国际众筹项目独特性与融资绩效关系研究——一个跨层次的最优区分模型  

Relationship Between the Distinctiveness of International Crowdfunding Projects and Financing Performance:A Cross-Level Optimal Distinctiveness Model

作　　者：梁晗 刘静[2] 刘刚[3] LIANG Han;LIU Jing;LIU Gang(College of Business Administration,Capital University of Economics and Business,Beijing 100070,China;School of Economics and Management,Inner Mongolia University,Hohhot 010021,China;Renmin Business School,Renmin University of China,Beijing 100872,China)

机构地区：[1]首都经济贸易大学工商管理学院,北京100070 [2]内蒙古大学经济管理学院,内蒙古呼和浩特010021 [3]中国人民大学商学院,北京100872

出　　处：《北京工商大学学报（社会科学版）》2023年第5期125-142,共18页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：国家自然科学基金青年项目“国际化众筹创业的最优区分创新模式及其动态演化研究”(72202144);首都经济贸易大学北京市属高校基本科研业务费专项资金项目“互联网众筹情境下的创业叙事平衡行为与融资绩效关系研究”(XRZ2021003);首都经济贸易大学青年学术创新团队项目“数字化情境下企业能力提升与创新机制研究团队”(QNTD202203)。

摘　　要：国际众筹情境下,创业者面临项目竞争性与合法性缺失并存的双重压力,如何进行最优区分定位,是决定项目融资绩效的关键。基于最优区分理论,以国际众筹平台Indiegogo 2012—2019年的7314个技术创新类项目为样本,实证检验了国际众筹项目独特性与融资绩效的关系。结果表明:(1)在单一维度上,中等程度的项目独特性能显著提升融资绩效;(2)在跨维度上,较高程度的创业者相似性与中等程度的项目独特性形成互补协奏效应,这种效应有助于进一步提升融资绩效,而类别独特性则负向调节了项目独特性与融资绩效的倒“U”型关系;(3)跨层次最优区分协奏模式的形成受到制度范式的影响,项目层面的制度范式发挥了较强的制度约束作用,降低了项目的独特性,而类别层面和个体层面的制度范式则有助于提高项目的独特性。建议创业者基于国际众筹情境,根据“个体—项目—类别”层面的跨层次最优区分定位,选择最优的战略模式,进一步提升项目的融资绩效。In the context of international crowdfunding,entrepreneurs face dual pressures of projects competition and legitimacy deficit.To carry out optimal distinctiveness of projects is the key to the financing performance.Based on the optimal distinctiveness theory,this paper takes 7314 technological innovation projects from 2012 to 2019 of Indiegogo,an international crowdfunding platform,as samples,and empirically explore the relationship between the distinctiveness of international crowdfunding projects and financing performance.The results are as follows.(1)In a single dimension,the moderate project distinctiveness significantly improves the financing performance.(2)In different dimensions,high entrepreneur similarity and moderate project distinctiveness form a compensatory orchestration effect,which further improves financing performance,while distinctiveness in the category dimension plays a negative moderating effect on the inverted U-shaped relationship between project distinctiveness and financing performance.(3)The formation of the cross-level optimal distinctiveness model is subject to an institutional paradigm.The institutional paradigm at the project level plays a role of institutional restraint,reducing the project distinctiveness,while the institutional paradigms at the category and individual levels strengthen the project distinctiveness.Entrepreneurs should choose the optimal strategy based on the international crowdfunding environment and the cross-level optimal distinctiveness model at the level of“individual–project–category”,thus improving financing performance of projects.

关 键 词：国际众筹 最优区分 项目独特性 跨层次协奏 融资绩效 

分 类 号：F832.48[经济管理—金融学] F724.6F275