信息不对称、信号质量与股权众筹融资绩效
发布时间:2018-05-30 02:37
本文选题:股权众筹 + 信号理论 ; 参考:《财贸经济》2017年05期
【摘要】:由于互联网的虚拟性,股权众筹中信息不对称问题更甚于传统融资市场,这极大地阻碍了股权众筹行业的健康发展。本文从股权众筹的信息不对称角度出发,以信号理论为基础,利用京东东家私募股权融资平台上83个融资成功的创投板项目对股权众筹项目质量的信号进行研究,并深入到信号质量层面探究信号的作用机制。研究结果表明:项目描述、人力资本、起投金额、社交互动是项目质量的正向信号而不确定性是反向信号,领投人的投资不是项目质量的有效信号;项目不确定性负向调节了质量信号对融资绩效的作用。根据不确定性的高低,本文区分了项目描述和人力资本代理变量的"真伪":当项目的不确定性高时,项目简介的文本长度和是否有视频是"真信号",项目团队成员数目是"伪信号";而当项目不确定性低时,项目简介的文本长度和是否有视频是"伪信号",项目团队成员数目是"真信号"。本文结果为项目发起方提升融资绩效以及股权众筹平台优化机制设计提供了应用参考。
[Abstract]:Because of the fictitious nature of the Internet, the information asymmetry in crowdfunding is more serious than that in the traditional financing market, which greatly hinders the healthy development of the stock raising industry. Based on the signal theory and the information asymmetry of crowdfunding, this paper makes use of 83 successful venture board projects on the private equity financing platform of JingDong owners to study the signal of the quality of the stock crowdfunding projects. And further into the level of signal quality to explore the mechanism of signal action. The results show that: project description, human capital, investment amount, social interaction are positive signals of project quality, uncertainty is the reverse signal, and the investment of lead investors is not the effective signal of project quality; Project uncertainty negatively regulates the effect of quality signals on financing performance. According to the uncertainty, this paper distinguishes the "true or false" between the project description and the human capital agent variable: when the uncertainty of the project is high, The text length of the project profile and whether there is a video is a "true signal", and the number of project team members is a "false signal"; and when the project uncertainty is low, The text length of the project profile and whether there is a video is a false signal, and the number of project team members is a true signal. The results of this paper provide an application reference for the project sponsors to improve their financing performance and the optimization mechanism design of equity crowdfunding platform.
【作者单位】: 武汉大学经济与管理学院金融系;武汉大学经济与管理学院;
【基金】:国家自然科学基金重大研究计划重点支持项目“基于知识关联的金融大数据价值分析、发现及协同创造机制”(91646206);国家自然科学基金重点项目“基于互联网金融模式的结构性理财产品风险度量及应用研究”(71631005)的资助
【分类号】:F830.42;F832.51
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本文编号:1953553
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