股权众筹、控股比例和锚定效应

发布时间：2018-01-01 03:36

本文关键词：股权众筹、控股比例和锚定效应　出处：《财贸经济》2017年10期 　论文类型：期刊论文

【摘要】：本文研究互联网股权众筹平台中项目发起方融资行为的规律,发现股权众筹平台中项目发起方在出让股权时存在相对固定的比例,表现出明显的"锚定效应",这与对其他融资主体的已有研究存在相似结论。本文试图以互联网股权众筹的基本约束条件为基础,按照股权众筹平台的运行机理,构建在众筹平台上投融资者之间动态演化博弈模型,推导出互联网股权众筹平台中项目发起方控股比例存在"锚定效应"的一般性结论,从而解释"锚定效应"存在的经济学机理,拓展这一领域研究空间。借助"人人投"平台中的数据,本文实证检验项目发起方在确定每个项目控股比例时所存在的"锚定效应"行为。实证结果显示,股权众筹平台中项目发起方的控股比例呈现出"锚定效应"。同时,随着平台中股权众筹项目数量增加,"锚定效应"呈现出逐渐减弱的趋势。
[Abstract]:This paper studies the financing behavior of the project sponsors in the Internet crowdfunding platform, and finds that there is a relatively fixed proportion of the project sponsors in the transfer of equity in the platform, showing an obvious "anchoring effect". This is similar to the existing research on other financing bodies. This paper attempts to base on the basic constraints of Internet crowdfunding, according to the operation mechanism of the stock raising platform. Based on the dynamic evolution game model between investors and financiers on crowdfunding platform, this paper deduces the general conclusion that there is "anchoring effect" in the proportion of project sponsors holding in Internet crowdfunding platform. In order to explain the economic mechanism of "Anchorage effect", and expand the research space in this field, with the help of the "everyone vote" platform of data. This paper empirically examines the "anchoring effect" behavior of the project sponsors in determining the holding ratio of each project. At the same time, with the increase of the number of stock raising projects in the platform, the "anchoring effect" is gradually weakened.
【作者单位】：东南大学经济管理学院;南京工业大学经济与管理学院;
【基金】：国家社会科学基金“网络型差序格局的‘关系人’经济行为一般均衡研究”(15AJL004);国家社会科学基金“网络平台战略驱动的企业跨界成长研究”(15BGL076)
【分类号】：F724.6;F832.51
【正文快照】： 一、引言众筹通常是指项目发起方在众筹网站上通过发布电影、餐饮、医疗保健、幼教等项目向投资者募集资金的活动。每位投资者在初始投资完成后,约定在未来某个时间点依据投资金额从项目发起方获得实物回报、债权、股权或股权分红的投融资行为(Mollick,2013)。依据投资者得到

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