摘要
依托于互联网技术和金融服务创新,众筹作为一种典型的互联网金融模式,近几年在国内外发展迅速并逐渐成为适合于中小企业融资的有效途径。本文在已有研究文献基础上,结合国内"追梦网"的具体实践情境,提出项目"基本属性"、项目"投资门槛"、项目"可扩展性"和项目参与人"活跃程度"对众筹的成功具有重要影响,同时将"Keep-it-All"(KIA)和"All-or-Nothing"(AON)两种融资模式进行比较,对比不同情景因素下影响众筹项目融资成功与否的关键因素的异同,并对众筹参与方提出相关建议。本文认为:"目标金额"较低、"可扩展性"较强的项目更适合采用KIA模式进行融资,且在国内众筹发展的大环境下,不宜设置较低的"投资门槛",同时还应注重对项目信息的及时更新和补充。本文的研究成果不仅为国内众筹实践发展提供了理论支持,也为中小企业选择融资方式及提升融资成功率提供了应用参考,为政府有效引导互联网金融发展提供了决策借鉴。
As a typical Internet Finance Model, Crowdfunding has developed very fast in recent years. Relying on the progress of Internet technology and the innovations of finance service, crowdfunding also becomes a suitable way for SEM financing. On the basis of existing literatures and the realities of ＂Dreamore＂ in China, this paper analyzes the influences of the basic attributes, investment threshold, scalability of project, and activity of participants of projects on the success of crowdfunding and compares the two financing model of Keep-it-all（KIA）~ All-or-nothing（AON）. In the meantime, we also provide some suggestions for related participants. This paper holds that the project of low targeted sum and great sealability is more suitable for KIA and in China＇s current situation of crowdfunding, low investment threshold is unsuited and timely update and complementary of project information is important. The study of this paper not only provides theoretical support for China＇s crowdfunding practice, but also helps governments to effectively guide the development of internet finance.
出处
《财贸经济》
CSSCI
北大核心
2015年第9期74-84,共11页
Finance & Trade Economics
