创新创业环境下众筹项目融资成功影响因素研究

发布时间：2018-04-05 01:06

本文选题：创新创业　切入点：众筹融资　出处：《中国科学技术大学》2017年硕士论文

【摘要】：我国经济发展步入新常态,在当前形势下原有的发展方式已经不再适用。我国在政府工作报告中提出,在当前经济新常态的形势下,关键是要打造"大众创业、万众创新"的良好氛围,使之成为推动经济发展的新动力。当前形势下,推进"双创",可以在最大范围内引导人财物等各种要素在市场上的自由流动,同时更能倒逼不合理的体制机制进行改革突破,最终提升经济的整体运行效率。融资能力对于新创企业而言,是生存之本,是兴盛之基。处于初创期的企业,由于其自身特点,比一般企业更容易面临融资难、融资贵等融资问题,而传统的融资方式对初创企业的适用性不强,因而难以很好地解决初创企业的融资问题。近年来出现的一种新型融资模式——众筹迅速在我国发展起来并受到了创业企业与创业者的青睐。众筹模式很好地展现了互联网开放、平等、合作、共享的精神,为投融资双方提供了进行直接交互的平台,为许多优秀的创业项目的实现创造了条件。众筹融资模式的出现为创新企业融资注入了新活力,也逐渐成为了解决融资难题的新途径。然而,众筹模式在我国属于新生事物,存在许多不足,公众认知度与参与度尚且不高。创业企业通过众筹方式进行融资,其成功与否受到多方面因素的影响,融资结果存在较大的不确定性。本文首先介绍了在创新创业环境下我国众筹融资兴起的背景,对众筹融资的定义、类型与影响因素等进行了理论综述,并研究了信息不对称对众筹融资的影响。在此基础上,本文探讨了众筹相关主体包括项目发起人、项目投资者、众筹平台、政府(监管部门)的参与动机以及众筹项目的一般融资过程。其次,基于众筹项目融资过程中的信息不对称问题,本文尝试通过信号理论的运用来改变投资者的信息劣势地位。本文从众筹项目信息质量、人力资本与项目风险这三个维度对解释变量进行分类并构建理论模型,提出相关假设探索影响众筹项目成功的因素。再次,搜集、整理"追梦网"数据,采用Logit回归,对研究假设进行实证分析并进行稳健性检验。最后,在对实证结果进行分析讨论的基础上,分别从项目发起人、众筹平台以及政府部门这三个角度出发,为优化项目信息、提升消费者参与度以及提高众筹项目的融资成功率提出针对性的建议。
[Abstract]:China's economic development has entered the new normal, in the current situation, the original mode of development is no longer applicable.In our government work report, it is proposed that under the new normal situation of current economy, the key is to create a good atmosphere of "mass entrepreneurship and mass innovation" so as to make it a new motive force for promoting economic development.Under the current situation, the promotion of "double creation" can guide the free flow of various elements such as people's property and other elements in the market to the maximum extent, at the same time, it can push the unreasonable system mechanism to carry on the reform breakthrough, and finally promote the overall operating efficiency of the economy.Financing ability is the basis of survival and prosperity for new-founded enterprises.Because of their own characteristics, enterprises in the initial stage are more likely to face financing problems such as difficult financing and expensive financing than ordinary enterprises. However, the traditional financing methods are not suitable for start-up enterprises.As a result, it is difficult to solve the financing problem of startups.In recent years, a new financing mode, crowdfunding, has developed rapidly in China and has been favored by startups and entrepreneurs.The mode of crowdfunding shows the spirit of openness, equality, cooperation and sharing of the Internet, provides a platform for direct interaction between investment and financing parties, and creates conditions for the realization of many outstanding entrepreneurial projects.The emergence of crowdfunding has injected new vitality into the financing of innovative enterprises, and has gradually become a new way to solve the financing problems.However, the mode of crowdfunding is new in our country, there are many shortcomings, public awareness and participation are not high.The success of enterprise financing through crowdfunding is influenced by many factors, and the result of financing is uncertain.This paper first introduces the background of the rise of crowdfunding in the environment of innovation and entrepreneurship, summarizes the definition, types and influencing factors of crowdfunding, and studies the influence of information asymmetry on crowdfunding.On this basis, this paper discusses the relevant subjects of crowdfunding, including project sponsors, project investors, crowdfunding platform, government (regulatory) participation motivation and the general financing process of crowdfunding projects.Secondly, based on the asymmetric information in the financing process of crowdfunding projects, this paper attempts to change the information inferiority of investors through the application of signal theory.This paper classifies the explanatory variables according to the three dimensions of crowdfunding information quality, human capital and project risk, and sets up a theoretical model to explore the factors that affect the success of crowdfunding projects.Thirdly, collecting and collating the data of Dream-chasing Network, using Logit regression, the empirical analysis of the research hypothesis and the robustness test are carried out.Finally, on the basis of the analysis and discussion of the empirical results, from the project sponsors, crowdfunding platform and government departments, to optimize the project information,To improve consumer participation and raise the financing success rate of crowdfunding projects put forward targeted recommendations.
【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832

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