筹资者社会责任对奖励型众筹融资绩效的影响

The Impact of Fundraisers’Social Responsibility on Crowdfunding Performance

筹资者在研发生产产品的过程中,如果履行社会责任,可能会加大资金投入,造成资金约束的问题。众筹融资模式以其低成本、低门槛等特点,成为筹资者青睐的融资方式。以京东众筹科技类产品为研究对象,通过建立结构方程模型,研究具有资金约束的筹资者履行社会责任对众筹融资绩效的影响及影响路径。结果表明:履行社会责任的筹资者与未履行社会责任的筹资者相比,会获得更高的融资绩效;筹资者履行社会责任可以作为企业质量信号;产品创新在筹资者社会责任对融资绩效的影响关系中起着中介作用;创业激情会正向调节筹资者社会责任和产品创新之间的正相关关系。

If fundraisers fulfill their social responsibilities in the process of developing and producing products,they will increase capital investment,which may cause capital constraints.With the rapid development of the Internet,crowdfunding has become a financing method favored by fundraisers.Studies the financing of crowdfunding by fundraisers with financial constraints,and explores the influence of fundraisers'social responsibility on the performance of crowdfunding and the path of influence.Taking Jingdong crowdfunding technology products as the research object,using the method of empirical analysis,the structural equation model is established to study the relationship between fundraisers'social responsibility and financing performance.The following conclusions are drawn:fundraisers who perform social responsibilities will obtain higher financing performance than fundraisers who have not fulfilled social responsibilities;fundraisers fulfilling social responsibilities can be used as a corporate quality signal;product innovation depends on fundraisers’social responsibility for financing.The influence of performance plays an intermediary role.Entrepreneurship passion positively regulate the positive correlation between fundraiser’s social responsibility and product innovation.