面向消费者众筹的融资目标额决策研究  

Research on Financing Target when Crowdfunding From Consumers

作　　者：程永生[1] 蒋宝兴 王修远 CHENG Yong-sheng;JIANG Bao-xing;WANG Xiu-yuan(School of Business Administration,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学工商管理学院,江西南昌330013

出　　处：《数学的实践与认识》2020年第11期82-90,共9页Mathematics in Practice and Theory

基　　金：国家自然科学基金(71961008)。

摘　　要：众筹是一种新型的商业模式,而融资目标额的制定是决定众筹项目成败的关键因素.考察一个面向消费者的众筹项目如何制定项目的融资目标额问题.将消费者参与众筹的效用区分为随机的、相互独立的商品效用和体验效用,并假设体验效用服从[0,H]上的均匀分布.首先假设H为确定参数,构建消费者众筹决策模型,从而得到项目众筹目标额与体验效用参数H之间的反应方程.进而将H视为随机变量,在融资目标期望值最大化原则下优化决策基准h,并给出基于给定成功概率的融资目标额.研究表明,基于悲观法则,通过H范围的下限确定融资目标额是可行的.Crowdfunding is a novel business model while the financing target is the key factor to success of projects.The paper investigates how to determine the financing target for a consumer-oriented crowdfunding project.The utility of consumers participating in crowdfunding is differentiated into two random and independent utilities:product utility and experienced utility.The experienced utility of the consumers is assumed to be uniformly distributed on[0,H].First,when H is deterministic,by constructing the decision-making model of consumer crowdfunding,the financing target equation responded to H is derived.Furthermore,with H viewed as random,the optimal choice of the reference parameter h is determined under Expectation-maximization principle of the financing target.Hence,the financing target is accordingly obtained for a given success probability.The result testifies that it is feasible to set the financing target according to the lower bound of H from pessimistic perspective.

关 键 词：众筹 融资目标额 体验效用 

分 类 号：F724.6[经济管理—产业经济] F832