互联网众筹融资项目融资约束因素研究

发布时间：2018-04-26 10:44

本文选题：众筹融资模式 + 约束因素　；参考：《西南交通大学》2016年硕士论文

【摘要】：随着互联网金融的发展,众筹融资模式逐渐成为一种替代传统融资模式(如银行贷款、天使投资或风险投资等)的新兴融资模式,帮助创新创业者实现项目融资需求。众筹融资模式一方面能够促进金融创新,另一方面能够解决中小微企业的融资问题,近几年在国内外迅速流行。但是,无论是众筹模式较为成熟的发达国家,还是众筹模式正在起步的发展中国家,众筹项目融资成功率都较低,平均融资成功率在50%左右；同时众筹融资监管困难,监管方法和体系不完善,这些严重制约着众筹模式的发展。因此,本文首先通过对我国众筹融资行业相关数据进行收集、整理和分析,得出目前我国众筹融资现状,包括众筹平台现状、众筹融资项目现状、众筹融资金额现状、众筹融资监管现状等,了解目前我国众筹融资行业的两大困境——众筹融资成功率较低和众筹融资监管缺乏。然后,为了解决以上困境,本文以众筹融资项目三大主体为研究对象,建立众筹项目三大参与主体效用函数,并构建众筹融资项目效用最大化模型,通过模型求解得出：影响众筹融资项目的理论约束因素包括众筹项目目标融资T0、众筹项目支持者数量n、众筹项目回报价值和项目支持者投资档次d。最后,本文收集青橘众筹平台的项目数据进行实证研究,通过数据相关性分析检验理论约束因素对项目融资完成率的约束可靠性,研究结果表明：目标融资金额、回报周期和回报类型对项目融资完成率具有负向的影响；而浏览人数、支持人数、最低投资占比和投资分档对项目融资完成率具有正向的影响。通过数据回归分析进一步研究融资约束因素对项目融资完成率的影响程度,研究结果表明：约束因素对众筹项目融资完成率的约束程度由大到小为：支持人数最低投资占比目标融资金额投资分档回报周期回报类型浏览人数。同时,针对目前我国众筹融资监管存在的问题,构建一个法律监管、政府监管、自律监管以及媒体监督为一体的规范众筹融资监管体系,保障众筹融资的规范发展。本文通过模型识别、相关性检验和回归分析,研究约束众筹项目融资完成率的关键因素,并根据研究结果从项目发起人、项目支持者和众筹平台角度分别提出相应的策略建议,能够帮助提高融资项目成功率和众筹融资监管水平。
[Abstract]:With the development of Internet finance, crowdfunding model has gradually become a new financing model instead of traditional financing mode (such as bank loans, angel investment or venture capital), which helps innovative entrepreneurs to meet the project financing needs. On the one hand, crowdfunding mode can promote financial innovation, on the other hand, it can solve the financing problem of small and medium-sized enterprises. However, whether developed countries with more mature crowdfunding models or developing countries with crowdfunding models in their infancy, the success rate of crowdfunding projects is low, with an average financing success rate of about 50%. At the same time, crowdfunding is difficult to regulate. Supervision methods and systems are imperfect, which seriously restrict the development of crowdfunding model. Therefore, this paper firstly collects, collates and analyzes the relevant data of crowdfunding industry in China, and obtains the current situation of crowdfunding in our country, including the current situation of crowdfunding platform, crowdfunding projects, crowdfunding amount. The current situation of crowdfunding supervision and so on, to understand the two major dilemmas of China's crowdfunding industry-the low success rate of crowdfunding and the lack of crowdfunding supervision. Then, in order to solve the above dilemma, this paper takes the three main bodies of crowdfunding project as the research object, establishes the utility function of the three major participants of the crowdfunding project, and constructs the utility maximization model of the crowdfunding project. By solving the model, it is concluded that the theoretical constraint factors of crowdfunding projects include the target financing of crowdfunding projects T0, the number of supporters of crowdfunding projects, the return value of crowdfunding projects and the investment level of project supporters. Finally, this paper collects the project data of the crowdfunding platform for empirical research, through the data correlation analysis to test the theoretical constraints on the completion rate of project financing constraints reliability, the research results show that: target financing amount, The return cycle and return type have a negative impact on the completion rate of project financing, while the number of visitors, the number of people supported, the proportion of the lowest investment and the investment file have a positive impact on the completion rate of project financing. Through the data regression analysis, the influence of financing constraint factors on project financing completion rate is further studied. The results show that the constraint degree of constraint factors on the completion rate of crowdfunding projects is from large to small: the number of people who support the lowest proportion of investment to the target financing amount, the number of people who visit the return return type of return period. At the same time, aiming at the problems existing in the supervision of crowdfunding in our country, this paper constructs a standard regulatory system of crowdfunding, including legal supervision, government supervision, self-regulation supervision and media supervision, to ensure the normative development of crowdfunding. Through model identification, correlation test and regression analysis, this paper studies the key factors that constrain the completion rate of crowdfunding project financing, and according to the results of the research, puts forward the corresponding strategy suggestions from the point of view of project sponsors, project supporters and crowdfunding platform, respectively. Can help improve the success rate of financing projects and crowdfunding regulatory level.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F724.6;F832.4

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