折扣比例、相对剥夺感与众筹成功率  

Discount ratio,relative deprivation and crowdfunding success rate

作　　者：汪冬华[1] 郭逸菲 辛旸 丁今 WANG Donghua;GUO Yifei;XIN Yang;DING Jin(School of Business,East China University of Science and Technology,Shanghai 200237,China;China Institute of Finance and Capital Markets,Beijing 100033,China)

机构地区：[1]华东理工大学商学院,上海200237 [2]中证金融研究院,北京100033

出　　处：《系统工程理论与实践》2023年第9期2570-2578,共9页Systems Engineering-Theory & Practice

基　　金：国家社会科学基金重点项目(22AZD044);国家自然科学基金(71771087,72171086);上海市教育委员会科研创新计划资助(2023SKZD09)。

摘　　要：众筹中的相对剥夺感是指后到投资者因限量折扣、限时促销等原因未能拥有本可享受的优惠,进而产生的一种负向情绪.早期投资者享受的折扣比例会显著影响后到投资者的相对剥夺感,合理的折扣比例是众筹成功的关键.本文构建一个两阶段投资者决策模型,研究折扣比例、投资价格对投资者相对剥夺感和众筹成功率的影响.研究发现:早期投资者的折扣比例越高,后到投资者的相对剥夺感就越强烈,众筹项目可能失败.众筹成功率主要取决于投资者的个人特征,只有投资者的相对剥夺感满足特定函数形式,众筹发起者才有机会通过调整折扣比例和投资价格,显著提升众筹成功率.同时,相对剥夺感满足特定函数形式的投资者都具有不患寡而患不均的特性,若投资价格过高超过其承受能力,折扣对其不再具有吸引力.Relative deprivation in crowdfunding is the negative emotion generated by late investors who fail to have the privileges they could enjoy due to limited discounts,limited time promotions,etc.The discount ratio enjoyed by early investors significantly affects the relative deprivation of later investors.A reasonable discount ratio is the key to successful crowdfunding.This paper constructs a two-stage investor decision-making model to study the effects of discount ratio and investment price on investors’relative deprivation and crowdfunding success rate.The study found that the higher the discount rate for early investors,the stronger the relative deprivation of later investors,and crowdfunding may fail.Crowdfunding success rate mainly depends on investor’s individuality.Only if the investor’s relative deprivation satisfies the specific functional form,can crowdfunding sponsor significantly increase crowdfunding success rate by adjusting the discount ratio and investment price.Meanwhile,investors whose relative deprivation satisfies a specific functional form have the characteristics of not suffering from scarcity but of unevenness.If the investment price is too high to afford,discounts will no longer be attractive to them.

关 键 词：相对剥夺感 折扣比例 投资价格 众筹成功率 

分 类 号：C93[经济管理—管理学]