摘要
基于互联网平台的股权众筹为创新项目融资提供了新的渠道,本文研究众筹项目融资绩效的影响因素,这是创业者和平台共同关注的重要话题。作者基于信号理论从不确定性、投资风险、人力资本3个维度构建理论模型,采集我国知名众筹平台大家投的运营数据检验假设。结果显示项目动态更新次数、项目估值、员工人数、股东人数显著地影响众筹项目融资绩效,因此有效地传递项目质量和创业者能力的信号有助于项目融资成功。
Internet-based crowdfunding provides new funding channel for innovation projects. This study aimed at identifying the antecedents of crowdfunding success ,which is an important issue for both entrepreneurs and crowdfunding platforms. Based on signaling theory ,the authors developed a research model from three dimensions, i. e. , uncertainty, venture risk,and human capital. We collected data from Dajiatou,one well-known crowdfunding platform in China,to test the hypotheses. The results indicated that project news number, project valuation, staff number, and stakeholder number are significant predictors for crowdfunding success. Thus effectively signaling project quality and entrepreneur＇s capability is helpful for crowdfunding.
出处
《中国软科学》
CSSCI
北大核心
2015年第1期130-138,共9页
China Soft Science
基金
教育部人文社科项目(12YJCZH306)
国家自然科学基金(71302186)
国家自然科学基金(71302008)
中央高校基本科研业务费专项资金资助(JBK120505)
社科重点项目(11AZD077)
关键词
股权众筹
融资绩效
信号理论
不确定性
equity-based crowdfunding
funding success
signaling theory
uncertainty
