众筹商业模式的融资激励约束研究

发布时间：2018-02-22 20:13

本文关键词： 众筹互联网金融融资激励约束投资者效用筹资目标　出处：《暨南大学》2015年硕士论文　论文类型：学位论文

【摘要】：众筹是一种新颖互联网融资方式,由项目发起人、投资者及众筹平台三个主体构成。包括企业、个人或非营利组织的项目发起人以互联网为渠道,发布项目并设定筹资目标值,向公众投资者募集资金以实现特定的项目目标。本文依据理论建立模型,研究众筹平台中投资者与项目发起人之间的博弈行为以及平台融资的激励约束条件,分析项目筹资目标值、项目回报形式、项目基本价值、平台投资者收入及数量、投资者风险偏好等变量之间的关系,并在项目生产承诺、二次型激励回报形式、筹资目标值内生性问题三个方向对基本模型进行拓展。研究结果显示:(1)项目发起人设立项目的最优回报比例随筹资目标值的提高而增加,随共同激励参数、投资者数量和项目基本价值的增加而减少。项目收益随项目价值的提高而增加,随平台投资者的数量增加而增加。而在不同情况下,筹资目标值会对项目收益产生不同的影响。(2)在不同的项目回报形式中,投资者收入和资金风险偏好对最优回报比例影响机制不同,并且在筹资目标值与平台投资者数量满足一定条件时,项目发起人选择二次型激励的回报形式能实现更高的项目净收益。(3)给定筹资目标值,项目发起人可以通过调整回报比例激励投资者投资并获得全部投资者效用,并在给定的筹资目标值足够高时,通过限制投资者获取正效用的策略能实现更高的项目收益。(4)当筹资目标值内生时,筹资目标值随项目基本价值和平台中投资者数量的提高而增加。
[Abstract]:Crowdfunding is a novel Internet financing method, which consists of three main parts: project sponsors, investors and public funding platforms. The project sponsors, including enterprises, individuals or non-profit organizations, publish projects and set funding targets through the Internet. This paper establishes a model based on the theory, studies the game behavior between the investors and the project sponsors in the crowdfunding platform and the incentive and constraint conditions of the platform financing. This paper analyzes the relationship between project financing target value, project return form, project basic value, platform investor income and quantity, investor risk preference, etc. The research results show that the optimal return ratio of the project set up by the project sponsors increases with the increase of the funding target value and with the common incentive parameters. The number of investors and the basic value of the project decrease. The return of the project increases with the increase of the value of the project, and increases with the increase of the number of platform investors. The target value of financing will have different impact on project income. (2) in different project return forms, investors' income and risk preference have different influence mechanisms on the optimal return ratio. And when the financing target value and the number of platform investors meet certain conditions, the project sponsors choose the return form of quadratic incentive can achieve a higher project net income. Project sponsors can motivate investors to invest and achieve full investor utility by adjusting the return ratio, and when a given funding target is sufficiently high, When the target value of financing is endogenous, the target value of financing increases with the increase of the basic value of the project and the number of investors in the platform.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6;F832

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