摘要
作为典型的双边市场,网络众筹这一新兴的融资模式借大众创业之契机发展迅猛,新上线项目增加吸引了投资人关注,也导致竞争加剧。本文从双边市场网络外部性理论出发,通过理论分析结合基准回归、调节效应回归以及异质性分析实证发现:创业者竞争对融资绩效的网络外部性净效用为负,而投资人关注度表现出正外部性净效用,且存在"周末低谷效应"。内部投资人的关注能有效缓解内部项目竞争对项目成功的负外部性效用,但不能缓解因本地偏好而产生的外部资金竞争压力。进一步地,创业者竞争和投资人关注对美食类项目成功的外部性效用最小,而对科技类项目成功的外部性效用最大。随着融资目标的增大,对于融资绩效,创业者竞争的负外部性效用以及投资人关注的正外部性效用也逐渐提升。基于上述结论,本文从创业者、投资人以及众筹平台角度提出政策建议。
As a typical bilateral market,Online Crowdfunding,an emerging financing mode,has developed rapidly by taking advantage of the opportunity of mass entrepreneurship.The increase in new online projects has attracted investor attention and increased competition.Starting from the theory of bilateral market network externalities,this article combines theoretical analysis,benchmark regression,adjustment effect regression,and heterogeneity analysis and finds that:Entrepreneur competition has negative net utility of network externality on financing performance,while investor attention shows positive net utility of externality,and there is"weekend trough effect".The attention of internal investors can effectively alleviate the negative externality effect of internal project competition on the success rate,but it cannot alleviate the pressure of external capital competition caused by local preference.Furthermore,entrepreneur competition and investor attention have the lowest externality effect on success rate of gourmet projects and the highest externality effect on science and technology projects.With the increase of financing objectives,the negative externality utility of entrepreneur competition to financing performance and the positive externality utility of investor attention also gradually increase.Based on the above conclusions,this paper puts forward policy suggestions from the perspectives of entrepreneurs,investors and crowdfunding platforms.
作者
胡金焱
韩坤
Hu Jin-yan;Han Kun(不详)
出处
《经济学家》
CSSCI
北大核心
2021年第1期91-99,共9页
Economist
基金
国家自然科学基金面上项目“网络借贷市场风险识别、传染与防控研究:基于复杂网络理论的视角”(71873079)
关键词
双边市场
创业者竞争
投资人关注
网络外部性
Bilateral Markets
Entrepreneur Competition
Investor Attention
Network Externality
