【目的】基于Web的众筹模式成为新的融资渠道,倍受政府和投资者的关注,但是众筹研究并不广泛。本文针对众筹模式的现状,探讨众筹模式结构性、趋势性的研究进展。【文献范围】从Web of Science、CNKI等数据库中分别以"众筹(Crowdfun...【目的】基于Web的众筹模式成为新的融资渠道,倍受政府和投资者的关注,但是众筹研究并不广泛。本文针对众筹模式的现状,探讨众筹模式结构性、趋势性的研究进展。【文献范围】从Web of Science、CNKI等数据库中分别以"众筹(Crowdfunding,Crowdfinancing,Crowdinvesting)"、"P2P借贷(P2P Lending)"等检索词检索获得中英文相关文献101篇。【方法】通过文献计量学和数据分析方法,针对众筹相关概念及内涵、模式差异、影响因素与发展趋势进行系统的文献提炼与评析,分面从众筹平台、项目描述、社会关系、地理位置以及项目质量等方面分析影响众筹项目成功率的因素。【结果】众筹项目融资受多方面因素影响,尤其不能忽视非质量因素,项目融资者与投资者呈现显著的行为模式的差异,投融双方的行为共同决定众筹项目的前景。【局限】众筹模式的研究还并不深入。【结论】众筹模式具有较大的可探索空间,未来需要结合其他领域的研究对众筹模式进行更加深入的研究,例如:心理学、行为学、金融学等。展开更多
Viewing investment projects in new technologies as real options, this paper studies the effects of endogenous competition and asymmetric information on the strategic exercise of real options. We first develop a multi-...Viewing investment projects in new technologies as real options, this paper studies the effects of endogenous competition and asymmetric information on the strategic exercise of real options. We first develop a multi-period, game-theoretic model and show how competition leads to early exercise and aggressive investment behaviors and how competition erodes option values. We then relax the typical full-information assumption found in the literature and allow information asymmetry to exist across firms. Our model shows, in contrast to the literature that payoff is independent of the ordering of exercise, that the sequential exercise of real options may generate both informational and payoff externalities. We also find some surprising but interesting results such as having more information is not necessarily better.展开更多
文摘【目的】基于Web的众筹模式成为新的融资渠道,倍受政府和投资者的关注,但是众筹研究并不广泛。本文针对众筹模式的现状,探讨众筹模式结构性、趋势性的研究进展。【文献范围】从Web of Science、CNKI等数据库中分别以"众筹(Crowdfunding,Crowdfinancing,Crowdinvesting)"、"P2P借贷(P2P Lending)"等检索词检索获得中英文相关文献101篇。【方法】通过文献计量学和数据分析方法,针对众筹相关概念及内涵、模式差异、影响因素与发展趋势进行系统的文献提炼与评析,分面从众筹平台、项目描述、社会关系、地理位置以及项目质量等方面分析影响众筹项目成功率的因素。【结果】众筹项目融资受多方面因素影响,尤其不能忽视非质量因素,项目融资者与投资者呈现显著的行为模式的差异,投融双方的行为共同决定众筹项目的前景。【局限】众筹模式的研究还并不深入。【结论】众筹模式具有较大的可探索空间,未来需要结合其他领域的研究对众筹模式进行更加深入的研究,例如:心理学、行为学、金融学等。
文摘Viewing investment projects in new technologies as real options, this paper studies the effects of endogenous competition and asymmetric information on the strategic exercise of real options. We first develop a multi-period, game-theoretic model and show how competition leads to early exercise and aggressive investment behaviors and how competition erodes option values. We then relax the typical full-information assumption found in the literature and allow information asymmetry to exist across firms. Our model shows, in contrast to the literature that payoff is independent of the ordering of exercise, that the sequential exercise of real options may generate both informational and payoff externalities. We also find some surprising but interesting results such as having more information is not necessarily better.
