期刊文献+

追梦网产品众筹支持者投资决策影响因素实证研究 被引量:4

Research on Factors Influencing Supporters' Decision-making in Award-based Crowdfunding Based on “Dream” Platform
原文传递
导出
摘要 产品众筹是一种以产品或服务为报酬返还给投资人的融资模式,在我国兴起后竞争愈加激烈。本文从支持者角度出发研究支持者投资决策的影响因素,构建了产品众筹支持者投资决策影响因素模型。结合展望理论、羊群行为、感知风险与感知价值,从"项目融资目标""项目关注度""项目质量信号""项目回报""项目发起人经验"5个维度对支持者投资决策的影响因素进行分析。本文采用"Logistic"回归对"追梦网"697个项目数据进行实证研究,实证结果表明,目标筹资金额和项目回报档数对支持者进行投资决策具有负向影响;支持人数、同类项目成功率和项目发起人积分对支持者进行投资决策具有正向影响。 Award-based crowdfunding is a financing mode that offering products or service as return to investors. The competition of award-based crowdfunding is becoming fierce in our country. This paper studies the influencing factors of the supporters' investment decisions from the supporters' point of view, and constructs model of factors that influence the investment decision-making. This paper combined with the prospect theory, herding behavior, perceived risk and perceived value analyzes the influencing factors of the investment decision from five dimensions, which are project financing target, project attention, project quality signal, return and project sponsor experience. This paper uses Logistic regression and data from "Dream" platform to do the empirical research. The empirical results show that: the target amount of financing and the grade of returns have negative impact on supporters' investment decisions; while support number, similar project success rate and platform points have positive effects on supporters of investment decision.
作者 赵丽莎 曹淑艳 ZHAO Lisha, CAO Shuyan(School of Information Management, University of International Business and Economics, Beijing 10002)
出处 《国际商务(对外经济贸易大学学报)》 CSSCI 北大核心 2018年第2期132-142,共11页 INTERNATIONAL BUSINESS
关键词 产品众筹 众筹支持者 投资者决策 Award-based Crowdfunding Crowdfunding Supporter Decision of Investor
  • 相关文献

参考文献9

二级参考文献129

  • 1赵玲,张静.基于羊群效应的微博用户从众行为分析[J].大连理工大学学报(社会科学版),2013,34(4):92-97. 被引量:17
  • 2阮青松,余颖.期望理论及其对股本溢价的一个行为金融学解释[J].财经论丛(浙江财经学院学报),2005(2):76-81. 被引量:1
  • 3Agrawal A., Catalini C. and Goldfarb A.. The Geography of Crowdfunding[C]. SSRN Electronic Journal. SSRN. Doi: 10.2139/ssrn. 1692661, 2010.
  • 4~elleflamme P., Lambert T. and Schwienbacher A.. rowdfunding: Tapping the Right Crowd[C]. SSRN ~.Library. SSRN. Doi: 10.2139/ssm. 1836873, 2012.
  • 5Britton Whitbeck. The JOBS Act of 2012 : the Struggle Between CapitalFormation and Investor Protections[C]. SSRN eLibrary. SSRN. doi: 10.2139/ssrn.2149744, 2012 Burtch G., Ghose A. and Wattal S.. An Empirical.
  • 6Burtch G., Ghose A. and Wattal S.. An Empirical Examination of the Antecedents and Consequences of Investment Patterns in Crowd-Funded Markets[C]. SSRN Electronic Journal. SSRN. doi. 10.2139/ssrn.1928168, 2011. Ethan Mollick. The Dynamics of Crowdfunding.
  • 7Schwienbacher A., Larralde B.. Crowdfunding of Small Entrepreneurial Ventures[C]. SSRN Electronic Journal. SSRN. doi: 10.2139/ssm.1699183, 2010.
  • 8Ethan Mollick. The Dynamics of Crowdfunding: Determinants of Success and Failure[C]. SSRN Electronic Journal. SSRN. doi: 10.2139/ssm.2088298, 2012.
  • 9Ajay Agrawal, Christian Catalini, Avi Goldfarb. The Simple Economics of Crowdfunding[J]. Policy and Economy, 2013,(14).
  • 10Belleflamme P, Lambert T, Schwienbacher A. Crowdfunding:An Industrial Organization Perspective[J]. Business, 2010.

共引文献513

同被引文献41

引证文献4

二级引证文献17

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部