创业团队股权众筹成功的融资信任因素分析

发布时间：2018-10-22 09:52

【摘要】：我国作为人口大国,近几年每年释放的本科毕业生均可达到六七百万,面临着日益严峻的就业形势,“大众创新,万众创业”成为了当今的一大趋势。然而对于创业来说一直以来难以解决的问题便是资金问题。随着中国资本市场的不断发展,并且不断的成熟,各主体在融资过程中更倾向于采用直接融资的方式,因此,直接融资的比例不断升高,尤其是2013年以来股权众筹这一新型的融资模式在我国快速发展,为新创企业直接融资开发了新途径。创业团队成功的通过股权众筹融得资金的第一步就是得到投资者的信任,因此,如何建立股权众筹融资信任,更有效率的融得资金成为股权众筹中的一大问题。本文基于国内外学者关于融资信任理论的研究结果,结合对股权众筹的相关理论进行分析,对创业团队股权众筹融资信任度的维度以及影响因素进行了理论上的归纳总结,构建创业团队股权众筹融资信任模型。并结合博弈论的相关理论对研究创业团队股权众筹融资信任建立的必要性进行了阐述说明。同时以十大股权众筹平台上126个成功的项目为实证研究对象进行了问卷调查。然后利用SPSS19.0和Eviews对问卷调查的结果进行分析。在数据分析的基础上,本文系统的总结了对创业团队股权众筹融资信任度及其影响因素,验证了相关假设。结果表明:?股权众筹融资信任关系的建立是必要的;?创业团队的工作经验、创新能力、声誉、融资股份和项目收藏次数是影响股权众筹融资信任关系构建的主要影响因素,其中归属于创业团队的影响因素包括创业团队的工作经验、创新能力和声誉;?创业团队股权众筹融资信任的各个影响因素的作用程度的大小与创业项目所属行业的行业属性有关。对于传统产业,投资者最看重创业团队的工作经验,其次为创新能力;对于战略性新兴产业,投资者最看重的是创业团队的创新能力,其次是工作经验;对于混合型行业,对创业团队的创新能力和工作经验的关注的重要程度不相上下。在这三个产业中,声誉对融资信任产生的正向的影响作用并不受行业属性的影响。在本文结束时,笔者还进一步讨论了创业团队股权众筹融资信任的培养和维持方法。
[Abstract]:As a large country with large population, in recent years, the number of undergraduate graduates released every year in China can reach six to seven million, and facing the increasingly severe employment situation, "mass innovation, mass entrepreneurship" has become a major trend. However, for entrepreneurship has been difficult to solve the problem is the problem of funds. With the continuous development and maturity of Chinese capital market, various subjects tend to adopt direct financing in the process of financing, therefore, the proportion of direct financing is increasing. Especially since 2013, the new financing mode of crowdfunding has developed rapidly in China, which has developed a new approach to direct financing for new enterprises. The first step of the venture team is to get the trust of the investors. Therefore, how to establish the trust of the public financing and how to raise the funds more efficiently becomes a big problem in the stock raising. Based on the research results of domestic and foreign scholars on financing trust theory, combined with the analysis of the relevant theory of equity crowdfunding, this paper summarizes the dimension and influence factors of entrepreneurial team equity crowdfunding trust. Construct the trust model of venture team equity raising and financing. Combined with the relevant theory of game theory, this paper expounds the necessity of establishing the trust of venture team equity financing. At the same time, a questionnaire survey was conducted on 126 successful projects on the platform of crowdfunding. Then SPSS19.0 and Eviews were used to analyze the results of the questionnaire. On the basis of data analysis, this paper systematically summarizes the trust degree and its influencing factors to the venture team equity crowdfunding, and verifies the relevant assumptions. The results show that:? It is necessary to establish the trust relationship of stock raising and financing. The working experience, innovation ability, reputation, financing shares and the number of project collections of the entrepreneurial team are the main factors influencing the establishment of the trust relationship. Among them, the influencing factors that belong to the entrepreneurial team include the working experience, innovation ability and reputation of the entrepreneurial team; The degree of each factor influencing the trust of venture team equity raising and financing is related to the industry attribute of the industry to which the venture project belongs. For traditional industries, the most important thing for investors is the experience of the entrepreneurial team, followed by the ability to innovate; for the strategic emerging industries, the most important thing for investors is the innovation ability of the entrepreneurial team, followed by the work experience; for mixed industries, The importance of attention to entrepreneurial team innovation and work experience is equal. In these three industries, the positive effect of reputation on financing trust is not affected by industry attributes. At the end of this paper, the author further discusses how to cultivate and maintain the trust of venture team equity financing.
【学位授予单位】：西南科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.2;F832.4;F275

【相似文献】