创新项目股权众筹融资绩效的影响因素研究  

Antecedents of Equity-based Crowdfunding Success for Innovation Projects

作　　者：郑海超[1] 黄宇梦[1] 王涛[1] 陈冬宇[2] 

机构地区：[1]西南财经大学经济信息工程学院,四川成都611130 [2]苏州大学东吴商学院,江苏苏州215006

出　　处：《中国软科学》2015年第1期130-138,共9页China Soft Science

基　　金：教育部人文社科项目(12YJCZH306);国家自然科学基金(71302186);国家自然科学基金(71302008);中央高校基本科研业务费专项资金资助(JBK120505);社科重点项目(11AZD077)

摘　　要：基于互联网平台的股权众筹为创新项目融资提供了新的渠道,本文研究众筹项目融资绩效的影响因素,这是创业者和平台共同关注的重要话题。作者基于信号理论从不确定性、投资风险、人力资本3个维度构建理论模型,采集我国知名众筹平台大家投的运营数据检验假设。结果显示项目动态更新次数、项目估值、员工人数、股东人数显著地影响众筹项目融资绩效,因此有效地传递项目质量和创业者能力的信号有助于项目融资成功。Internet-based crowdfunding provides new funding channel for innovation projects. This study aimed at identifying the antecedents of crowdfunding success ,which is an important issue for both entrepreneurs and crowdfunding platforms. Based on signaling theory ,the authors developed a research model from three dimensions, i. e. , uncertainty, venture risk,and human capital. We collected data from Dajiatou,one well-known crowdfunding platform in China,to test the hypotheses. The results indicated that project news number, project valuation, staff number, and stakeholder number are significant predictors for crowdfunding success. Thus effectively signaling project quality and entrepreneur＇s capability is helpful for crowdfunding.

关 键 词：股权众筹 融资绩效 信号理论 不确定性 

分 类 号：F832.48[经济管理—金融学]