我国进入经济转型机遇期以来，一种新兴的互联网金融模式—众筹，给初创企业及个人创业者提供了全新的营销方式和筹资渠道。众筹融资绩效不仅是创新项目发起人关注的核心问题，也是众筹平台兴衰的决定因素。本文基于创新扩散理论，对众筹项目特征进行理论抽象，构建创新项目融资绩效的影响机制模型，实证分析相对优势、兼容性和可观察性创新特征对众筹项目融资绩效的影响，并探讨项目状态和发起人信息披露在此影响机制中的调节效应。研究结果表明：众筹项目的相对优势和兼容性特征均正向影响众筹项目融资绩效；项目状态和发起人信息披露均正向调节相对优势与项目融资绩效的关系，而负向调节可观察性与项目融资绩效的关系；仅发起人信息披露负向调节兼容性与项目融资绩效的关系。
Abstract
As an emerging Internet finance model, crowdfunding provides new marketing methods and financing channels for start-ups and individual entrepreneurs. As a new engine for the integrated development of the Internet economy and the real economy, the crowdfunding platform has huge market potential. However, the amount of project financing growth is slow or even negative, and the project financing failure rate is as high as 50%. Therefore, how to meet the value needs of potential investors and improve the financing success rate is a practical problem that crowdfunding platforms and project sponsors need to solve urgently. At the same time, the research on the crowdfunding platform in the existing literature mainly analyzes the influencing factors of the project financing performance from the four aspects of the basic characteristics of the project, fundraisers, funders, and crowdfunding platforms. Refining the basic characteristics of the project is still in the exploratory stage. The cultural creativity crowdfunding platform, as a typical innovation ecosystem, the projects on the platform are regarded as an innovative product or service, and its innovation characteristics are more prominent. Therefore, this paper focuses on the cultural creativity crowdfunding platform, based on the theory of innovation diffusion to theoretically abstract the characteristics of crowdfunding projects, construct an impact mechanism model of innovation project diffusion, and explore the moderating effects of project status and sponsor information disclosure in this impact mechanism. First, based on the positive impact of innovation characteristics stated in the theory of innovation diffusion on the results of innovation diffusion, it is proposed that the relative advantage, compatibility and observability characteristics of crowdfunding projects positively affect the financing performance of crowdfunding projects. Second, considering that the status of the crowdfunding project will affect the user′s decision-making reference model, it is proposed that the crowdfunding status (in the crowdfunding and the success of the crowdfunding) will adjust the relative advantage, compatibility and observability characteristics of the crowdfunding project positive impact of financing performance. Finally, considering the positive emotional response caused by the information disclosure of the initiator, it is proposed that the information disclosure of the initiator will positively regulate the positive impact of the relative advantage, compatibility and observability characteristics of the crowdfunding project on project financing performance.
In this study, MoDian website, a representative cultural creativity crowdfunding platform is taken as the research object. We collected online data from the establishment date of the website to October 7, 2018, and analyzed and tested the model by using the STATA14.0 tool. According to the research, it is shown that, primarily, relative advantage and compatibility have a positive impact on project financing performance; there was no significant impact between observability and project financing performance. In addition, the location of the project, the type of support amount, the number of projects initiated by the initiator, and the number of projects supported by the initiator all positively affect the project financing performance, while the target amount, the number of projects that the initiator is concerned about, and the number of creative ideas that the initiator is optimistic about negatively affect the project financing performance. Then, project status has a positive impact in regulating the relationship between project financing performance and relative advantage, and negatively influence the regulation of the relationship between project financing performance and observability. What′s more, for the relationship between compatibility and project financing performance, the project status has no significant impact on their relationship. Sponsor information disclosure plays a positive role in the relation between project financing performance and comparative advantage, and negatively influence the relationship between compatibility, observability and project financing performance.
The research has made some theoretical contributions. Firstly, the impact mechanism model of innovation diffusion constructed in this paper has detailed the research on the influencing factors of crowdfunding project financing performance. Secondly, this paper analyzes the impact of relative advantage, compatibility, and observability on the financing performance of crowdfunding projects, and provides a new theoretical perspective for research in the field of crowdfunding. Finally, this paper sets project status and initiator information disclosure as moderators, explores its moderating effect on the relationship between innovation characteristics and project financing performance. The dual perspectives of the sponsor and the initiator reveal the boundary conditions of the impact mechanism model of crowdfunding project diffusion.
关键词
文化创意 /
众筹平台 /
融资绩效 /
创新扩散理论
Key words
cultural creativity /
crowdfunding platform /
financing performance /
innovation diffusion theory
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基金
国家自然科学基金面上项目：“面向全场景智能服务的价值共创模式演变及优化研究”（72172111，2022.01—2025.12）；国家自然科学基金青年项目：“社会化媒体环境下顾客共创体验价值的形成机制及影响研究”（71602152，2017.01—2019.12）；湖北省软科学研究项目：“‘中国制造2025’下湖北制造企业技术创新与商业模式创新协同发展路径研究”（2017ACD108，2017.09—2020.03)。
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