摘要
互联网众筹平台不仅为创业者带来了创新的融资渠道,极大改变了创业者的社交网络形态,同时也滋生了严峻的信息不对称问题。本文基于众筹网站3478个创业项目及其创业者社交网络数据,研究了创业过程中随着社会网络阶段的演变,创业者通过其社交网络进行信息分享对创业融资绩效产生的影响。结果表明,创业者以第三方社交网络为渠道分享信息,通过信任机制降低信息不对称,有效提升了融资绩效,且其成效具有信息异质性和阶段动态性。在个人社交网络阶段,个人相关信息分享及其所获反馈产生了更强的融资绩效提升作用;而随着创业过程步入社会化社交网络阶段,项目相关信息分享及其所获反馈的提升效应更强。本文构筑的创业者社交网络信息分享及其所获反馈与互联网创业融资的双阶段模型,是结合互联网众筹的社交属性对其信息不对称问题的回应,打破了已有研究囿于众筹平台内部进行信息分享的局限,推动了研究视角由静态向动态发展,也是对互联网金融创新条件下相关创业范式的有益探索。
The Internet crowdfunding platform not only brings innovative financing channels to entrepreneurs and greatly changes their social network forms,but also breeds severe information asymmetry.Based on the crawling of 3478 entrepreneurial projects on the crowdfunding website and entrepreneursz social network data,this paper studies the impact of entrepreneurs'social network information sharing on financing performance in different social network stages during the entrepreneurship process.The results show that the third-party social network can be used as the information sharing channel by entrepreneurs to reduce information asymmetry through trust mechanism,and then effectively improve financing performance.However,the effectiveness has information heterogeneity and stage dynamics.In the personal social network stage,person-related information sharing and its feedback can produce a stronger financing performance improvement effect;as the entrepreneurial process enters socialized social network stage,project-related information sharing and its feedback do better.The two-stage model of the relationship between entrepreneurs'social network information sharing and its feedback and Internet entrepreneurship financing proposed in this paper is a combination of the social attributes of Internet crowdfunding in response to information asymmetry,breaking the limitations of extant research in which information sharing is limited on the crowdfunding platform,and promoting the velopment of research from the static to dynamic perspective.This paper is a useful exploration of entrepreneurial paradigm under Internet financial innovation.
出处
《管理世界》
CSSCI
北大核心
2021年第2期107-125,227,共20页
Journal of Management World
基金
国家社会科学基金重点项目(17AJY012)的资助。
