本文選題：創(chuàng)新創(chuàng)業(yè)　切入點(diǎn)：眾籌融資　出處：《中國科學(xué)技術(shù)大學(xué)》2017年碩士論文

【摘要】：我國經(jīng)濟(jì)發(fā)展步入新常態(tài),在當(dāng)前形勢下原有的發(fā)展方式已經(jīng)不再適用。我國在政府工作報(bào)告中提出,在當(dāng)前經(jīng)濟(jì)新常態(tài)的形勢下,關(guān)鍵是要打造"大眾創(chuàng)業(yè)、萬眾創(chuàng)新"的良好氛圍,使之成為推動(dòng)經(jīng)濟(jì)發(fā)展的新動(dòng)力。當(dāng)前形勢下,推進(jìn)"雙創(chuàng)",可以在最大范圍內(nèi)引導(dǎo)人財(cái)物等各種要素在市場上的自由流動(dòng),同時(shí)更能倒逼不合理的體制機(jī)制進(jìn)行改革突破,最終提升經(jīng)濟(jì)的整體運(yùn)行效率。融資能力對(duì)于新創(chuàng)企業(yè)而言,是生存之本,是興盛之基。處于初創(chuàng)期的企業(yè),由于其自身特點(diǎn),比一般企業(yè)更容易面臨融資難、融資貴等融資問題,而傳統(tǒng)的融資方式對(duì)初創(chuàng)企業(yè)的適用性不強(qiáng),因而難以很好地解決初創(chuàng)企業(yè)的融資問題。近年來出現(xiàn)的一種新型融資模式——眾籌迅速在我國發(fā)展起來并受到了創(chuàng)業(yè)企業(yè)與創(chuàng)業(yè)者的青睞。眾籌模式很好地展現(xiàn)了互聯(lián)網(wǎng)開放、平等、合作、共享的精神,為投融資雙方提供了進(jìn)行直接交互的平臺(tái),為許多優(yōu)秀的創(chuàng)業(yè)項(xiàng)目的實(shí)現(xiàn)創(chuàng)造了條件。眾籌融資模式的出現(xiàn)為創(chuàng)新企業(yè)融資注入了新活力,也逐漸成為了解決融資難題的新途徑。然而,眾籌模式在我國屬于新生事物,存在許多不足,公眾認(rèn)知度與參與度尚且不高。創(chuàng)業(yè)企業(yè)通過眾籌方式進(jìn)行融資,其成功與否受到多方面因素的影響,融資結(jié)果存在較大的不確定性。本文首先介紹了在創(chuàng)新創(chuàng)業(yè)環(huán)境下我國眾籌融資興起的背景,對(duì)眾籌融資的定義、類型與影響因素等進(jìn)行了理論綜述,并研究了信息不對(duì)稱對(duì)眾籌融資的影響。在此基礎(chǔ)上,本文探討了眾籌相關(guān)主體包括項(xiàng)目發(fā)起人、項(xiàng)目投資者、眾籌平臺(tái)、政府(監(jiān)管部門)的參與動(dòng)機(jī)以及眾籌項(xiàng)目的一般融資過程。其次,基于眾籌項(xiàng)目融資過程中的信息不對(duì)稱問題,本文嘗試通過信號(hào)理論的運(yùn)用來改變投資者的信息劣勢地位。本文從眾籌項(xiàng)目信息質(zhì)量、人力資本與項(xiàng)目風(fēng)險(xiǎn)這三個(gè)維度對(duì)解釋變量進(jìn)行分類并構(gòu)建理論模型,提出相關(guān)假設(shè)探索影響眾籌項(xiàng)目成功的因素。再次,搜集、整理"追夢(mèng)網(wǎng)"數(shù)據(jù),采用Logit回歸,對(duì)研究假設(shè)進(jìn)行實(shí)證分析并進(jìn)行穩(wěn)健性檢驗(yàn)。最后,在對(duì)實(shí)證結(jié)果進(jìn)行分析討論的基礎(chǔ)上,分別從項(xiàng)目發(fā)起人、眾籌平臺(tái)以及政府部門這三個(gè)角度出發(fā),為優(yōu)化項(xiàng)目信息、提升消費(fèi)者參與度以及提高眾籌項(xiàng)目的融資成功率提出針對(duì)性的建議。
[Abstract]:China's economic development has entered the new normal, in the current situation, the original mode of development is no longer applicable.In our government work report, it is proposed that under the new normal situation of current economy, the key is to create a good atmosphere of "mass entrepreneurship and mass innovation" so as to make it a new motive force for promoting economic development.Under the current situation, the promotion of "double creation" can guide the free flow of various elements such as people's property and other elements in the market to the maximum extent, at the same time, it can push the unreasonable system mechanism to carry on the reform breakthrough, and finally promote the overall operating efficiency of the economy.Financing ability is the basis of survival and prosperity for new-founded enterprises.Because of their own characteristics, enterprises in the initial stage are more likely to face financing problems such as difficult financing and expensive financing than ordinary enterprises. However, the traditional financing methods are not suitable for start-up enterprises.As a result, it is difficult to solve the financing problem of startups.In recent years, a new financing mode, crowdfunding, has developed rapidly in China and has been favored by startups and entrepreneurs.The mode of crowdfunding shows the spirit of openness, equality, cooperation and sharing of the Internet, provides a platform for direct interaction between investment and financing parties, and creates conditions for the realization of many outstanding entrepreneurial projects.The emergence of crowdfunding has injected new vitality into the financing of innovative enterprises, and has gradually become a new way to solve the financing problems.However, the mode of crowdfunding is new in our country, there are many shortcomings, public awareness and participation are not high.The success of enterprise financing through crowdfunding is influenced by many factors, and the result of financing is uncertain.This paper first introduces the background of the rise of crowdfunding in the environment of innovation and entrepreneurship, summarizes the definition, types and influencing factors of crowdfunding, and studies the influence of information asymmetry on crowdfunding.On this basis, this paper discusses the relevant subjects of crowdfunding, including project sponsors, project investors, crowdfunding platform, government (regulatory) participation motivation and the general financing process of crowdfunding projects.Secondly, based on the asymmetric information in the financing process of crowdfunding projects, this paper attempts to change the information inferiority of investors through the application of signal theory.This paper classifies the explanatory variables according to the three dimensions of crowdfunding information quality, human capital and project risk, and sets up a theoretical model to explore the factors that affect the success of crowdfunding projects.Thirdly, collecting and collating the data of Dream-chasing Network, using Logit regression, the empirical analysis of the research hypothesis and the robustness test are carried out.Finally, on the basis of the analysis and discussion of the empirical results, from the project sponsors, crowdfunding platform and government departments, to optimize the project information,To improve consumer participation and raise the financing success rate of crowdfunding projects put forward targeted recommendations.
【學(xué)位授予單位】：中國科學(xué)技術(shù)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F724.6;F832

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