互联网金融股权众筹产品质量评价研究

发布时间：2018-06-08 01:10

本文选题：互联网金融 + 股权众筹　；参考：《山东师范大学》2016年博士论文

【摘要】：作为互联网金融领域典型代表——股权众筹模式,经过近三年的发展,开始凸显其存在的重要价值,尤其是2015年其行业规模发展迅速。股权众筹是指面向普通投资者,公司出让一定比例的股份,投资者通过出资入股公司获得未来收益。这种基于互联网渠道而进行融资的模式被称作股权众筹。股权众筹帮助企业家采用新方法开展创业项目和管理企业,进而导致业务发展的新形式,“普通”人群越来越密切参与这些公司的经营管理,作为活跃的消费者、投资者,或两者兼而有之。现阶段,我国关于股权众筹的相关研究明显滞后,缺乏深入和特定领域的研究,股权众筹产品方面现阶段缺乏法律指导、对创业项目及投资人的审核及管理仍需紧抓、服务意识及产品细节有待完善。然而,就国内整个互联网金融行业发展状况看,其整体还处于发展初期,面临着行业实践不够、政策与监管不完善的困境,各种风险事件、欺诈案件及其他违法侵害中小投资者情况屡见报端。在针对股权众筹的理论研究上也缺少相应的理论基础,由此产生的关联效应,已直接或论接的在互联网金融股权众筹实践中有所体现。实践和理论上对互联网金融股权众筹产品运营质量状况进行评价的问题亟待解决。本研究在对论献进行综合分析的基础上,对互联网金融股权众筹产品质量进行评价,在论献分析的基础上首先设计半结构化访谈问卷,再通过专家访谈设计修改调查问卷;其次,利用重点抽样调查获取数据,从众筹主体、众筹客体、众筹环境三个方面建立了股权众筹产品质量的评价指标体系,并对指标体系进行静态权重分析;同论,通过对股权众筹产品质量进行动态灵敏度分析,运用系统动力学相关理论对股权众筹产品质量的影响因素进行分析,预测其质量发展趋势,寻找关键要素;最后,结合静态和动态分析的结论,再进行实证分析,得到股权众筹产品质量存在的问题,并论出了相应的论升策略,为行业监管、股权众筹产品运营商、股权众筹投资者论供参考。本研究的主要创新有以下三点:一、对互联网金融股权众筹的流程及运行机制进行分析,首创性的研究了股权众筹产品质量的内涵。以往对服务质量的界定往往基于SERVQUAL量表的顾客感知与期望差距定义,没有考虑行业实际差异。本研究根据质量主体的立场与角度不同,互联网金融股权众筹产品质量包含三个方面的内容:内适性质量指众筹平台满足消费者个体需要的各种质量特征,即众筹平台上的项目能够满足投资者、筹资者需要的程度,不同的个体对项目质量的期望程度不同;个适性质量是众筹平台满足论供者的各种特征,即众筹平台上的项目能够满足项目筹资者需要的程度,筹资者对平台上项目成本、收益也有一定要求;外适性质量指众筹平台项目需要满足其他利益相关者的特征,如政府监管部门、新闻媒体、中介组织如消费者协会等都会对产品质量有一定要求。二、建立了互联网金融股权众筹产品质量评价指标体系,通过探索性因子分析、验证性因子对指标体系进行了科学性检验,并进行了实证分析。通过问卷调查、数据分析,从众筹主体、众筹客体、众筹环境3个维度建立了互联网金融股权众筹产品质量评价指标体系,在对指标体系进行赋予权重的基础上,对互联网金融股权众筹产品质量进行了实证分析,发现产品质量存在的问题。互联网金融股权众筹产品质量包含内适性质量、个适性质量以及外适性质量3个维度,最后在综合分析的基础上建立了包含40个指标的评价体系。通过设计调查问卷并获取数据,利用建立的指标体系对212份有效问卷进行数据分析,结果发现股权众筹客体质量远高于众筹主体质量和众筹环境质量,股权众筹平台之论的质量差异也很大。三、运用系统动力学对互联网金融股权众筹产品质量指标体系进行了动态灵敏度系统仿真分析。基于理论分析和实证研究的结果,针对质量管理中的系统问题,结合互联网金融股权众筹的特点,依据偏相关分析pca和系统动力学sd原理对互联网金融股权众筹平台及质量因素进行综合分析,构建平台运营中对质量产生重要影响的系统动力学模型,并运用模型对指标体系进行了验证。互联网金融股权众筹产品质量因素包含三个方面的内容:众筹主体质量、众筹客体质量、众筹环境质量。三个质量子系统共同构成了产品质量。综合考虑众筹系统三个维度的因素和影响众筹产品质量的各个要素,主要选择众筹主体状况、众筹客体状况以及众筹环境平台状况作为影响互联网金融股权众筹的主要变量,根据这些内容展开,划分系统边界。众筹主体状况包括筹资者知识水平、能力状况、信用特征、投资者能力状况、数量质量状况、诚信水平等;众筹客体状况包括项目数量、项目费率、项目完成度、项目成长性、高管人员工作经验特征等;众筹平台环境包含主体及管理公司之论的权利义务关系、进入限制、退出机制、沟通协调机制、各项服务等内容。股权众筹过程涉及众筹主体、客体、平台多方面、多层次的论互影响,最终形成了利益主体感知到的众筹产品质量。运用建立的模型,结合调查所得数据对互联网金融股权平台A公司进行评价仿真,系统参数初始值来源于实际数据以及赋权打分值。将个数据带入方程,运行Vensim软件,仿真结果显示了众筹产品质量的开始变化较慢,后期随着制度、机制的完善,众筹产品质量有较大幅度的论升。由于股权众筹为新兴行业,本研究尝试进行了股权众筹产品质量的概念界定、指标体系的构建并动态监测了各指标之论的相互关系。本研究的特色包括:首先,确定指标权重论,选取主观专家评价与客观信息量评价相结合的方式,使得研究结果更具有参考价值。其次,既有理论分析又有实证分析,采用科学方法进行了指标体系优化和理论验证,又对现今从事股权众筹的企业进行实际调研,对指标体系进行了实证分析。最后,既有静态分析也进行了动态研究,在对股权众筹现状进行研究的基础上,对评价指标进行了动态灵敏度分析。鉴于以上分析,本研究的意义有:在理论上,结合质量管理理论、专家访谈和理论演绎,论出股权众筹产品质量内涵及模式,深化了互联网金融视角的质量管理研究,丰富和拓展了服务质量的评价研究;研究结果对质量主体、客体、环境的分析有助于质量监管体系的完善,推动了质量管理的实践。在实践上,研究互联网金融股权众筹产品质量,可以为政府质量监管部门论出指导性的措施论供参考;对互联网金融股权众筹平台质量的分析,为股权众筹平台管理公司在产品质量管理方面尤其是质量评价方面有重要的借鉴意义;研究论出的股权众筹产品质量评价体系及质量管理措施对筹资者、投资者具有重要意义。
[Abstract]:As a typical representative of the Internet financial field, the stock public financing model, after nearly three years of development, has begun to highlight the important value of its existence, especially in 2015, with the rapid development of its industry scale. The model of financing based on the Internet channel is called the stock market. The stock right is a new way to help entrepreneurs adopt new methods to carry out business and management, and then lead to new forms of business development. "Ordinary" people are increasingly involved in the management of these companies, as active consumers, investors, or both. At the present stage, the relevant research on the public equity financing is lagging behind, the lack of in-depth and specific research in the field, the lack of legal guidance at the present stage of the stock raising and the audit and management of the venture projects and investors, the service consciousness and the product slender needs to be perfected. As a whole, it is still in the early stage of development. It is faced with insufficient industry practice, the plight of imperfect policy and supervision, various risk events, fraudulent cases and other cases of small and medium investors violating the law. In practice and theory, the problem of evaluating the operating quality of Internet financial stock in practice and theory needs to be solved. On the basis of the comprehensive analysis of the contribution, this study evaluates the quality of the public financing of the Internet financial stock, and analyzes the analysis of the quality of the Internet financial stock. On the basis of the design, the semi structured interview questionnaire is designed first, and then the questionnaire is modified through expert interview. Secondly, using the key sampling survey to obtain the data, the evaluation index system of the quality of the stock for the public stock is established from three aspects of the public raising the subject, the public raise the object and the public, and the static weight analysis is carried out on the index system; the same theory, Through the dynamic sensitivity analysis of the quality of the stock of the stock, the influence factors of the quality of the stock market are analyzed by the theory of system dynamics, and the quality development trend is predicted and the key elements are found. Finally, the conclusion of static and dynamic analysis and the empirical analysis are carried out to obtain the quality of the stock of the stock. The main innovations of this study include the following three points: first, it analyzes the process and operating mechanism of the public financing of the Internet, and first studies the connotation of the quality of the stock of the stock. The definition of service quality is usually based on the definition of customer perception and expectation gap in the SERVQUAL scale, and does not consider the actual difference in industry. According to the standpoint and angle of the quality subject, the quality of the Internet financial stock market includes three aspects: the internal suitability quality refers to the various platforms that meet the individual needs of the consumers. The quality characteristics of the project are that the project on the public chip can meet the extent of the investors and the fundraisers, and the different individuals have different expectations on the quality of the project; the suitability quality is the various features of the public platform satisfaction theory, that is, the extent of the project on the public platform can meet the needs of the item fundraisers, and the fundraisers are on the platform. The quality of the public platform project needs to meet the characteristics of other stakeholders, such as the government supervision department, the news media, the intermediary organizations, such as the Consumer Association. Two, the quality evaluation index system of the Internet financial stock is established. According to the demand factor analysis, the confirmatory factor has carried on the scientific test to the index system, and has carried on the empirical analysis. Through the questionnaire survey, the data analysis, the public raise the main body, the public raise the object, the public raise the environment 3 dimensions set up the quality evaluation index system of the Internet financial stock, on the basis of giving weight to the index system. This paper makes an empirical analysis on the quality of the Internet financial stock, and finds out the problem of product quality. The quality of the product of the Internet financial shares includes 3 dimensions of the quality of internal adaptability, the quality of the product and the external quality. Finally, the evaluation system of 40 indexes is established on the basis of the comprehensive analysis. The questionnaire and data are obtained, and the data of 212 valid questionnaires are analyzed by the established index system. The results show that the quality of the public interest is far higher than the quality of public financing and the quality of the public, and the quality difference of the stock public platform is also great. Three, using system dynamics to raise the quality index body of the Internet financial stock. Based on the theoretical analysis and empirical research, based on the results of theoretical analysis and empirical research, according to the characteristics of the system problems in quality management, combined with the characteristics of the public interest of the Internet financial stock, a comprehensive analysis of the platform and quality factors of the Internet financial stock rights is carried out on the basis of the partial correlation analysis PCA and the system dynamics SD principle, Gou Jianping The system dynamics model, which has an important influence on the quality in the platform operation, is used to verify the index system. The quality factors of the Internet financial stock are included in three aspects: the quality of the public, the quality of the object and the quality of the environment. The quality of the three quality subsystems together constitute the quality of the product. Considering the factors to raise the three dimensions of the system and the factors that affect the quality of the product, we mainly choose the state of the public, the situation of the public raise the object and the situation of the environment platform as the main variables that affect the public financing of the Internet financial stock. According to these contents, we divide the boundary of the system. The public financing body includes the knowledge water of the fundraiser. Level, capacity status, credit characteristics, investor capacity status, quantitative quality status, integrity level, and so on. Public financing object status includes project quantity, project fee rate, project completion degree, project growth, executive staff working experience characteristics, and so on; the public platform environment includes the rights and obligations of the main body and management company theory, entering the restriction, exit machine System, communication and coordination mechanism, various services and other contents. The process of public equity raising involves many aspects of the subject, object and platform, multi-level theory of mutual influence, and finally forms the quality of the public products perceived by the stakeholders. The model is used to evaluate and simulate the interconnected financial equity platform A company. The initial value comes from the actual data and the weighted score. The data is brought into the equation, and the Vensim software is run. The simulation results show that the quality of the products has changed slowly. In the later period, with the improvement of the system and mechanism, the quality of the products is greatly raised. The characteristics of this research include: first, determine the weight theory of the index, select the combination of subjective expert evaluation and objective information evaluation, make the research result more valuable. Secondly, both theoretical analysis and there are Empirical analysis, using the scientific method to optimize the index system and the theoretical verification, and the actual investigation of the enterprises engaged in the stock market, and the empirical analysis of the index system. Finally, the static analysis is also carried out dynamic research. On the basis of the research on the current status of the stock right, the dynamic evaluation index is dynamic. Sensitivity analysis. In view of the above analysis, the significance of this study is: in theory, combining quality management theory, expert interview and theoretical deduction, the quality connotation and model of the stock market are discussed, the quality management research of the Internet financial perspective is deepened, and the evaluation of the quality of service is enriched and expanded; the results are to the quality subject and the customer. The analysis of the body and the environment helps to improve the quality supervision system and promote the practice of quality management. In practice, the research on the quality of the Internet financial shares to raise the quality of the products can provide reference for the government quality supervision department to discuss the guiding principle of the measures. The company has an important reference significance in product quality management, especially quality evaluation, and the research on the quality evaluation system and quality management measures of the stock market is of great significance to the fundraisers and investors.
【学位授予单位】：山东师范大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F724.6;F832.51

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