创业者自信程度与融资表现:来自众筹的经验证据

The Degree of Entrepreneurs'Confidence and Financing Performance:Empirical Evidence from Crowdfunding

基于京东众筹的微观数据,研究创业者自信程度对融资表现的影响,并通过创业经验调节、创业者类别异质性分析探讨不同众筹创业者的自信倾向和比较心理,结果发现:众筹创业者自信程度与融资表现呈倒U型曲线关系;在创业经验调节下的创业者心理认知更为有限理性;相较于中小企业创业者,“草根”创业者过度悲观的心理导致了更低的超额融资效率和投资人参与度。进一步研究发现,在适度范围内随着创业者自信程度的增大,其对于融资表现的促进作用不断增强,验证了已有结论及指标的适用性。研究对于响应国家“双创”政策、加深投资人对各类众筹创业者心理认知的了解、提升创业者在疫情后特殊时期的融资表现具有一定意义。

This article is based on the micro data of JD's Crowdfunding to study theimpact of entrepreneurs confidence degree to its financing performance,and through the experience regulating,entrepreneurial category heterogeneity analysis to analyze the different entrepreneurs'confident tendency and comparative psychological,it is found that the entrepreneurs confidence and financing performance is inverted u-shaped curve relationship.The psychological cognition of entrepreneurs under the adjustment of entrepreneurial experience is more rational.Compared with entrepreneurs of small and medium-sized enterprises,"grassroots"entrepreneurs'excessively pessimistic psychology leads to lower financing efficiency and investor participation.Further research shows that,in a moderate range,with the increase of entrepreneurs'confidence,its promotion effect on financing performance is continuously enhanced,which verifies the applicability of the existing conclusions and indicators.The research is of certain significance for actively responding to the national"mass entrepreneurship and innovation"policy,deepening investors'understanding of the psychological cognition of all kinds of crowdfunding entrepreneurs,and improving the financing performance of entrepreneurs in the special period after the epidemic.