商业研究

商业研究

• 商经理论 • 上一篇    下一篇

投资者信息处理方式对连续众筹融资绩效的影响 ——基于“摩点网”的实证分析

陈艳艳，李敬东   

  1. （深圳大学 管理学院，广东 深圳 518060）
  • 收稿日期:2019-12-01 出版日期:2020-07-20
  • 作者简介:陈艳艳（1975-），女，辽宁辽阳人，深圳大学管理学院副教授，管理学博士，研究方向：创新管理、互联网金融、商业模式；李敬东（1995-），男，广东惠州人，深圳大学管理学院研究生，研究方向：互联网金融、投融资管理。
  • 基金资助:
    国家自科基金重大研究计划集成项目，项目编号：91846301。

The Influence of Investors′ Information Processing Methods on the Serial Crowdfunding Financing Performance:An Empirical Analysis based on Modian Network

CHEN Yan-yan, LI Jing-dong   

  1. (School of Management, Shenzhen University, Shenzhen 518060,China)
  • Received:2019-12-01 Online:2020-07-20

摘要： 连续众筹孵化了众多创新创意项目，越来越成为支持小微企业发展的融资渠道。基于启发式——系统式模型，从投资者角度出发构建连续众筹融资绩效模型，以垂直型平台“摩点网”成立以来的206组观测样本进行实证分析，揭示来源可信度、发起人经验感知以及后期项目质量对后期项目融资绩效的作用路径，探究启发式线索和系统式线索对后期项目融资绩效的影响。结果显示：来源可信度和发起人经验感知（启发式线索）对后期项目融资绩效有显著影响；后期项目质量（系统式线索）对后期项目融资绩效有显著影响；启发式处理和系统式处理之间存在偏差效应，启发式线索通过系统式线索的中介作用间接影响后期项目融资绩效。上述结论解释了企业连续众筹快速兴起、融资绩效存在较大差异的原因，对提升众筹市场运营效率具有启示意义。

关键词: 众筹, 连续众筹, 融资绩效, 启发式——系统式模型, HSM

Abstract: Serial crowdfunding has incubated many innovative and creative projects and increasingly become a financing way to support the development of small and micro enterprises. Based on the heuristic-systematic model, this paper constructs a model on the serial crowdfunding financing performance from the perspective of investors. Based on the 206 observation samples from the vertical platform “Modian Network” since it was founded, this paper reveals the effect path of source credibility, crowdfunder experience perception and the quality of later project on later project financing performance, and explores the impact of heuristic cues and systematic cue on the performance of serial crowdfunding financing. The results show that: source credibility and crowdfunder experience perception (heuristic cues) have a significant effect on the financing performance of later project; the quality of later project (systematic cue) has a significant effect on the financing performance of later project; there is a bias effect in the heuristic-systematic model, and heuristic cues indirectly affect the financing performance of later project through the mediated role of systematic cue. The findings explain the reasons for the rapid rise of serial crowdfunding and the differences in financing performance. It has great enlightenment significance to improve the operation efficiency of crowdfunding market.

Key words: crowdfunding, serial crowdfunding, financing performance, heuristic-systematic model, HSM