摘要
众筹项目融资是实现分享经济的重要形式之一。本文基于分享经济的视角阐释众筹项目融资的形成机理,并以众筹网3097个众筹项目作为样本,运用Tobit模型,实证研究影响众筹项目融资效率的因素。结果表明,众筹项目的社会信任度、大众参与度、市场需求满足度均对其融资效率具有正向影响,其中大众参与度和市场需求满足度均在1%水平下显著,社会信任度在10%水平下显著。因此,本文提出加快建立网络信任机制、建设完善众筹社区、迎合众筹投资者的消费需求和形成以投资者为导向的营销方案等建议,旨在加强投融资者之间的信任关系,提高众筹项目的融资效率,进而促进众筹融资的健康快速成长。
Crowdfunding project financing is one of the main forms of sharing economy. Based on the perspective of sharing economy, this paper explains the formation mechanism of the crowdfunding project financing, and the empirical test was carried out based on 3907 crowdfunding projects from zhongchou.com by using Tobit model. The empirical analysis has shown that the social trust degree, public participation degree and market demand satisfaction of crowdfunding project have positive influences on the financing efficiency, among which the public participation degree and market demand satisfaction are significant at 1% level, and social trust degree is significant at 10% level. Therefore, the conclusion is that it is necessary to accelerate establishment of the network trust mechanism and build crowdfunding community, while catering to the consumer demand of all investors to form an investor-oriented marketing program, thus strengthening the trust relationship between investors and financiers, encouraging the public to participate in the crowdfunding actively so as to effectively activate the massive decentralized idle funds, improve the financing efficiency of all crowdfunding projects, and then promote a healthy and rapid growth of crowdfunding.
出处
《企业经济》
CSSCI
北大核心
2017年第11期166-172,共7页
Enterprise Economy
基金
国家社会科学基金项目“出口学习效应促进传统制造业转型升级的机制与政策研究”(项目编号:14BJL088)
关键词
分享经济
融资效率
众筹项目
sharing economy
financing efficiency
crowdfunding project
