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Data Analysis and Knowledge Discovery  2018, Vol. 2 Issue (7): 13-25    DOI: 10.11925/infotech.2096-3467.2018.0121
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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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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     
Received: 01 February 2018      Published: 15 August 2018
ZTFLH:  TN948.61 G35  

Cite this article:

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.

URL:

https://manu44.magtech.com.cn/Jwk_infotech_wk3/EN/10.11925/infotech.2096-3467.2018.0121     OR     https://manu44.magtech.com.cn/Jwk_infotech_wk3/EN/Y2018/V2/I7/13

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%
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 --
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]
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
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
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]
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
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
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