017,(9):141-153
[35] Stanko M.A.,Henard D.H.Toward a Better Understanding of Crowdfunding,Openness and the Consequences for Innovation[J].Research Policy,2017,46(4):784-798
[36] 邓万江,李习栋,马士华.预付款众筹模式下新产品定价与质量设计[J].系统工程理论与实践,2018,38(7):1768-1777
[37] Zheng H.,Li D.,Wu J.,et al.The Role of Multidimensional Social Capital in Crowdfunding:A Comparative Study in China and US[J].Information & Management,2014,51(4):488-496
[38] Agrawal A.,Catalini C.,Goldfarb A.The Geography of Crowdfunding[R].National Bureau of Economic Research Working Paper,2011
[39] Lukkarinen A.,Teich J.E.,Wallenius H.,et al.Success Drivers of Online Equity Crowdfunding Campaigns[J].Decision Support Systems,2016,87(7):26-38
[40] 周冬梅,赵闻文,何东花,等.众筹平台上内部社会资本对新创企业资源获取的影响研究[J].管理评论,2018,30(4):33-44
[41] 刘征驰,何焰,马滔,等.基于发起人视角的创意众筹异质性激励机制研究[J].管理学报,2017,14(6):868-876
[42] Younkin P.,Kuppuswamy V.The Colorblind Crowd?Founder Race and Performance in Crowdfunding[J].Management Science,2018,64(7):2973-3468
[43] Mollick E.,Nanda R.Wisdom or Madness?Comparing Crowds with Expert Evaluation in Funding the Arts[J].Management Science,2015,62(6):1533-1553
[44] Kuppuswamy V.,Bayus B.L.Crowdfunding Creative Ideas:The Dynamics of Project Backers in Kickstarter[R].SSRN Working Paper,2013
[45] Zhang J.,Liu P.Rational Herding in Microloan Markets[J].Management Science,2012,58(5):892-912