本文選題：互聯(lián)網(wǎng)金融 + 股權(quán)眾籌　； 參考：《山東師范大學》2016年博士論文

【摘要】：作為互聯(lián)網(wǎng)金融領(lǐng)域典型代表——股權(quán)眾籌模式,經(jīng)過近三年的發(fā)展,開始凸顯其存在的重要價值,尤其是2015年其行業(yè)規(guī)模發(fā)展迅速。股權(quán)眾籌是指面向普通投資者,公司出讓一定比例的股份,投資者通過出資入股公司獲得未來收益。這種基于互聯(lián)網(wǎng)渠道而進行融資的模式被稱作股權(quán)眾籌。股權(quán)眾籌幫助企業(yè)家采用新方法開展創(chuàng)業(yè)項目和管理企業(yè),進而導致業(yè)務(wù)發(fā)展的新形式,“普通”人群越來越密切參與這些公司的經(jīng)營管理,作為活躍的消費者、投資者,或兩者兼而有之�，F(xiàn)階段,我國關(guān)于股權(quán)眾籌的相關(guān)研究明顯滯后,缺乏深入和特定領(lǐng)域的研究,股權(quán)眾籌產(chǎn)品方面現(xiàn)階段缺乏法律指導、對創(chuàng)業(yè)項目及投資人的審核及管理仍需緊抓、服務(wù)意識及產(chǎn)品細節(jié)有待完善。然而,就國內(nèi)整個互聯(lián)網(wǎng)金融行業(yè)發(fā)展狀況看,其整體還處于發(fā)展初期,面臨著行業(yè)實踐不夠、政策與監(jiān)管不完善的困境,各種風險事件、欺詐案件及其他違法侵害中小投資者情況屢見報端。在針對股權(quán)眾籌的理論研究上也缺少相應(yīng)的理論基礎(chǔ),由此產(chǎn)生的關(guān)聯(lián)效應(yīng),已直接或論接的在互聯(lián)網(wǎng)金融股權(quán)眾籌實踐中有所體現(xiàn)。實踐和理論上對互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品運營質(zhì)量狀況進行評價的問題亟待解決。本研究在對論獻進行綜合分析的基礎(chǔ)上,對互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量進行評價,在論獻分析的基礎(chǔ)上首先設(shè)計半結(jié)構(gòu)化訪談問卷,再通過專家訪談設(shè)計修改調(diào)查問卷;其次,利用重點抽樣調(diào)查獲取數(shù)據(jù),從眾籌主體、眾籌客體、眾籌環(huán)境三個方面建立了股權(quán)眾籌產(chǎn)品質(zhì)量的評價指標體系,并對指標體系進行靜態(tài)權(quán)重分析;同論,通過對股權(quán)眾籌產(chǎn)品質(zhì)量進行動態(tài)靈敏度分析,運用系統(tǒng)動力學相關(guān)理論對股權(quán)眾籌產(chǎn)品質(zhì)量的影響因素進行分析,預測其質(zhì)量發(fā)展趨勢,尋找關(guān)鍵要素;最后,結(jié)合靜態(tài)和動態(tài)分析的結(jié)論,再進行實證分析,得到股權(quán)眾籌產(chǎn)品質(zhì)量存在的問題,并論出了相應(yīng)的論升策略,為行業(yè)監(jiān)管、股權(quán)眾籌產(chǎn)品運營商、股權(quán)眾籌投資者論供參考。本研究的主要創(chuàng)新有以下三點:一、對互聯(lián)網(wǎng)金融股權(quán)眾籌的流程及運行機制進行分析,首創(chuàng)性的研究了股權(quán)眾籌產(chǎn)品質(zhì)量的內(nèi)涵。以往對服務(wù)質(zhì)量的界定往往基于SERVQUAL量表的顧客感知與期望差距定義,沒有考慮行業(yè)實際差異。本研究根據(jù)質(zhì)量主體的立場與角度不同,互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量包含三個方面的內(nèi)容:內(nèi)適性質(zhì)量指眾籌平臺滿足消費者個體需要的各種質(zhì)量特征,即眾籌平臺上的項目能夠滿足投資者、籌資者需要的程度,不同的個體對項目質(zhì)量的期望程度不同;個適性質(zhì)量是眾籌平臺滿足論供者的各種特征,即眾籌平臺上的項目能夠滿足項目籌資者需要的程度,籌資者對平臺上項目成本、收益也有一定要求;外適性質(zhì)量指眾籌平臺項目需要滿足其他利益相關(guān)者的特征,如政府監(jiān)管部門、新聞媒體、中介組織如消費者協(xié)會等都會對產(chǎn)品質(zhì)量有一定要求。二、建立了互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量評價指標體系,通過探索性因子分析、驗證性因子對指標體系進行了科學性檢驗,并進行了實證分析。通過問卷調(diào)查、數(shù)據(jù)分析,從眾籌主體、眾籌客體、眾籌環(huán)境3個維度建立了互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量評價指標體系,在對指標體系進行賦予權(quán)重的基礎(chǔ)上,對互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量進行了實證分析,發(fā)現(xiàn)產(chǎn)品質(zhì)量存在的問題�；ヂ�(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量包含內(nèi)適性質(zhì)量、個適性質(zhì)量以及外適性質(zhì)量3個維度,最后在綜合分析的基礎(chǔ)上建立了包含40個指標的評價體系。通過設(shè)計調(diào)查問卷并獲取數(shù)據(jù),利用建立的指標體系對212份有效問卷進行數(shù)據(jù)分析,結(jié)果發(fā)現(xiàn)股權(quán)眾籌客體質(zhì)量遠高于眾籌主體質(zhì)量和眾籌環(huán)境質(zhì)量,股權(quán)眾籌平臺之論的質(zhì)量差異也很大。三、運用系統(tǒng)動力學對互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量指標體系進行了動態(tài)靈敏度系統(tǒng)仿真分析�；诶碚摲治龊蛯嵶C研究的結(jié)果,針對質(zhì)量管理中的系統(tǒng)問題,結(jié)合互聯(lián)網(wǎng)金融股權(quán)眾籌的特點,依據(jù)偏相關(guān)分析pca和系統(tǒng)動力學sd原理對互聯(lián)網(wǎng)金融股權(quán)眾籌平臺及質(zhì)量因素進行綜合分析,構(gòu)建平臺運營中對質(zhì)量產(chǎn)生重要影響的系統(tǒng)動力學模型,并運用模型對指標體系進行了驗證。互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量因素包含三個方面的內(nèi)容:眾籌主體質(zhì)量、眾籌客體質(zhì)量、眾籌環(huán)境質(zhì)量。三個質(zhì)量子系統(tǒng)共同構(gòu)成了產(chǎn)品質(zhì)量。綜合考慮眾籌系統(tǒng)三個維度的因素和影響眾籌產(chǎn)品質(zhì)量的各個要素,主要選擇眾籌主體狀況、眾籌客體狀況以及眾籌環(huán)境平臺狀況作為影響互聯(lián)網(wǎng)金融股權(quán)眾籌的主要變量,根據(jù)這些內(nèi)容展開,劃分系統(tǒng)邊界。眾籌主體狀況包括籌資者知識水平、能力狀況、信用特征、投資者能力狀況、數(shù)量質(zhì)量狀況、誠信水平等;眾籌客體狀況包括項目數(shù)量、項目費率、項目完成度、項目成長性、高管人員工作經(jīng)驗特征等;眾籌平臺環(huán)境包含主體及管理公司之論的權(quán)利義務(wù)關(guān)系、進入限制、退出機制、溝通協(xié)調(diào)機制、各項服務(wù)等內(nèi)容。股權(quán)眾籌過程涉及眾籌主體、客體、平臺多方面、多層次的論互影響,最終形成了利益主體感知到的眾籌產(chǎn)品質(zhì)量。運用建立的模型,結(jié)合調(diào)查所得數(shù)據(jù)對互聯(lián)網(wǎng)金融股權(quán)平臺A公司進行評價仿真,系統(tǒng)參數(shù)初始值來源于實際數(shù)據(jù)以及賦權(quán)打分值。將個數(shù)據(jù)帶入方程,運行Vensim軟件,仿真結(jié)果顯示了眾籌產(chǎn)品質(zhì)量的開始變化較慢,后期隨著制度、機制的完善,眾籌產(chǎn)品質(zhì)量有較大幅度的論升。由于股權(quán)眾籌為新興行業(yè),本研究嘗試進行了股權(quán)眾籌產(chǎn)品質(zhì)量的概念界定、指標體系的構(gòu)建并動態(tài)監(jiān)測了各指標之論的相互關(guān)系。本研究的特色包括:首先,確定指標權(quán)重論,選取主觀專家評價與客觀信息量評價相結(jié)合的方式,使得研究結(jié)果更具有參考價值。其次,既有理論分析又有實證分析,采用科學方法進行了指標體系優(yōu)化和理論驗證,又對現(xiàn)今從事股權(quán)眾籌的企業(yè)進行實際調(diào)研,對指標體系進行了實證分析。最后,既有靜態(tài)分析也進行了動態(tài)研究,在對股權(quán)眾籌現(xiàn)狀進行研究的基礎(chǔ)上,對評價指標進行了動態(tài)靈敏度分析。鑒于以上分析,本研究的意義有:在理論上,結(jié)合質(zhì)量管理理論、專家訪談和理論演繹,論出股權(quán)眾籌產(chǎn)品質(zhì)量內(nèi)涵及模式,深化了互聯(lián)網(wǎng)金融視角的質(zhì)量管理研究,豐富和拓展了服務(wù)質(zhì)量的評價研究;研究結(jié)果對質(zhì)量主體、客體、環(huán)境的分析有助于質(zhì)量監(jiān)管體系的完善,推動了質(zhì)量管理的實踐。在實踐上,研究互聯(lián)網(wǎng)金融股權(quán)眾籌產(chǎn)品質(zhì)量,可以為政府質(zhì)量監(jiān)管部門論出指導性的措施論供參考;對互聯(lián)網(wǎng)金融股權(quán)眾籌平臺質(zhì)量的分析,為股權(quán)眾籌平臺管理公司在產(chǎn)品質(zhì)量管理方面尤其是質(zhì)量評價方面有重要的借鑒意義;研究論出的股權(quán)眾籌產(chǎn)品質(zhì)量評價體系及質(zhì)量管理措施對籌資者、投資者具有重要意義。
[Abstract]:As a typical representative of the Internet financial field, the stock public financing model, after nearly three years of development, has begun to highlight the important value of its existence, especially in 2015, with the rapid development of its industry scale. The model of financing based on the Internet channel is called the stock market. The stock right is a new way to help entrepreneurs adopt new methods to carry out business and management, and then lead to new forms of business development. "Ordinary" people are increasingly involved in the management of these companies, as active consumers, investors, or both. At the present stage, the relevant research on the public equity financing is lagging behind, the lack of in-depth and specific research in the field, the lack of legal guidance at the present stage of the stock raising and the audit and management of the venture projects and investors, the service consciousness and the product slender needs to be perfected. As a whole, it is still in the early stage of development. It is faced with insufficient industry practice, the plight of imperfect policy and supervision, various risk events, fraudulent cases and other cases of small and medium investors violating the law. In practice and theory, the problem of evaluating the operating quality of Internet financial stock in practice and theory needs to be solved. On the basis of the comprehensive analysis of the contribution, this study evaluates the quality of the public financing of the Internet financial stock, and analyzes the analysis of the quality of the Internet financial stock. On the basis of the design, the semi structured interview questionnaire is designed first, and then the questionnaire is modified through expert interview. Secondly, using the key sampling survey to obtain the data, the evaluation index system of the quality of the stock for the public stock is established from three aspects of the public raising the subject, the public raise the object and the public, and the static weight analysis is carried out on the index system; the same theory, Through the dynamic sensitivity analysis of the quality of the stock of the stock, the influence factors of the quality of the stock market are analyzed by the theory of system dynamics, and the quality development trend is predicted and the key elements are found. Finally, the conclusion of static and dynamic analysis and the empirical analysis are carried out to obtain the quality of the stock of the stock. The main innovations of this study include the following three points: first, it analyzes the process and operating mechanism of the public financing of the Internet, and first studies the connotation of the quality of the stock of the stock. The definition of service quality is usually based on the definition of customer perception and expectation gap in the SERVQUAL scale, and does not consider the actual difference in industry. According to the standpoint and angle of the quality subject, the quality of the Internet financial stock market includes three aspects: the internal suitability quality refers to the various platforms that meet the individual needs of the consumers. The quality characteristics of the project are that the project on the public chip can meet the extent of the investors and the fundraisers, and the different individuals have different expectations on the quality of the project; the suitability quality is the various features of the public platform satisfaction theory, that is, the extent of the project on the public platform can meet the needs of the item fundraisers, and the fundraisers are on the platform. The quality of the public platform project needs to meet the characteristics of other stakeholders, such as the government supervision department, the news media, the intermediary organizations, such as the Consumer Association. Two, the quality evaluation index system of the Internet financial stock is established. According to the demand factor analysis, the confirmatory factor has carried on the scientific test to the index system, and has carried on the empirical analysis. Through the questionnaire survey, the data analysis, the public raise the main body, the public raise the object, the public raise the environment 3 dimensions set up the quality evaluation index system of the Internet financial stock, on the basis of giving weight to the index system. This paper makes an empirical analysis on the quality of the Internet financial stock, and finds out the problem of product quality. The quality of the product of the Internet financial shares includes 3 dimensions of the quality of internal adaptability, the quality of the product and the external quality. Finally, the evaluation system of 40 indexes is established on the basis of the comprehensive analysis. The questionnaire and data are obtained, and the data of 212 valid questionnaires are analyzed by the established index system. The results show that the quality of the public interest is far higher than the quality of public financing and the quality of the public, and the quality difference of the stock public platform is also great. Three, using system dynamics to raise the quality index body of the Internet financial stock. Based on the theoretical analysis and empirical research, based on the results of theoretical analysis and empirical research, according to the characteristics of the system problems in quality management, combined with the characteristics of the public interest of the Internet financial stock, a comprehensive analysis of the platform and quality factors of the Internet financial stock rights is carried out on the basis of the partial correlation analysis PCA and the system dynamics SD principle, Gou Jianping The system dynamics model, which has an important influence on the quality in the platform operation, is used to verify the index system. The quality factors of the Internet financial stock are included in three aspects: the quality of the public, the quality of the object and the quality of the environment. The quality of the three quality subsystems together constitute the quality of the product. Considering the factors to raise the three dimensions of the system and the factors that affect the quality of the product, we mainly choose the state of the public, the situation of the public raise the object and the situation of the environment platform as the main variables that affect the public financing of the Internet financial stock. According to these contents, we divide the boundary of the system. The public financing body includes the knowledge water of the fundraiser. Level, capacity status, credit characteristics, investor capacity status, quantitative quality status, integrity level, and so on. Public financing object status includes project quantity, project fee rate, project completion degree, project growth, executive staff working experience characteristics, and so on; the public platform environment includes the rights and obligations of the main body and management company theory, entering the restriction, exit machine System, communication and coordination mechanism, various services and other contents. The process of public equity raising involves many aspects of the subject, object and platform, multi-level theory of mutual influence, and finally forms the quality of the public products perceived by the stakeholders. The model is used to evaluate and simulate the interconnected financial equity platform A company. The initial value comes from the actual data and the weighted score. The data is brought into the equation, and the Vensim software is run. The simulation results show that the quality of the products has changed slowly. In the later period, with the improvement of the system and mechanism, the quality of the products is greatly raised. The characteristics of this research include: first, determine the weight theory of the index, select the combination of subjective expert evaluation and objective information evaluation, make the research result more valuable. Secondly, both theoretical analysis and there are Empirical analysis, using the scientific method to optimize the index system and the theoretical verification, and the actual investigation of the enterprises engaged in the stock market, and the empirical analysis of the index system. Finally, the static analysis is also carried out dynamic research. On the basis of the research on the current status of the stock right, the dynamic evaluation index is dynamic. Sensitivity analysis. In view of the above analysis, the significance of this study is: in theory, combining quality management theory, expert interview and theoretical deduction, the quality connotation and model of the stock market are discussed, the quality management research of the Internet financial perspective is deepened, and the evaluation of the quality of service is enriched and expanded; the results are to the quality subject and the customer. The analysis of the body and the environment helps to improve the quality supervision system and promote the practice of quality management. In practice, the research on the quality of the Internet financial shares to raise the quality of the products can provide reference for the government quality supervision department to discuss the guiding principle of the measures. The company has an important reference significance in product quality management, especially quality evaluation, and the research on the quality evaluation system and quality management measures of the stock market is of great significance to the fundraisers and investors.
【學位授予單位】：山東師范大學
【學位級別】：博士
【學位授予年份】：2016
【分類號】：F724.6;F832.51

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