股权众筹质量信号对投资人参与度的影响
|
摘要
在中国股权众筹监管细则尚未落地的背景下,以大众投资参与视角为出发点,基于前人对众筹成功影响因素的分析,利用众筹平台"人人投"所披露的质量信息为样本,研究融资方和众筹平台披露的质量信息与投资人的参与意愿之间的相互关系。基于ELM理论,将众筹平台披露的质量信息归结为中央路径和边缘路径。运用多元回归方法构建模型,实证结果表明:文字介绍完整度、视频时长和点赞数量对众筹项目投资人的参与热情有正向影响。整体来看,投资者对众筹平台提供的边缘路径信息更加敏感,其投资行为存在一定的羊群效应。
Under the background that the regulation of equity crowdfunds in our country has not yet landed,this article takes the perspective of public participation as a starting point. Based on the analysis of predecessors' impact on the success of crowdfunding,using the disclosed quality of "Everyone Casts" in our crowdfunding platform,the information is a sample of the research that examines how the quality information disclosed by the financier and the crowdfunding platform correlates with the investor's willingness to participate. Based on the ELM theory,this article attributed the quality information disclosed by the crowdfunding platform to the central path and the marginal path. Multiple regression method was used to construct the model,and the empirical results showed that the completeness of text introduction,video duration and thumb up quantity have positive effects on the participation enthusiasm of investors in crowdfunding projects. On the whole,investors are more sensitive to the edge path information provided by the crowdfunding platform,and their investment behaviors have a certain herding effect.
Under the background that the regulation of equity crowdfunds in our country has not yet landed,this article takes the perspective of public participation as a starting point. Based on the analysis of predecessors' impact on the success of crowdfunding,using the disclosed quality of "Everyone Casts" in our crowdfunding platform,the information is a sample of the research that examines how the quality information disclosed by the financier and the crowdfunding platform correlates with the investor's willingness to participate. Based on the ELM theory,this article attributed the quality information disclosed by the crowdfunding platform to the central path and the marginal path. Multiple regression method was used to construct the model,and the empirical results showed that the completeness of text introduction,video duration and thumb up quantity have positive effects on the participation enthusiasm of investors in crowdfunding projects. On the whole,investors are more sensitive to the edge path information provided by the crowdfunding platform,and their investment behaviors have a certain herding effect.
引文
[1] MOLLICK E R. The dynamics of crowdfunding:an exploratory study[J]. Journal of Business Venturing,2014,29(1):1-16.
[2]夏恩君,李森,赵轩维,等.股权众筹投资者动机研究[J].科研管理,2017,38(12):78-88.
[3] SCHWIENBACHER A,LARRALDE B. Crowdfunding of small enterpreneurial ventures[M]//Handbook of Entrepreneurial Finance.Oxford:Oxford Vniversity Press,2010:1-23.
[4] RUBINTON B J. Crowdfunding:disintermediated investment banking[D]. Germany:Unirersity Library of Munich,2011.
[5] TOMCZAK A,BREM A. A conceptualized investment model of crowdfunding[J]. Venture Capital,2013,15(4):335-359.
[6] MEER J. Effects of the price of charitable giving:evidence from an online crowdfunding platform[J]. Journal of Economic Behavior&Organization,2014,103:113-124.
[7] BAUMGARDNER T,NEUFELD C,HUANG P C,et al. Crowdfunding as a fast-expanding market for the creation of capital and shared value[J]. Thunderbird International Business Review,2017,59(1):115-126.
[8] KSHETRI N. Success of crowd-based online technology in fundraising:an institutional perspective[J]. Journal of International Management,2015,21(2):100-116.
[9] BELLEFLAMME P,OMRANI N,PEITZ M. The economics of crowdfunding platforms[J]. Information Economics and Policy,2015,33:11-28.
[10] MOUTINHO N,LEITE P. Critical success factors in crowdfunding:the case of kickstarter[J]. Securities Markets Review,2013(45):8-32.
[11] FRYDRYCH D,BOCK A J,KINDER T,et al. Exploring entrepreneurial legitimacy in reward-based crowdfunding[J].Venture Capital,2014,16(3):247-269.
[12] ALLISON T H,DAVIS B C,SHORT J C,et al. Crowdfunding in a prosocial microlending environment:examining the role of intrinsic versus extrinsic cues[J]. Entrepreneurship Theory and Practice,2014,39:53-73.
[13]焦微玲,刘敏楼.社会化媒体时代的众筹:国外研究述评与展望[J].中南财经政法大学学报,2014(5):65-71.
[14] EVERS M,LOUREN O C,BEIJE P. Main drivers of crowdfunding success:a conceptual framework and empirical analysis[M].,Rotterdam,Netherlands:ERASMUS UNIVERSITY,2012.
[15] AN J,QUERCIAL D,CROWCROFT J. Recommending investers for crowdfunding projects[C]//Proceedings of the 23rd International Conference on World Wide Web. Seoul,South Korea:Association for Computing Machinery,Inc.,2014:261-270.
[16]范晓萍.企业会计信息化平台构建分析[J].企业导报,2015(15):76-76.
[17]徐晨飞,陈珂祺.众筹网站用户参与度影响因素研究:以“众筹网”为例[J].情报杂志,2015,34(11):174-182.
[18]吴喜雁,周建波.大众参与众筹投资决策影响因素分析[J].科技进步与对策,2015(24):12-16.
[19]李万帅,黄诗静,张译元.感知收益对公众参与众筹行为的影响———基于不同偏好视角[J].市场论坛,2015(4):17-18.
[20] PETTY R E,CACIOPPO J T. Attitudes and persuasion:classic and contemporary approaches[M]. Boulder,CO:Westview Press,1996.
[21] KUPPUSWAMY V,BAYUS B L. Crowdfunding creative ideas:the dynamics of project backers in kickstarter[J]. UNC Kenan-Flagler Research Paper,2013(15):1-48.
[22] SEN S,LERMAN D. Why are telling me this? an examination into negative consumer reviews on the web[J]. Journal of Interactive Marketing,2007(21):76-94.
[23] BENEDICKTUS R L. Conveying trustworthiness to online consumers:reactions to consensus,physical store presence,brand familiarity,and generalized suspicion[J]. Journal of Retailing,2010,86(4):322-335.
[24] FORMAN C,GHOSE A,WIESENFELD B. Examining the relationship between reviews and sales:the role of reviewer identity disclosure in electronic markets[J]. Information Systems Research,2008,19(3):291-313.
[25] PAN Y,ZHANG J Q. Born unequal:a study of the helpfulness of user-generated prodcut reviews[J]. Journal of Retailing,2011,87(4):598-612.
[26] MENDOZA A,VENTURA J A. Modeling actual transportation costs in supplier selection and order quantity allocation decision[J]. Operational Research,2013,13(1):5-25.
(1)证明过程从略,有需要者可与作者联系索取。
[2]夏恩君,李森,赵轩维,等.股权众筹投资者动机研究[J].科研管理,2017,38(12):78-88.
[3] SCHWIENBACHER A,LARRALDE B. Crowdfunding of small enterpreneurial ventures[M]//Handbook of Entrepreneurial Finance.Oxford:Oxford Vniversity Press,2010:1-23.
[4] RUBINTON B J. Crowdfunding:disintermediated investment banking[D]. Germany:Unirersity Library of Munich,2011.
[5] TOMCZAK A,BREM A. A conceptualized investment model of crowdfunding[J]. Venture Capital,2013,15(4):335-359.
[6] MEER J. Effects of the price of charitable giving:evidence from an online crowdfunding platform[J]. Journal of Economic Behavior&Organization,2014,103:113-124.
[7] BAUMGARDNER T,NEUFELD C,HUANG P C,et al. Crowdfunding as a fast-expanding market for the creation of capital and shared value[J]. Thunderbird International Business Review,2017,59(1):115-126.
[8] KSHETRI N. Success of crowd-based online technology in fundraising:an institutional perspective[J]. Journal of International Management,2015,21(2):100-116.
[9] BELLEFLAMME P,OMRANI N,PEITZ M. The economics of crowdfunding platforms[J]. Information Economics and Policy,2015,33:11-28.
[10] MOUTINHO N,LEITE P. Critical success factors in crowdfunding:the case of kickstarter[J]. Securities Markets Review,2013(45):8-32.
[11] FRYDRYCH D,BOCK A J,KINDER T,et al. Exploring entrepreneurial legitimacy in reward-based crowdfunding[J].Venture Capital,2014,16(3):247-269.
[12] ALLISON T H,DAVIS B C,SHORT J C,et al. Crowdfunding in a prosocial microlending environment:examining the role of intrinsic versus extrinsic cues[J]. Entrepreneurship Theory and Practice,2014,39:53-73.
[13]焦微玲,刘敏楼.社会化媒体时代的众筹:国外研究述评与展望[J].中南财经政法大学学报,2014(5):65-71.
[14] EVERS M,LOUREN O C,BEIJE P. Main drivers of crowdfunding success:a conceptual framework and empirical analysis[M].,Rotterdam,Netherlands:ERASMUS UNIVERSITY,2012.
[15] AN J,QUERCIAL D,CROWCROFT J. Recommending investers for crowdfunding projects[C]//Proceedings of the 23rd International Conference on World Wide Web. Seoul,South Korea:Association for Computing Machinery,Inc.,2014:261-270.
[16]范晓萍.企业会计信息化平台构建分析[J].企业导报,2015(15):76-76.
[17]徐晨飞,陈珂祺.众筹网站用户参与度影响因素研究:以“众筹网”为例[J].情报杂志,2015,34(11):174-182.
[18]吴喜雁,周建波.大众参与众筹投资决策影响因素分析[J].科技进步与对策,2015(24):12-16.
[19]李万帅,黄诗静,张译元.感知收益对公众参与众筹行为的影响———基于不同偏好视角[J].市场论坛,2015(4):17-18.
[20] PETTY R E,CACIOPPO J T. Attitudes and persuasion:classic and contemporary approaches[M]. Boulder,CO:Westview Press,1996.
[21] KUPPUSWAMY V,BAYUS B L. Crowdfunding creative ideas:the dynamics of project backers in kickstarter[J]. UNC Kenan-Flagler Research Paper,2013(15):1-48.
[22] SEN S,LERMAN D. Why are telling me this? an examination into negative consumer reviews on the web[J]. Journal of Interactive Marketing,2007(21):76-94.
[23] BENEDICKTUS R L. Conveying trustworthiness to online consumers:reactions to consensus,physical store presence,brand familiarity,and generalized suspicion[J]. Journal of Retailing,2010,86(4):322-335.
[24] FORMAN C,GHOSE A,WIESENFELD B. Examining the relationship between reviews and sales:the role of reviewer identity disclosure in electronic markets[J]. Information Systems Research,2008,19(3):291-313.
[25] PAN Y,ZHANG J Q. Born unequal:a study of the helpfulness of user-generated prodcut reviews[J]. Journal of Retailing,2011,87(4):598-612.
[26] MENDOZA A,VENTURA J A. Modeling actual transportation costs in supplier selection and order quantity allocation decision[J]. Operational Research,2013,13(1):5-25.
(1)证明过程从略,有需要者可与作者联系索取。
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |