质量信号对产品众筹融资绩效的实证研究——基于京东众筹平台数据

An Empirical Study on the Influence of Quality Signals on Product Crowdfunding Performance——Based on the Data of Jingdong Crowdfunding Platform

将信号理论引入众筹融资因素分析,收集京东众筹平台的项目数据,通过项目、发起人以及外部质量信号三个方面,深入探讨质量信号对众筹融资绩效的影响。利用多元线性回归模型分析,发现项目质量信号中的照片、视频及项目更新,项目发起人质量信号和外部质量信号对众筹融资绩效有正向影响,项目质量信号中的产品认证与回报期限对众筹融资绩效存在负向影响,最低投资金额的交互项对融资绩效有一定调节作用。最后提出建议。

With an introduction of signals theory to the factor analysis of crowdfunding,and the collection of project data on Jingdong crowdfunding platform,the paper discusses the influence of quality signals on crowdfunding performance from three aspects like projects,founders and outside quality signals.By means of multivariate linear regression model analysis,it is found out that these factors have positive effects on crowdfunding performance,including the photo and video in project quality signals,the project update,the quality signals of project founders,and outside quality signals,but project certification and return period of project quality signals have negative effect on crowdfunding performance,and the interaction of lowest investment amount has certain regulating effect on financing performance.Finally,some suggestions are put forward in the paper.