众筹项目筹资绩效的信息影响机制研究:基于Indiegogo平台证据  

Information influence mechanism of crowdfunding financing performance:Based on evidence from the Indiegogo platform

作　　者：赵洪科 周启璇 尹德虎 张兮[1] 任丽雪 刘春丽 ZHAO Hongke;ZHOU Qixuan;YIN Dehu;ZHANG Xi;REN Lixue;LIU Chuni(College of Management and Economics,Tianjin University,Tianjin 300072,China;Hefei University of Technology,Hefei 230009,China)

机构地区：[1]天津大学管理与经济学部,天津300072 [2]合肥工业大学管理学院,安徽合肥230009

出　　处：《管理工程学报》2023年第6期145-156,共12页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(72101176、71722005);天津市杰出青年科学基金资助项目(18JCJQJC45900)。

摘　　要：众筹项目披露的信息是投资者了解项目及其创始人的主要途径,对项目筹资绩效具有重要作用;且投资者对待不同项目披露的信息的态度往往不同,而现有研究缺乏对项目营利属性与相关因素间内部作用的系统考虑。本文以详尽可能性模型(elaboration likelihood model,ELM)为理论基础,利用全球著名的Indiegogo众筹平台数据,将项目披露信息分为项目质量信息和社交网络信息,分别对应ELM理论的中心路径和边缘路径信息,进而探究其对筹资项目绩效的影响机制。结果表明:两类信息都对筹资绩效影响显著;其中营利类项目受中心路径信息影响更大,而非营利项目受边缘信息影响更大。其次,在上述结果基础上,本文根据项目的营利属性设计多任务学习模型,得出较优的预测实验结果,进一步证明了实证研究结论。本文研究完善并细化了众筹项目信息对不同项目筹资绩效的相关理论基础与实证依据,并探索以此设计机器学习模型的启发式思路;研究结论有助于指导项目创始人对披露信息进行优化管理,进而改进项目效益,提高众筹成功率。Crowdfunding removes the limitation imposed by traditional financing methods,where investors tend to prefer enterprises with strong capital or good credit,and conveniently provides free and flexible financing for small,medium-sized and micro enterprises.In essence,crowdfunding involves attracting many small investments through online network to obtain the funds required for the project.Different from traditional financing,in which investors can obtain project information through networks and interviews,investors in crowdfunding projects can only understand the project through the limited information disclosed by funders.Because of this,the information disclosed by crowdfunding projects is the main source from which investors obtain information about projects and their founders;accordingly,such information plays an important role in project financing performance.Among the existing studies in this area,most focus on the projects′attributes as conveyed by the disclosure information,while ignoring the impact of the quality of the disclosure information itself on the projects′financing performance.In addition,research into founders′social characteristics focuses primarily on third-party social platforms,while there is minimal research into the social relationships on crowdfunding platforms themselves.Moreover,investors often have different attitudes towards the information disclosed by different projects;existing studies in this field,which mainly focus on one or several factors individually,lack a systematic consideration of the internal relationship between project profit attributes and related factors.Accordingly,this paper makes up for the shortcomings of existing studies,comprehensively considers the impact of projects′disclosure information and founders′social characteristics on the financing performance of crowdfunding projects,and introduces profit attributes as the adjustment variable used to explore the factors influencing the performance of different projects.The Elaboration Likelihood Model(ELM)i

关 键 词：众筹 ELM 筹资绩效 非营利项目 多任务学习 

分 类 号：C931.6[经济管理—管理学]