奖励型众筹创新项目在线信息对融资绩效影响研究

发布时间：2018-01-02 13:46

本文关键词：奖励型众筹创新项目在线信息对融资绩效影响研究　出处：《中国科学技术大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着互联网的普及,创新正在完成民主化进程,大众创新逐渐成为了趋势,然而,大众创新的绝大部分项目是很难通过传统的融资渠道(包括银行贷款、风险投资等)获得资金支持的,创新项目的这种融资困境也在不断迫使人们寻求新的融资途径。近年来,一些创新型企业或个人开始依托互联网平台直接向大众寻求融资,这种新兴的融资模式被称为"众筹",其主要创造性在于将融资对象扩大化至社会大众。成立于2009年的Kickstarter是目前全球最大的众筹平台,截止2017年3月,网站已有1300多万的支持者,超过12万个项目成功融资,累计融资总额超过30亿美元。随着众筹模式在国外取得的巨大成功,国内的点名时间、众筹网、阿里众筹、京东众筹、追梦网等众筹平台也如雨后春笋般不断兴起。这种新颖的融资模式不仅迅速地获得了创新创业者、企业及社会的认可,也引起了国内外学术界的广泛关注,成为了学者们研究的新课题。其实,就其运作模式而言,众筹是指项目发起人通过互联网平台,向潜在的大众投资者展示有关项目质量的各种信息,随后,大众投资者基于项目公开的这些实时在线信息做出自己投资决策的过程。因此,项目的在线信息对众筹项目融资成功与否有着重要的影响作用。那么问题来了,哪些在线信息会影响创新项目融资绩效?哪类在线信息对创新项目融资绩效影响程度最高?面对不同类别的众筹项目,各类在线信息对项目融资绩效的影响又是如何呢?然而,从现有的众筹文献研究来看,鲜有文章基于成熟的理论方法,对以上这些问题进行过研究探索。本文将基于项目资本理论与信号传递理论,以奖励型众筹平台上在线信息中项目人力资本信息、社会资本信息、智力资本信息为自变量,以融资绩效为因变量,研究了奖励型众筹创新项目在线信息对融资绩效的影响。研究表明,智力资本信息对融资绩效影响最大,人力资本信息和社会资本信息对融资绩效的影响相差甚微;然而,具体到不同类别的众筹项目,人力资本信息与社会资本信息的影响作用出现了显著差异。在科技类与出版类项目中,人力资本信息的影响作用远大于社会资本信息;在艺术类和娱乐类项目中,社会资本信息影响作用远大于人力资本信息。本研究首次将信号传递理论与项目资本理论应用到奖励型众筹实证研究领域,扩展了信号理论与资本理论的研究边界,为后续的众筹实证研究提供了可借鉴的成熟理论。基于这些理论,本文首次将项目在线信息划分为人力资本信息、社会资本信息与社会资本信息三个维度,探索研究了各类在线信息对项目融资绩效的影响作用,并在此基础上,更进一步地探究了各类在线信息对不同类别的奖励型众筹项目融资绩效的影响作用,弥补了众筹现有相关研究的空白与不足。论文研究结果不仅丰富了国内外有关互联网众筹领域的实证研究,为互联网在线众筹研究提供了新的视角,而且还为项目发起人和众筹平台关于如何提高项目融资绩效,给出了有针对性的具体意见,有很强的理论与现实意义。同时,本研究也存在着样本数量不够大,有关指标的选择不够全面等不足,有待进一步改进。
[Abstract]:With the popularity of the Internet, innovation is to complete the process of democratization, public innovation has gradually become a trend, however, most of the mass innovation project is very difficult through the traditional financing channels (including bank loans, risk investment) to obtain financial support, the financing difficulties of innovation projects are seeking new ways of financing under pressure people. In recent years, some innovative enterprises or individuals to start relying on the Internet platform for financing directly to the public, the new financing mode called "raise, the main creative is the object to expand the financing community. Founded in 2009, Kickstarter is currently the world's largest congregation raised platform, as of March 2017, the site has more than about 13000000 supporters, the successful financing of 120 thousand projects, total financing totaling more than $3 billion. With a great congregation raised pattern in foreign countries is made At work, the division of time, raise public network, the congregation raised Ali, the Jingdong to raise public network, the congregation raised platform dream like bamboo shoots after a spring rain continues to rise. This new financing model not only quickly won the innovation of entrepreneurs, enterprises and social recognition, has aroused widespread concern in academic circles at home and abroad, become a new topic for scholars. In fact, the mode of operation, refers to the public to raise the project sponsor through the Internet platform, display a variety of information about the project quality to potential investors and public, public investors make their investment decision process based on the real-time online information project open. Therefore, online information the project for the public to raise the project financing success plays an important role. So the question is, what kind of online information will affect the innovation of project financing performance? What kind of online information on a new project financing performance The highest degree of influence? Facing the different categories of projects to raise the public, influence of all kinds of online information on project financing performance and how it? However, all the chips from the existing literature research, few articles based on the mature theory, conducted research on these problems. This paper will explore the project capital theory and based on the signal transmission theory online information, project to raise human capital information platform to reward the public information, social capital, intellectual capital information as independent variables and the dependent variable of financing performance, reward the public to raise the innovation project impact of online information on financial performance. The study shows that intellectual capital information the greatest impact on the financial performance, the influence of human capital information and information on the social capital financing performance difference is minimal; however, specific to the different types of projects to raise the public, the influence of human capital and social capital information for information With appeared significant difference. In science and technology and publishing projects, the effect of human capital information is far greater than the social capital of information; in the art and entertainment projects, the role of social capital influence is far greater than the human capital information. This is the first time of the signal transmission theory and project capital theory is applied to reward all the chips An Empirical Study on the field, extends the research boundary signal theory and the theory of capital, provides a mature theory that can be used for subsequent crowdfunding empirical research. Based on these theories, this paper will be the first project online information is divided into three dimensions of human capital, social capital and social capital information, explores the effects of various kinds of information online influence on the performance of project financing, and on this basis, further explore the various types of online information about the different types of incentives to raise public financing performance. Effect, make up the congregation blank existing research and shortcomings. The results of this study not only enriches the domestic and foreign related empirical research in the field of the Internet to raise the public, to provide a new perspective for the study of Internet online to raise the public, but also for the project sponsor and the public to raise the platform on how to improve the performance of project financing, and gives corresponding specific opinion, have a strong theoretical and practical significance. At the same time, there are also the number of samples is not big enough, the choice of index is not comprehensive enough, needs to be further improved.

【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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