本文關鍵詞： 互聯(lián)網(wǎng)金融 股權眾籌 顧客讓渡價值 融資績效　出處：《浙江理工大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著互聯(lián)網(wǎng)的廣泛普及和社會主義市場經(jīng)濟的高度開放化、自由化,互聯(lián)網(wǎng)金融已經(jīng)取得了飛速的發(fā)展,股權眾籌作為互聯(lián)網(wǎng)金融的一種新興形式,在近年來呈現(xiàn)出爆發(fā)式的增長。雖然股權眾籌融資的發(fā)起者是小企業(yè),融資對象是廣大的小老百姓,融資金額是微小金額,但股權眾籌在我國的總體規(guī)模已經(jīng)相當龐大,是我國互聯(lián)網(wǎng)金融的主要組成部分。股權眾籌的出現(xiàn)與發(fā)展,受到了企業(yè)界和學術界的廣泛關注,如何正確認識和引領股權眾籌在我國持續(xù)、健康發(fā)展已成為許多學者關注的問題。股權眾籌融資績效反映著項目通過股權眾籌融資方式的融資效果,股權眾籌項目發(fā)起者應當如何利用股權眾籌方式為項目融得更多的資金已成為學術界的熱門話題,股權眾籌融資績效的影響因素也已經(jīng)被提升為學術問題。本文以顧客價值視角作為切入點,將股權眾籌融資過程與普通商品買賣聯(lián)系起來,基于顧客讓渡價值以及眾籌理論等理論,結(jié)合股權眾籌的特點,深入分析股權眾籌中各影響因素(產(chǎn)品價值、服務價值、人員價值、形象價值、貨幣成本、時間成本)對股權眾籌項目融資績效的影響。本文首先系統(tǒng)化回顧以往的關于融資績效、眾籌參與者融資動機、股權眾籌融資績效相關文獻,然后基于顧客讓渡價值理論和眾籌理論構建本文的理論模型,并提出本文的研究假設;再通過收集互聯(lián)網(wǎng)上眾多股權眾籌平臺公開的項目融資過程數(shù)據(jù),用SPSS22.0統(tǒng)計分析軟件對本文提出的假設進行實證性檢驗分析。本研究最終得出以下主要結(jié)論:股權眾籌項目的產(chǎn)品價值與其融資績效具有顯著的正向影響,產(chǎn)品價值高的項目其最終的融資結(jié)果要好;股權眾籌項目的服務價值與其融資績效不完全具有顯著的正向影響;股權眾籌項目的人員價值與其融資績效不完全具有顯著的正向影響。人員價值中團隊規(guī)模對融資績效的影響不顯著,團隊學歷均值對融資績效有著顯著的影響,項目團隊學歷水平越高,項目融資成功的可能性也越大;股權眾籌項目的形象價值與其融資績效不完全具有顯著的正向影響;股權眾籌項目的貨幣成本與其融資績效沒有具有顯著的負向影響;股權眾籌項目的時間成本與其融資績效具有顯著的正向影響;領投人對產(chǎn)品價值與融資績效之間的關系具有正向調(diào)節(jié)作用。本研究以顧客價值視角基于顧客讓渡價值理論深入分析影響股權眾籌項目融資績效的影響因素,不僅完善了眾籌理論基礎,而且還延伸了顧客讓渡價值理論的應用范圍。股權眾籌融資績效問題不僅關系著項目發(fā)起人的利益(能否為項目融得足夠的資金),還關系著廣大投資者的利益(能否選擇出融資能力強的項目進行投資),因此本文既可以為項目發(fā)起者在發(fā)布眾籌項目時提供建議又可以為廣大的投資者在選擇有價值、有潛力的股權眾籌項目時提供具有一些有價值的指導。
[Abstract]:With the wide popularity of the Internet and the highly open socialist market economy, Internet finance has made rapid development. As a new form of Internet finance, stock rights crowdfunding is a new form. In recent years, there has been explosive growth. Although the sponsors of the stock raising and financing are small enterprises, the financing target is the majority of the small people, and the amount of financing is small. However, the overall scale of crowdfunding in China has been quite large, which is the main component of Internet finance in China. The emergence and development of crowdfunding has been widely concerned by the business and academic circles. How to correctly understand and lead the sustained and healthy development of stock rights crowdfunding in China has become a concern of many scholars. The performance of crowdfunding reflects the financing effect of the project through crowdfunding. How to use the equity crowdfunding method to raise more funds for the project has become a hot topic in academic circles. The factors that affect the performance of crowdfunding have also been upgraded to academic issues. This paper takes the perspective of customer value as a starting point to link the process of crowdfunding with ordinary commodity trading. Based on the theory of customer transfer value and crowdfunding theory, combined with the characteristics of equity crowdfunding, in-depth analysis of the various factors (product value, service value, personnel value, image value, monetary cost). The influence of time cost) on the financing performance of crowdfunding projects. Firstly, this paper systematically reviews the previous literature on financing performance, financing motivation of crowdfunding participants and equity crowdfunding performance. Then, based on the theory of customer transfer value and crowdfunding theory, the theoretical model of this paper is constructed, and the research hypotheses of this paper are put forward. And then through the collection of numerous shares on the Internet crowdfunding platform public project financing process data. The hypothesis proposed in this paper is tested and analyzed by using SPSS22.0 statistical analysis software. The main conclusions of this study are as follows:. The product value and financing performance of the stock raising project have significant positive impact. The final financing result of the project with high product value should be good; The service value of the stock raising project and its financing performance have significant positive influence; The personnel value of crowdfunding project and its financing performance are not completely positive impact. The impact of team size on financing performance is not significant, and the average of team education has a significant impact on financing performance. The higher the educational level of the project team, the greater the probability of project financing success; The image value of the stock raising project and its financing performance have significant positive influence; There is no significant negative impact on the monetary cost and financing performance of the crowd-funded equity project; The time cost and financing performance of the crowdfunding project have a significant positive impact; The relationship between product value and financing performance is positively regulated by the lead investor. Based on the theory of customer transfer value, this study deeply analyzes the influencing factors on the financing performance of crowd-funded equity projects from the perspective of customer value. It not only improves the theoretical basis of crowdfunding, but also extends the scope of application of customer transfer value theory. The performance of crowdfunding is not only related to the interests of the project sponsors (whether or not to raise enough funds for the project). It is also related to the interests of the vast number of investors (whether to choose projects with strong financing capacity to invest). Therefore, this paper can not only provide advice for the project sponsors in the release of crowdfunding projects, but also provide some valuable guidance for investors in the selection of valuable, potential equity crowdfunding projects.
【學位授予單位】：浙江理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F724.6;F832.51

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