质量信号、投资人参与、项目经济性对农产品众筹融资达成率的影响——基于众筹网884个农业众筹项目的数据

Impact of Quality Signal, Investor Participation and Project Economy on the Achievement Rate of Crowdfunding of Agricultural Products——Data Based on 884 Agricultural Crowdfunding Projects on the Crowdfunding Network

使用众筹网884个农业众筹项目的数据,基于投资者需求的角度,结合农产品特色,从质量信号、投资人参与、项目经济性三个维度对农产品众筹融资达成率进行分析。结果表明:相比质量信号,农产品众筹中的"羊群效应"显著;目标融资额反向影响农业众筹融资达成率。进一步研究发现:发起人有项目经验时,投资人更加注重时间成本,发起人无项目经验时,投资人更加注重货币成本;目标融资额显著负向调节管理质量(项目更新次数)对农业众筹融资达成率的影响。因此,为提高农业众筹融资达成率,发起人应当积累项目经验与社会资本,提高项目经济性;平台方应建立健全优质项目筛选机制,提高平台知名度,引导正向"羊群效应"。

On the basis of investors’demand and the characteristics of agricultural products,this paper uses the data of 884 agricultural crowdfunding projects from a crowdfunding platform,and analyzed the achievement rate of agricultural products crowdfunding projects from 3 aspects of quality signal,investor participation,project economy.The results show that the"herding effect"in agricultural products is significant compared with the quality signal,and the target financing amount is negatively correlated with the achievement rate of agricultural crowdfunding.Further research finds that when the initiator has project experience,the investor pays more attention to the time cost;while the initiator has no project experience,the investor pays more attention to the financing cost,and the target financing amount significantly negatively affects the quality of management,and has an impact on the achievement rate of agricultural crowdfunding.In order to improve the achievement rate of agricultural crowdfunding,the initiator should accumulate project experience and social capital,improve project economy,and the platform should establish and improve the high quality project screening mechanism,improve the platform’s visibility,and guide the positive"herding effect".