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数据分析与知识发现  2018, Vol. 2 Issue (7): 13-25     https://doi.org/10.11925/infotech.2096-3467.2018.0121
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基于Web的众筹研究回顾:融资模式、影响因素和行为模式*
王伟1, 郭丽环1,2, 王洪伟3(), KevinZhu4, 何翎1
1华侨大学工商管理学院 泉州 362021
2泉州师范学院陈守仁工商信息学院 泉州 362699
3同济大学经济与管理学院 上海 200092
4加利福尼亚大学拉迪管理学院 圣地亚哥 92093-0553
Web-based Crowd-funding: Financing Models, Influencing Factors and Behaviour Patterns
Wang Wei1, Guo Lihuan1,2, Wang Hongwei3(), Kevin Zhu4, He Ling1
1College of Business Administration, Huaqiao University, Quanzhou 362021, China
2College of ChenShouren Business and Information, Quanzhou Normal University, Quanzhou 362699, China
3School of Economics and Management, Tongji University, Shanghai 200092, China
4Rady School of Management, University of California, San Diego 92093-0553, USA
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摘要 

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。

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王伟
郭丽环
王洪伟
KevinZhu
何翎
关键词 众筹众投众筹模式筹资    
Abstract

[Objective] The web-based crowdfunding has become a new channel for fund-raising, which got more and more attention from governments and investors. However, limited research has been conducted on crowdfunding. This paper reviews the latest studies on crowdfunding, and discusses its trends. [Coverage] We retrieved 157 Chinese and English papers from Web of Science and CNKI using the keywords of “Crowdfunding”, “Crowdfinancing”, “Crowdinvesting” or “P2P Lending”. [Methods] By literature metrology and data analysis methods, we introduce the definitions and classifications of crowdfunding. Then we study the factors which influence the successful campaigns from the following aspects: platform of crowdfunding, description of the projects, social relationship of the founders, geographical factors, as well as the quality signals of the projects. [Results] Results of the crowdfunding campaigns were influenced by many factors, especially the non-quality ones. There was significant difference between the investors and peoples seeking funding, which determined the prospect of each campaign. [Limitations] More research is needed to investigate the crowdfunding models [Conclusions] There are still much to be explored in crowdfunding models, such as from the psychology, behavioral science and finance perspectives.

Key wordsCrowdfunding    Crowdinvesting    Crowdfunding Model    Financing
收稿日期: 2018-02-01      出版日期: 2018-08-15
ZTFLH:  TN948.61 G35  
基金资助:*本文系国家自然科学基金项目“文本语言特征对众筹项目融资效果的影响: 基于文本挖掘的方法”(项目编号: 71601082)、福建省自然科学基金项目“投资行为的本地偏好对众筹项目融资效果的影响”(项目编号: 2017J01132)和福建省社会科学规划项目“众筹项目文本更新的语言说服性对投资者参与投资意愿的影响”(项目编号: FJ2016B075)的研究成果之一
引用本文:   
王伟, 郭丽环, 王洪伟, KevinZhu, 何翎. 基于Web的众筹研究回顾:融资模式、影响因素和行为模式*[J]. 数据分析与知识发现, 2018, 2(7): 13-25.
Wang Wei,Guo Lihuan,Wang Hongwei,Kevin Zhu,He Ling. Web-based Crowd-funding: Financing Models, Influencing Factors and Behaviour Patterns. Data Analysis and Knowledge Discovery, 2018, 2(7): 13-25.
链接本文:  
http://manu44.magtech.com.cn/Jwk_infotech_wk3/CN/10.11925/infotech.2096-3467.2018.0121      或      http://manu44.magtech.com.cn/Jwk_infotech_wk3/CN/Y2018/V2/I7/13
  每年出版的SCI文献统计
  SCI论文最频繁关键词词云
  每年出版的中文文献统计
  中文文献的关键词以及关系
众筹模式 数量 比例
基于回报的众筹 34 37.36%
基于无偿捐赠的众筹 26 28.57%
基于股权的众筹 13 14.29%
基于借贷关系的众筹 6 6.59%
回报+捐赠模式 5 5.49%
股权回报模式 3 3.30%
借贷+回报模式 2 2.20%
捐赠+借贷模式 1 1.10%
借贷+股权+回报 1 1.10%
合计 91 100.00%
  各种众筹模式所占比例[11]
筹资模式 代表网站 平台收费 慈善
项目
匿名
投资
多人
维护
Alex
排名
融资者
限制
项目
分类
筹资
时间
项目成功率
All-or-Nothing Kickstarter.com 未达到筹资目标则退款; 达到筹资目标收取8%-10%。 不支持 不支持 不支持 657 由于税收问题, 仅限美国公民 13 1~60天 约36%
Keep-what-you-raise RocketHub.com 达到筹资目标收取4%; 未达到筹资目标收取8%。 支持, 但不推荐 不支持 支持 319074 无限制 4大类, 32小类 15~90天 未公布
混合模式(由融资者决定) Indiegogo.com 达到筹资目标收取4%; 未达到筹资目标收取9%。 支持 支持 支持 2178 无限制 24 1~60天 --
  基于回报的众筹项目三种模式的比较
正相关 负相关
发起方因素 融资者的准备充分度[13]; 口碑效应[16]; 融资者的性别[17]; 项目
更新[13,18]; 承诺的回报激励机制[19]
由于顾及知识产权, 不能在项目描述中详细介绍项目[20]; 定价策略的错误使用[21]
投资方因素 投资者之前受到融资者的支持, 或者建立了某种关系[22]; 集群效应[23] 担心融资者滥用资金[20]; 担心项目不能履行承诺的回报[20]
  基于回报的众筹模式的影响因素
影响方 影响因素 影响方向
筹资方 慈善机构展示出来的效率[27] 正相关
筹资方 慈善机构所在领域的竞争情况[27] 负相关
筹资方 筹集资金的目标越高, 越会阻碍投资者
投资兴趣[27]
负相关
筹资方 社会化网络资源的使用[28] 正相关
筹资
项目
有明确筹资目标的项目筹得的资金是其他项目的两倍以上, 并且更容易吸引融资者的关注和未来再次投资[29] 正相关
投资方 其他人的投资决策[30] 正相关
  基于无偿捐赠的众筹模式的影响因素
分类 影响因素 影响方向
多媒体因素 提供项目视频介绍[56] 正相关
视频制作水平[13] 正相关
文本描述因素 描述文本的可读性[57] 正相关
负面文本情感信息[57] 负相关
主观性的描述[58] 负相关
文本描述中存在潜在的欺诈性线索[59] 负相关
修辞学策略的使用[60] 正相关
众筹模式需要在线描述项目创意, 这对所有访客都是公开的, 因此存在创意被窃取的威胁, 市场上可能涌现相似的产品[61], 因而项目描述不够具体 负相关
回报描述因素 回报等级设置缺乏区分度[62] 负相关
  项目描述因素对众筹项目成功融资的影响
社会关系 正相关 负相关
发起方 社会化推荐[63];社会化网络上的好友数量(例如: Facebook)[13];投资者与融资者的互动[65] 融资者不能吸引来自亲朋好友的资金支持[24,66];个人融资者比团队融资者更难融资成功[67]
投资方 集群行为[24,37,40,64];知名投资者参与或者大客户参与[67] 早期投资行为不足[68,69];投资者与投资者, 投资者与融资者缺乏交流[62]
  社会关系因素对众筹项目成功融资的影响
影响因素 影响方向
约31%的早期投资来自朋友和家人[72], 这些人对融资者的品行和专业能力有较客观的评价[66], 因此投资者地理位置较近是对项目质量的肯定。 正相关
对于线下的风险投资, 投融资双方的平均距离仅为70英里; 而50%的天使投资与目标企业的距离也在半天行程范围内[73], 投资者偏好距离较近的项目。 正相关
早期投资行为是对项目质量的肯定, 对其他投资者(地理位置较远)具有激励作用[74] 正相关
地理位置因素导致了对Web众筹平台不同的信息使用模式, 非亲朋好友更倾向于使用搜索引擎检索项目, 或依赖众筹平台的推荐功能。朋友和家人则不然, 他们不受信息检索的驱动, 这种行为模式在首次投资时尤为明显[24] 正相关
由于项目性质的差异, 投资者对不同项目类别的地理位置效应(本地偏好)存在显著差异, 例如投资者通常喜欢地理位置较近的食品类项目, 而科技类项目则不受此影响[75] 依项目性质而定
  地理位置因素对众筹项目成功融资的影响
归类 影响因素 影响方向
项目内容方面的
质量展示
筹资目标高的项目不易获得投资者的认可, 而低目标更易成功[13], 融资失败项目的筹资目标是成功项目的5倍以上[15] 负相关
专利权(或者知识产权)的申明[80] 正相关
由于担心创意被窃取, 而不能在项目描述中详细描述项目的内容[81] 负相关
融资人方面的
质量展示
好项目通常以高质量的视频为卖点, 融资者对自身信息的披露(如所在城市、职业、学历)也能显示项目质量[13] 正相关
在激烈竞争的环境下, 管理经验有助于提升企业对人力资本以及社会资本的吸收能力[82] 正相关
乐观的融资者对于成功充满信心, 有激情的融资者更容易获得成功[45] 正相关
  项目质量因素对众筹项目成功融资的影响
  众筹模式研究范畴概述
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