众筹中创新项目质量和报酬率的激励效应研究

Analysis of the effectiveness of incentive about innovation project quality and rate of return in Crowdfunding

众筹是整合社会分散财力资源从而实现筹资投资双方获得便利目的的一种有效的新型融资投资模式,属于互联网金融的一种形式。本文针对众筹过程中两大参与主体筹资方和投资方各自特征,依据成本收益理论,建立激励效用模型,考虑创新项目质量和报酬率两大因素的变化对众筹双方的期望效用的影响作用。研究结果表明:在三种不同的假设条件下,项目质量和报酬率两大因素影响众筹双方期望效用,进而可以激励双方主体,并且提出了众筹双方效用最优化状态的存在性。

Crowdfunding is an effective new financial model through which the social decentralized financial resources could be integrated so that investors and raisers can both obtain convenience, which is also a form of Internet finance. Based on cost-benefit theory, this paper aiming to the characteristics of the two main parties--raisers and inventors in the process of crowdfunding set up a incentive utility model, then research and analysis the influence on expected utility of both parties which might be caused by the changes in project quality and rate of return. The results show that： in three different assumptions, the two major factors project quality and rate of return have some incentive effect on both raisers and inventors through affecting the expected utility of both parties and we proposed a reasonable conjecture of the existence that the utility of both parties can reach the optimal state.