本文關鍵詞：獎勵型眾籌創(chuàng)新項目在線信息對融資績效影響研究　出處：《中國科學技術大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 創(chuàng)新 眾籌 創(chuàng)新項目 在線信息 融資績效 信號理論

【摘要】：隨著互聯(lián)網(wǎng)的普及,創(chuàng)新正在完成民主化進程,大眾創(chuàng)新逐漸成為了趨勢,然而,大眾創(chuàng)新的絕大部分項目是很難通過傳統(tǒng)的融資渠道(包括銀行貸款、風險投資等)獲得資金支持的,創(chuàng)新項目的這種融資困境也在不斷迫使人們尋求新的融資途徑。近年來,一些創(chuàng)新型企業(yè)或個人開始依托互聯(lián)網(wǎng)平臺直接向大眾尋求融資,這種新興的融資模式被稱為"眾籌",其主要創(chuàng)造性在于將融資對象擴大化至社會大眾。成立于2009年的Kickstarter是目前全球最大的眾籌平臺,截止2017年3月,網(wǎng)站已有1300多萬的支持者,超過12萬個項目成功融資,累計融資總額超過30億美元。隨著眾籌模式在國外取得的巨大成功,國內的點名時間、眾籌網(wǎng)、阿里眾籌、京東眾籌、追夢網(wǎng)等眾籌平臺也如雨后春筍般不斷興起。這種新穎的融資模式不僅迅速地獲得了創(chuàng)新創(chuàng)業(yè)者、企業(yè)及社會的認可,也引起了國內外學術界的廣泛關注,成為了學者們研究的新課題。其實,就其運作模式而言,眾籌是指項目發(fā)起人通過互聯(lián)網(wǎng)平臺,向潛在的大眾投資者展示有關項目質量的各種信息,隨后,大眾投資者基于項目公開的這些實時在線信息做出自己投資決策的過程。因此,項目的在線信息對眾籌項目融資成功與否有著重要的影響作用。那么問題來了,哪些在線信息會影響創(chuàng)新項目融資績效?哪類在線信息對創(chuàng)新項目融資績效影響程度最高?面對不同類別的眾籌項目,各類在線信息對項目融資績效的影響又是如何呢?然而,從現(xiàn)有的眾籌文獻研究來看,鮮有文章基于成熟的理論方法,對以上這些問題進行過研究探索。本文將基于項目資本理論與信號傳遞理論,以獎勵型眾籌平臺上在線信息中項目人力資本信息、社會資本信息、智力資本信息為自變量,以融資績效為因變量,研究了獎勵型眾籌創(chuàng)新項目在線信息對融資績效的影響。研究表明,智力資本信息對融資績效影響最大,人力資本信息和社會資本信息對融資績效的影響相差甚微;然而,具體到不同類別的眾籌項目,人力資本信息與社會資本信息的影響作用出現(xiàn)了顯著差異。在科技類與出版類項目中,人力資本信息的影響作用遠大于社會資本信息;在藝術類和娛樂類項目中,社會資本信息影響作用遠大于人力資本信息。本研究首次將信號傳遞理論與項目資本理論應用到獎勵型眾籌實證研究領域,擴展了信號理論與資本理論的研究邊界,為后續(xù)的眾籌實證研究提供了可借鑒的成熟理論。基于這些理論,本文首次將項目在線信息劃分為人力資本信息、社會資本信息與社會資本信息三個維度,探索研究了各類在線信息對項目融資績效的影響作用,并在此基礎上,更進一步地探究了各類在線信息對不同類別的獎勵型眾籌項目融資績效的影響作用,彌補了眾籌現(xiàn)有相關研究的空白與不足。論文研究結果不僅豐富了國內外有關互聯(lián)網(wǎng)眾籌領域的實證研究,為互聯(lián)網(wǎng)在線眾籌研究提供了新的視角,而且還為項目發(fā)起人和眾籌平臺關于如何提高項目融資績效,給出了有針對性的具體意見,有很強的理論與現(xiàn)實意義。同時,本研究也存在著樣本數(shù)量不夠大,有關指標的選擇不夠全面等不足,有待進一步改進。
[Abstract]:With the popularity of the Internet, innovation is to complete the process of democratization, public innovation has gradually become a trend, however, most of the mass innovation project is very difficult through the traditional financing channels (including bank loans, risk investment) to obtain financial support, the financing difficulties of innovation projects are seeking new ways of financing under pressure people. In recent years, some innovative enterprises or individuals to start relying on the Internet platform for financing directly to the public, the new financing mode called "raise, the main creative is the object to expand the financing community. Founded in 2009, Kickstarter is currently the world's largest congregation raised platform, as of March 2017, the site has more than about 13000000 supporters, the successful financing of 120 thousand projects, total financing totaling more than $3 billion. With a great congregation raised pattern in foreign countries is made At work, the division of time, raise public network, the congregation raised Ali, the Jingdong to raise public network, the congregation raised platform dream like bamboo shoots after a spring rain continues to rise. This new financing model not only quickly won the innovation of entrepreneurs, enterprises and social recognition, has aroused widespread concern in academic circles at home and abroad, become a new topic for scholars. In fact, the mode of operation, refers to the public to raise the project sponsor through the Internet platform, display a variety of information about the project quality to potential investors and public, public investors make their investment decision process based on the real-time online information project open. Therefore, online information the project for the public to raise the project financing success plays an important role. So the question is, what kind of online information will affect the innovation of project financing performance? What kind of online information on a new project financing performance The highest degree of influence? Facing the different categories of projects to raise the public, influence of all kinds of online information on project financing performance and how it? However, all the chips from the existing literature research, few articles based on the mature theory, conducted research on these problems. This paper will explore the project capital theory and based on the signal transmission theory online information, project to raise human capital information platform to reward the public information, social capital, intellectual capital information as independent variables and the dependent variable of financing performance, reward the public to raise the innovation project impact of online information on financial performance. The study shows that intellectual capital information the greatest impact on the financial performance, the influence of human capital information and information on the social capital financing performance difference is minimal; however, specific to the different types of projects to raise the public, the influence of human capital and social capital information for information With appeared significant difference. In science and technology and publishing projects, the effect of human capital information is far greater than the social capital of information; in the art and entertainment projects, the role of social capital influence is far greater than the human capital information. This is the first time of the signal transmission theory and project capital theory is applied to reward all the chips An Empirical Study on the field, extends the research boundary signal theory and the theory of capital, provides a mature theory that can be used for subsequent crowdfunding empirical research. Based on these theories, this paper will be the first project online information is divided into three dimensions of human capital, social capital and social capital information, explores the effects of various kinds of information online influence on the performance of project financing, and on this basis, further explore the various types of online information about the different types of incentives to raise public financing performance. Effect, make up the congregation blank existing research and shortcomings. The results of this study not only enriches the domestic and foreign related empirical research in the field of the Internet to raise the public, to provide a new perspective for the study of Internet online to raise the public, but also for the project sponsor and the public to raise the platform on how to improve the performance of project financing, and gives corresponding specific opinion, have a strong theoretical and practical significance. At the same time, there are also the number of samples is not big enough, the choice of index is not comprehensive enough, needs to be further improved.

【學位授予單位】：中國科學技術大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F724.6;F832.4

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本文編號：1369501