基于顾客价值视角的股权众筹项目融资绩效影响因素研究

发布时间：2018-01-28 12:14

本文关键词： 互联网金融股权众筹顾客让渡价值融资绩效　出处：《浙江理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着互联网的广泛普及和社会主义市场经济的高度开放化、自由化,互联网金融已经取得了飞速的发展,股权众筹作为互联网金融的一种新兴形式,在近年来呈现出爆发式的增长。虽然股权众筹融资的发起者是小企业,融资对象是广大的小老百姓,融资金额是微小金额,但股权众筹在我国的总体规模已经相当庞大,是我国互联网金融的主要组成部分。股权众筹的出现与发展,受到了企业界和学术界的广泛关注,如何正确认识和引领股权众筹在我国持续、健康发展已成为许多学者关注的问题。股权众筹融资绩效反映着项目通过股权众筹融资方式的融资效果,股权众筹项目发起者应当如何利用股权众筹方式为项目融得更多的资金已成为学术界的热门话题,股权众筹融资绩效的影响因素也已经被提升为学术问题。本文以顾客价值视角作为切入点,将股权众筹融资过程与普通商品买卖联系起来,基于顾客让渡价值以及众筹理论等理论,结合股权众筹的特点,深入分析股权众筹中各影响因素(产品价值、服务价值、人员价值、形象价值、货币成本、时间成本)对股权众筹项目融资绩效的影响。本文首先系统化回顾以往的关于融资绩效、众筹参与者融资动机、股权众筹融资绩效相关文献,然后基于顾客让渡价值理论和众筹理论构建本文的理论模型,并提出本文的研究假设;再通过收集互联网上众多股权众筹平台公开的项目融资过程数据,用SPSS22.0统计分析软件对本文提出的假设进行实证性检验分析。本研究最终得出以下主要结论:股权众筹项目的产品价值与其融资绩效具有显著的正向影响,产品价值高的项目其最终的融资结果要好;股权众筹项目的服务价值与其融资绩效不完全具有显著的正向影响;股权众筹项目的人员价值与其融资绩效不完全具有显著的正向影响。人员价值中团队规模对融资绩效的影响不显著,团队学历均值对融资绩效有着显著的影响,项目团队学历水平越高,项目融资成功的可能性也越大;股权众筹项目的形象价值与其融资绩效不完全具有显著的正向影响;股权众筹项目的货币成本与其融资绩效没有具有显著的负向影响;股权众筹项目的时间成本与其融资绩效具有显著的正向影响;领投人对产品价值与融资绩效之间的关系具有正向调节作用。本研究以顾客价值视角基于顾客让渡价值理论深入分析影响股权众筹项目融资绩效的影响因素,不仅完善了众筹理论基础,而且还延伸了顾客让渡价值理论的应用范围。股权众筹融资绩效问题不仅关系着项目发起人的利益(能否为项目融得足够的资金),还关系着广大投资者的利益(能否选择出融资能力强的项目进行投资),因此本文既可以为项目发起者在发布众筹项目时提供建议又可以为广大的投资者在选择有价值、有潜力的股权众筹项目时提供具有一些有价值的指导。
[Abstract]:With the wide popularity of the Internet and the highly open socialist market economy, Internet finance has made rapid development. As a new form of Internet finance, stock rights crowdfunding is a new form. In recent years, there has been explosive growth. Although the sponsors of the stock raising and financing are small enterprises, the financing target is the majority of the small people, and the amount of financing is small. However, the overall scale of crowdfunding in China has been quite large, which is the main component of Internet finance in China. The emergence and development of crowdfunding has been widely concerned by the business and academic circles. How to correctly understand and lead the sustained and healthy development of stock rights crowdfunding in China has become a concern of many scholars. The performance of crowdfunding reflects the financing effect of the project through crowdfunding. How to use the equity crowdfunding method to raise more funds for the project has become a hot topic in academic circles. The factors that affect the performance of crowdfunding have also been upgraded to academic issues. This paper takes the perspective of customer value as a starting point to link the process of crowdfunding with ordinary commodity trading. Based on the theory of customer transfer value and crowdfunding theory, combined with the characteristics of equity crowdfunding, in-depth analysis of the various factors (product value, service value, personnel value, image value, monetary cost). The influence of time cost) on the financing performance of crowdfunding projects. Firstly, this paper systematically reviews the previous literature on financing performance, financing motivation of crowdfunding participants and equity crowdfunding performance. Then, based on the theory of customer transfer value and crowdfunding theory, the theoretical model of this paper is constructed, and the research hypotheses of this paper are put forward. And then through the collection of numerous shares on the Internet crowdfunding platform public project financing process data. The hypothesis proposed in this paper is tested and analyzed by using SPSS22.0 statistical analysis software. The main conclusions of this study are as follows:. The product value and financing performance of the stock raising project have significant positive impact. The final financing result of the project with high product value should be good; The service value of the stock raising project and its financing performance have significant positive influence; The personnel value of crowdfunding project and its financing performance are not completely positive impact. The impact of team size on financing performance is not significant, and the average of team education has a significant impact on financing performance. The higher the educational level of the project team, the greater the probability of project financing success; The image value of the stock raising project and its financing performance have significant positive influence; There is no significant negative impact on the monetary cost and financing performance of the crowd-funded equity project; The time cost and financing performance of the crowdfunding project have a significant positive impact; The relationship between product value and financing performance is positively regulated by the lead investor. Based on the theory of customer transfer value, this study deeply analyzes the influencing factors on the financing performance of crowd-funded equity projects from the perspective of customer value. It not only improves the theoretical basis of crowdfunding, but also extends the scope of application of customer transfer value theory. The performance of crowdfunding is not only related to the interests of the project sponsors (whether or not to raise enough funds for the project). It is also related to the interests of the vast number of investors (whether to choose projects with strong financing capacity to invest). Therefore, this paper can not only provide advice for the project sponsors in the release of crowdfunding projects, but also provide some valuable guidance for investors in the selection of valuable, potential equity crowdfunding projects.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.51

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