众筹项目特征、支持者人数与融资绩效——基于信号理论的实证研究

Crowd-Funding Project Characteristics,Number of Supporters and Financing Performance——An empirical study based on signal theory

基于信号理论探讨项目质量和发起人社会资本对融资绩效的影响机制。选取众筹平台点赞数、话题数、进展更新数作为项目质量信号,曾发起项目数和曾支持项目数作为发起人社会资本信号,并对1831个众筹样本数据进行实证检验。结果表明:代表项目质量信号的点赞数、话题数、进展更新数对融资绩效有显著正向影响;代表发起人社会资本信号的曾发起项目数和曾支持项目数对融资绩效有显著正向影响;支持者人数在点赞数、曾发起项目数、曾支持项目数和融资绩效之间起完全中介作用,在话题数、进展更新数和融资绩效之间起部分中介作用。

Based on the signal theory,the project quality and the influence mechanism of the sponsor's social capital on financing performance are discussed.The crowd-funding platform,the number of topics,the number of progress updates,and the number of progress updates were selected as the project quality signals.The number of projects and the number of projects supported were used as the sponsor's social capital signals,and the 1831 crowd-funding sample data was empirically tested.The results show that the number of points,the number of topics,and the number of progress updates representing the quality signal of the project have a significant positive impact on the financing performance;The number of projects initiated by the promoters’social capital signals and the number of projects supported have a significant positive effect on financing performance;The number of supporters has a full intermediary between the number of praises,the number of projects initiated,the number of projects supported,and the performance of financing,and has played a partial intermediary role between the number of topics,the number of progress updates,and financing performance.