价值共创视角下众筹项目融资可得性影响因素分析

Analysis on Factors Influencing the Success of Crowd-funding Projects:Based on the Perspective of Value Co-creation

随着互联网金融的兴盛,众筹模式得到了快速发展。作为中小企业融资新方式,众筹模式满足了市场需求,同时也引起了学术界的广泛关注与期待。笔者创新性地将价值共创理念引入众筹研究中,运用价值共创评价指标体系对众筹项目融资可得性进行初探分析;基于"点名时间"众筹平台上的项目数据,运用logistic二元回归模型进行数据分析。实证结果显示,授权、期望一致性对融资可得性有一定程度的正向影响,感知控制负向影响融资可得性,转变行为对融资可得性并没有显著的影响。具体表现为融资目标额、公告数量、支持次数、价格档位对融资可得性有显著影响;重复支持、粉丝数量、评论数量、发起人已发起项目4个解释变量对融资可得性影响不显著。最后,根据研究结果提出相关建议并对后续研究进行展望。

With the development of Internet finance,the new mode of crowd-funding develops rapidly.As a new financing method,crowd-funding has not only met market demand,but also has attracted increasing attention of academia. This paper tends to analyze the factors influencing the success of crowd-funding projects by the index system of value co-creation,which introduced the concept of value co-creation to the crowd-funding study. In this paper,we analyze the factors on the platform of demohour by using logistic regression. The empirical results demonstrate that behavioral alignment and congruence of expectations have positive impact on the success of crowd-funding projects in a certain extent,Perceived Control has negative impact on the success of crowd-funding projects,and behavioral transformation has no significant effect. The specific factors including target of the project,the number of notice,the number of support,the number of the price standard have influence on the success of crowd-funding projects in a certain extent,but the factors including double support,the number of the project-initiator＇s fans,the number of the comments,the number of the projectinitiator＇s past projects have no significant effect on it. We conclude and make suggestions based on the empirical study.