内部社会资本对连续众筹项目融资绩效的影响——有调节的中介
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摘要
基于社会资本理论与资源基础理论,探究了连续众筹项目发起人内部社会资本影响融资绩效的中介机制及其边界条件。以我国综合性平台众筹网2013年12月至2017年12月的570个项目数据为样本进行实证分析,结果显示:连续发起人内部社会资本显著促进后续项目融资绩效;早期资源获取在连续发起人内部社会资本与融资绩效间起完全中介作用;时间距离正向调节连续发起人内部社会资本与早期资源获取影响的直接关系以及内部社会资本与融资绩效的间接关系。
Based on social capital theory and resource-based theory, this paper explores the impact of crowdfounders' internal social capital on performance by testing a moderated mediation model. Using the data from Crowdfunding Net from December 2013 to December 2017, one comprehensive crowdfunding platforms in China, results show that crowdfounders' internal capital positively affects the performance of serial crowdfunding; early resource acquisition fully mediates the relationship between crowdfounders' internal social capital and the performance of serial crowdfunding; time interval positively moderates the effect of crowdfounders' internal social capital on serial crowdfuding's performance.
Based on social capital theory and resource-based theory, this paper explores the impact of crowdfounders' internal social capital on performance by testing a moderated mediation model. Using the data from Crowdfunding Net from December 2013 to December 2017, one comprehensive crowdfunding platforms in China, results show that crowdfounders' internal capital positively affects the performance of serial crowdfunding; early resource acquisition fully mediates the relationship between crowdfounders' internal social capital and the performance of serial crowdfunding; time interval positively moderates the effect of crowdfounders' internal social capital on serial crowdfuding's performance.
引文
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[11] Martin P.The Economic Sociology of Immigration. by Alejandro Portes[J].New York New York Russell Sage Foundation. 1998,32(3):786.
[12] 廖理,李梦然,王正位,贺裴菲.观察中学习:P2P网络投资中信息传递与羊群行为[J].清华大学学报(哲学社会科学版). 2015(1):156-165.
[13] Parker S C.Do Serial Entrepreneurs Run Successively Better-performing Businesses?[J].Journal of Business Venturing.2013,28(5):652-666.
[14] 车诚,马万祺,曹松峰.时间距离、社会距离与网购决策框架效应研究[J].商业研究.2015,61(9):130-136.
[15] Gerber EM, Hui J.Crowdfunding:Motivations and Deterrents for Participation[J].ACM Transactions on Computer-Human Interaction.2016,20(6):34-42.
[16] 温忠麟,叶宝娟.有调节的中介模型检验方法:竞争还是替补?[J].心理学报.2014,46(5):714-726.
[2] 王伟,陈伟,祝效国,王洪伟.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.
[3] 吴文清,付明霞,赵黎明.我国众筹成功影响因素及羊群现象研究[J].软科学,2016,30(2):5-8.
[4] Zheng H,Li D,Wu J,Xu Y.The Role of Multidimensional Social Capital in Crowdfunding: A Comparative Study in China and US[J].Information & Management.2014,51(4):488-496.
[5] Colombo MG,Franzoni C,Rossi-Lamastra C.Internal Social Capital and the Attraction of Early Contributions in Crowdfunding[J].Entrepreneurship Theory and Practice.2015,39(1):75-100.
[6] 周冬梅,赵闻文,何东花,鲁若愚.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(4):44-55.
[7] Butticè V,Colombo M G,Wright M.Serial Crowdfunding,Social Capital,and Project Success[J].Entrepreneurship Theory and Practice.2017,41(2):183-207.
[8] Zhang J.The Advantage of Experienced Start-up Founders in Venture Capital Acquisition: Evidence from Serial Entrepreneurs[J].Small Business Economics.2011,36(2):187-208.
[9] Gedajlovic E, Honig B, Moore CB, Payne GT, Wright M. Social Capital and Entrepreneurship: A Schema and Research Agenda[J].Entrepreneurship Theory and Practice.2013,37(3):455-478.
[10] Skirnevskiy V,Bendig D,Brettel M.The Influence of Internal Social Capital on Serial Creators'Success in Crowdfunding[J].Entrepreneurship Theory and Practice.2017,41(2):209-236.
[11] Martin P.The Economic Sociology of Immigration. by Alejandro Portes[J].New York New York Russell Sage Foundation. 1998,32(3):786.
[12] 廖理,李梦然,王正位,贺裴菲.观察中学习:P2P网络投资中信息传递与羊群行为[J].清华大学学报(哲学社会科学版). 2015(1):156-165.
[13] Parker S C.Do Serial Entrepreneurs Run Successively Better-performing Businesses?[J].Journal of Business Venturing.2013,28(5):652-666.
[14] 车诚,马万祺,曹松峰.时间距离、社会距离与网购决策框架效应研究[J].商业研究.2015,61(9):130-136.
[15] Gerber EM, Hui J.Crowdfunding:Motivations and Deterrents for Participation[J].ACM Transactions on Computer-Human Interaction.2016,20(6):34-42.
[16] 温忠麟,叶宝娟.有调节的中介模型检验方法:竞争还是替补?[J].心理学报.2014,46(5):714-726.