基于Web的众筹研究回顾:融资模式、影响因素和行为模式

Web-based Crowd-funding: Financing Models,Influencing Factors and Behaviour Patterns

【目的】基于Web的众筹模式成为新的融资渠道,倍受政府和投资者的关注,但是众筹研究并不广泛。本文针对众筹模式的现状,探讨众筹模式结构性、趋势性的研究进展。【文献范围】从Web of Science、CNKI等数据库中分别以"众筹(Crowdfunding,Crowdfinancing,Crowdinvesting)"、"P2P借贷(P2P Lending)"等检索词检索获得中英文相关文献101篇。【方法】通过文献计量学和数据分析方法,针对众筹相关概念及内涵、模式差异、影响因素与发展趋势进行系统的文献提炼与评析,分面从众筹平台、项目描述、社会关系、地理位置以及项目质量等方面分析影响众筹项目成功率的因素。【结果】众筹项目融资受多方面因素影响,尤其不能忽视非质量因素,项目融资者与投资者呈现显著的行为模式的差异,投融双方的行为共同决定众筹项目的前景。【局限】众筹模式的研究还并不深入。【结论】众筹模式具有较大的可探索空间,未来需要结合其他领域的研究对众筹模式进行更加深入的研究,例如:心理学、行为学、金融学等。

[Objective] The web-based crowdfunding has become a new channel for fund-raising, which got more and more attention from governments and investors. However, limited research has been conducted on crowdfunding. This paper reviews the latest studies on crowdfunding, and discusses its trends. [Coverage] We retrieved 157 Chinese and English papers from Web of Science and CNKI using the keywords of ＂Crowdfunding＂,＂Crowdfinancing＂, ＂Crowdinvesting＂ or ＂P2P Lending＂. [Methods] By literature metrology and data analysis methods, we introduce the definitions and classifications of crowdfunding. Then we study the factors which influence the successful campaigns from the following aspects： platform of crowdfunding, description of the projects, social relationship of the founders, geographical factors, as well as the quality signals of the projects. [Results] Results of the crowdfunding campaigns were influenced by many factors, especially the non-quality ones. There was significant difference between the investors and peoples seeking funding, which determined the prospect of each campaign. [Limitations] More research is needed to investigate the crowdfunding models [Conclusions] There are still much to be explored in crowdfunding models, such as from the psychology, behavioral science and finance perspectives.