融资项目的不确定性对股权众筹融资绩效的影响——以领投金额为中介变量  

Impact of Uncertainty of Financing Project on Performance of Equity Crowdfunding:Mediating Effect of Lead Amount

作　　者：夏恩君[1] 李森[1] 赵轩维[1] 

机构地区：[1]北京理工大学管理与经济学院,北京100081

出　　处：《技术经济》2016年第7期38-45,共8页Journal of Technology Economics

基　　金：国家自然科学基金项目"开放式创新网络众包模式的运行机理及行为管理研究"(71572012);北京市社会科学基金项目"基于创新驱动的小微企业股权众筹模式运行机理及风险监控研究"(15JDJGB022)

摘　　要：基于信号理论,以国内6家股权众筹平台上成功完成融资的157个项目为样本,采用逐步回归分析方法研究了"领投+跟投"模式下融资项目的不确定性对股权众筹融资绩效的影响,以及领投金额在项目不确定性与股权众筹融资绩效之间的中介作用。研究发现:出让股份对股权众筹融资绩效具有显著的负向影响;项目估值对股权众筹融资绩效具有显著的正向影响;领投金额部分中介了出让股份对股权众筹融资绩效的负向影响以及项目估值对股权众筹融资绩效的正向影响。Based on the signaling theory,using the data of 157 project samples from six equity crowdfunding platforms in China,this paper explores the influence of the uncertainty of financing project on equity crowdfunding performance,as well as the mediating effect of lead amount on the these influences by the hierarchical regression method.The result shows as follows：equity offering has a significant negative impact on equity crowdfunding performance;project′s assessed value has a significant positive impact;lead amount has partial mediating effects on the above negative impact and positive impact.

关 键 词：股权众筹 融资项目 众筹平台 融资绩效 不确定性 领投 

分 类 号：F832.51[经济管理—金融学] F832.4F724.6