预售众筹与股权众筹的选择:基于众筹平台与企业家声誉的视角

发布时间：2018-01-08 08:24

本文关键词：预售众筹与股权众筹的选择:基于众筹平台与企业家声誉的视角　出处：《金融研究》2017年07期 　论文类型：期刊论文

【摘要】：本文研究了众筹平台与企业家的声誉对预售众筹与股权众筹这两种众筹模式选择的影响及其经济机理,在发现众筹平台和企业家声誉对发起预售众筹与股权众筹的正向促进作用基础上,比较并提出了两种众筹模式的选择条件:(1)当产品质量较好而股权众筹投资者却并不偏好产品时,无论众筹平台声誉如何,预售众筹均占优,而企业家声誉有助于进一步加强预售众筹的优势;(2)当股权众筹投资者偏好产品而启动资金需求小时,若平台声誉弱,起投门槛低的股权众筹占优,若平台声誉高,则预售众筹占优;(3)当股权众筹投资者偏好产品而启动资金需求大时,无论众筹平台与企业家声誉如何,起投门槛低的股权众筹均占优;(4)当股权众筹投资者偏好产品而启动资金需求适中时,若企业家声誉较弱且平台声誉较弱,股权众筹占优;若企业家声誉较弱且平台声誉较强,预售众筹占优;若企业家声誉较强时,无论平台声誉如何变化,股权众筹均占优。
[Abstract]:This paper studies the public to raise the platform and the reputation of the pre-sale entrepreneurs raise public equity raise and the public the two chips influence model selection and its economic mechanism, found in the congregation raised platform and the reputation of entrepreneurs to initiate pre-sale raise public equity raise and the public positive effect on the basis of comparison and put forward two kinds of chips mode selection conditions: (1) when the product quality is good and the public to raise equity investors but not preference products, regardless of how to raise public platform to raise the public reputation, pre-sale were dominant, and the reputation of entrepreneurs will help to further strengthen the pre-sale to raise the public advantage; (2) when the public to raise equity investors preference product start-up capital demand hour, if the platform reputation is weak, from the investment threshold is low to raise public equity asset, if the platform with high reputation, pre-sale to raise public dominance; (3) when the public to raise equity investors preference product start-up capital demand, whether to raise public platform and entrepreneurs reputation How, from the investment threshold is low to raise public equity are dominant; (4) when the public to raise equity investors preference product start-up capital demand is moderate, if the reputation of entrepreneurs is weak and weak reputation platform to raise public equity, dominant; if the reputation of entrepreneurs is weak and strong reputation platform, the congregation raised pre-sale dominance; if the entrepreneur's reputation is strong. No matter how to change the reputation of the platform, to raise public equity are dominant.

【作者单位】：电子科技经济与管理学院;遂宁银行;
【基金】：国家自然科学基金项目(71373036;71573033) 四川省科技支撑计划项目(2013GZ0116)的资助
【分类号】：F724.6;F832.4
【正文快照】： 一、引言作为重要的互联网金融模式之一,众筹(crowdfunding)正逐渐成为初创企业继传统天使投资、风险投资之外的另一种新型融资方式(谢平和邹传伟,2012;Mollick,2013; Belleflamme et al.,2014)?。从回报形式来看,众筹主要包括预售众筹和股权众筹。所谓预售众筹,是指初创企业

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