权益型众筹资金集聚的动态演变——基于苏宁众筹的实证分析

The Dynamics of Capital Accumulation in Reward Crowdfunding——An Empirical Analysis Based on Suning Crowdfunding

互联网的快速发展使得网络众筹成为初创企业重要的融资渠道。本文采集来自国内三大知名众筹平台的面板数据,对众筹融资的动态特性进行分析。研究发现:不同类型的项目在融资过程中存在相异的特性;竞争项目与明星项目的存在会对项目的融资产生正向激励,视频与较长的筹资周期则会导致项目在激烈的竞争中处于劣势;与以往研究结果不同的是,投资者似乎更倾向于投资已经成功的项目。此外,本文亦对众筹平台存在的资金异常流动展开分析,发现部分众筹平台可能存在目标偏移现象。

With the development of the Internet, crowdfunding has become an important financing method for start-ups. This study collects panel data from three famous domestic crowdfunding platforms to analyze the dynamic characteristics of crowdfunding financing. The study finds that different types of projects have different characteristics in the financing process. Competitive projects and blockbuster projects play a positive stimulating role in project financing, while video and longer funding cycle play a negative role in project financing competition. Different with previous research, this study shows that investors appear to be more inclined to invest a project which has already succeeded.In addition, this paper also analyzes the unusual cash flow in crowdfunding platforms and finds that there may be a mission drift in some crowdfunding platforms.