互利共赢还是以邻为壑——“明星”众筹项目的外部性研究

Win-win or Beggar-thy-Neighbor?——A Study on the Externality of Blockbuster Projects

我国众筹行业的快速发展为创业企业带来了全新的融资渠道,众筹融资上不封顶的特点使部分项目能够获得远高于其目标融资的资金支持,从而成为"明星"众筹项目。本文基于网络外部性理论,利用专业网络爬虫工具抓取众筹网上的项目数据并筛选出明星众筹项目,以探讨明星众筹项目对同类别项目以及不同类别项目的溢出效应及其外部性的持续效果。实证研究发现,明星众筹项目对平台上其他项目的融资具有正外部性,这种正外部性普遍存在于与明星众筹项目同类型以及不同类型的项目中,且溢出效应具有持续性并随时间的推移逐渐衰减。投资者的"羊群效应"是明星众筹项目外部性的来源,明星项目通过更快地完成融资目标而吸引潜在投资者并将其外部性传递给其他项目。基于上述结论,本文从众筹平台、项目发起人、投资者以及监管部门等角度提出了政策建议。

The rapid development of crowdfunding in China has brought about a new financing channel for the startup enterprisesThe financing characteristics of crowdfunding trigger the emergence of blockbuster projects which reach an extremely high funding ratioBased on the theory of network externality,this paper uses the professional web crawler tools to capture data and screen out the blockbuster projectsWe explore the spillover effects of blockbuster projects and study the externalities of its continuous effectEmpirical studies have found that blockbuster projects have positive externalities for other projects on the platform,which are prevalent in the projects of the same or different categoriesThe spillover effect is persistent and gradually diminishes with the passage of timeThe herding effect of investors is the source of the externality of blockbuster projects,while the blockbuster projects attract potential investors and pass on externalities to other projects by completing the financing goals more quicklyBased on the conclusions,this paper puts forward policy recommendations from the perspective of crowdfunding platforms,project sponsors,investors and supervision authorities.