摘要
商品众筹是网络形态的创新融资活动,具有极高的信息不对称性,投资者为非专业的普通大众。基于上述背景,本文研究了显著影响非专业投资者决策的项目质量信号。本文首先从外部证明、自身业绩、项目风险和社交互动等维度构建项目质量信号,借助众筹数据,进一步实证检验上述信号对投资者决策的影响。检验结果表明,第三方推荐信息、发起人历史业绩以及双向动态的社交互动等信号,显著影响非专业投资者决策并提高项目融资规模。
This paper presents an initial empirical examination on which start-up signals will induce small investors to commit financial resources in a reward crowdfunding context. We examine the impact of firms 'external certification(awards, government grants and patents), internal governance(such as past experience),and risk factors(such as period of investment) on fundraising amount. Our data highlight the importance ofexternal certification and past experience, as well as social factors, for successful reward crowdfunding. We also discuss the implications for successful policy design.
出处
《金融评论》
CSSCI
北大核心
2016年第3期53-66,124-125,共14页
Chinese Review of Financial Studies
基金
湖北省科技厅软科学项目(2015BDF091)的阶段性成果
湖北金融发展与安全研究中心的资助
关键词
商品众筹
质量信号
投资决策
Crowdfunding
Quality Signal
Investment Decision
