价值共创对众筹项目融资绩效的影响  

Research on the Impact of Value Co-creation on Project Financing Performance in Crowdfunding

作　　者：曾江洪[1] 黄向荣 李佳威[1] Zeng Jianghong, Huang Xiangrong, Li Jiawei(Business School, Central South University, Changsha 410083, Chin)

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《科技进步与对策》2018年第11期10-17,共8页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(14BJY008);中南大学创新驱动项目(2015CX010)

摘　　要：众筹为小微企业筹集资金提供了一个便捷的渠道。选取国内著名众筹网站——京东众筹2016年11月-2017年5月间731个项目作为研究样本,根据价值共创理论对项目各项指标数据进行梳理,运用logit回归和多元线性回归分析价值共创对项目绩效的影响。实证结果显示,发起者价值创造过程中的共创机会、项目计划和项目执行均正向显著影响项目融资绩效,发起者学习对融资绩效的正向影响较为显著;支持者价值创造过程中的关系体验对融资金额产生较为显著的正向影响,但支持者学习对融资绩效的影响不显著;双方接触过程正向显著影响融资绩效。Crowdfunding provides a new funding channel for small-micro enterprises to raise funds conveniently and quickly.It selects 731 projects initiated on the famous crowdfunding website-JingDong Crowdfunding from November 2016 to May2017 as research samples,sorts out the various index data based on value co-creation theory,and conducts impact factor analysis of the projects performance through logit regression and multivariate linear regression.The empirical results show that the value creation process of sponsors including co-creation opportunities,project planning and project implementation positively significant influence the project financing performance,the positive impact of sponsor learning on financing performance is somewhat significant;the relationship experience in the value creation process of supporters somewhat significantly affects financing amount,but inluence of the supporter learning is not significant;the encounter process of value cocreation affects the financing performance positively significant.

关 键 词：众筹 价值共创 融资绩效 影响因素 

分 类 号：F832.48[经济管理—金融学]