众筹项目特征、支持者人数与融资绩效——基于信号理论的实证研究
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摘要
基于信号理论探讨项目质量和发起人社会资本对融资绩效的影响机制。选取众筹平台点赞数、话题数、进展更新数作为项目质量信号,曾发起项目数和曾支持项目数作为发起人社会资本信号,并对1831个众筹样本数据进行实证检验。结果表明:代表项目质量信号的点赞数、话题数、进展更新数对融资绩效有显著正向影响;代表发起人社会资本信号的曾发起项目数和曾支持项目数对融资绩效有显著正向影响;支持者人数在点赞数、曾发起项目数、曾支持项目数和融资绩效之间起完全中介作用,在话题数、进展更新数和融资绩效之间起部分中介作用。
Based on the signal theory, the project quality and the influence mechanism of the sponsor's social capital on financing performance are discussed. The crowd-funding platform, the number of topics, the number of progress updates, and the number of progress updates were selected as the project quality signals. The number of projects and the number of projects supported were used as the sponsor's social capital signals, and the 1831 crowd-funding sample data was empirically tested. The results show that the number of points, the number of topics, and the number of progress updates representing the quality signal of the project have a significant positive impact on the financing performance; The number of projects initiated by the promoters' social capital signals and the number of projects supported have a significant positive effect on financing performance; The number of supporters has a full intermediary between the number of praises,the number of projects initiated, the number of projects supported, and the performance of financing, and has played a partial intermediary role between the number of topics, the number of progress updates, and financing performance.
Based on the signal theory, the project quality and the influence mechanism of the sponsor's social capital on financing performance are discussed. The crowd-funding platform, the number of topics, the number of progress updates, and the number of progress updates were selected as the project quality signals. The number of projects and the number of projects supported were used as the sponsor's social capital signals, and the 1831 crowd-funding sample data was empirically tested. The results show that the number of points, the number of topics, and the number of progress updates representing the quality signal of the project have a significant positive impact on the financing performance; The number of projects initiated by the promoters' social capital signals and the number of projects supported have a significant positive effect on financing performance; The number of supporters has a full intermediary between the number of praises,the number of projects initiated, the number of projects supported, and the performance of financing, and has played a partial intermediary role between the number of topics, the number of progress updates, and financing performance.
引文
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[2]Howe J.Crowdsourcing:why the power of the crowd is driving the future business[J].Crown Publishing Group,2008,67(4):1 565-1 566.
[3]张媛.大众参与众包的行为影响因素研究[D].大连:东北财经大学,2011.
[4]Lambert T,Schwienbacher A.An empirical analysis of crowdfunding[J].Social Science Research Network,2010(27):1-23.
[5]Ordanini A,Miceli L,Pitzzetti M,Parasuraman A.Crowdfunding:transforming customers into investors through innovative service platforms[J].Journal of Service Management,2011,22(4):443-470.
[6]Gerber E,Hui J,Kuo P Y.Crowdfunding:Why people are motivated to post and fund projects on crowdfunding platforms[C].Conference:Computer Supported Cooperative Work,2012.
[7]Ahlers G K C,Cumming D,Gunther C,Schweizer D.Signaling in equity crowdfunding[J].Entrepreneurship Theory and Practice,2015,39(4):955-980.
[8]Barabas R L.Crowdfunding:Trends anddevelopments impacting entertainment entrepreneurs[J].NYSBA Entertainment,Arts and Sports Law Journal,2012,23(2):38-40.
[9]Belleflamme P,Lambert T,Schwienbacher A.Crowdfunding:Tapping the right crowd[J].Journal of Business Venturing,2014,29(5):585-609.
[10]Lin M,Viswanathan S.Home bias in online investments:An empirical study of an online crowdfundingmarket[J].Management Science,2015,62(5):1 393-1 414.
[11]Boeuf B,Darveau J,Legoux R.Financing Creativity:crowdfunding as a New approach for theatre projects[J].International Journal of Arts Manangement,2014,16(3):33-49.
[12]Ho H Y,Lin P C,Lu M H.Effects of online crowdfunding on consumers' perceived value and purchase intention[J].Anthropologist,2014,17(3):837-844.
[13]Agrawal A,Catalini C,Goldfarb A.Crowdfunding:Geography,social networks,and the timing of investment decisions[J].Journal of Economics&Management Strategy,2015,24(2):253-274.
[14]Pitschner S,Pitschner-finn S.Non-profit differentials in crowd-based financing:Evidence from 50,000 campaigns[J].Economics Letters,2014,123(3):391-394.
[15]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.
[16]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.
[17]卞娜,马连福,高丽.基于投资者关系的投资者行为国外理论研究综述.管理学报,2013,10(7):1 086-1 092.
[18]范晓屏,陈韶文.信息不对称下销售者信号传递的策略选择[J].企业经济,2002(7):83-85.
[19]江伟,曾业勤.金融发展、产权性质与商业信用的信号传递作用[J].金融研究,2013(6):89-103.
[20]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):5-8.
[21]Quercia D.Crowcroft J.Recommending investors for crowdfunding projects[C].InProceedings of the 23rd International Conference,2014.
[22]Mollick E.The dynamics of crowdfunding:An exploratory study[J].Journal of Business Venturing,2014,29(1):1-16.
[23]Coleman J S.Foundations of social theory[M].Harvard university press,1990.
[24]Belliveau M A,O'reiiiy C A,Wade J B.Social capital at the top:Effects of social similarity and status on CEO compensation[J].Academy of management Journal,1996,39(6):1 568-1 593.
[25]Liao C,Zhu Y,Liao X.The Role of Internal and External Social Capital in Crowdfunding:Evidence from China[J].Revista De Cercetare Si InterventieSociala,2015,49:187-204.
[26]]ZhengH,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.