摘要
在双边交易环境下,股权众筹平台为扩大效益要制定最优定价策略。构建由发起方和跟投者(投资方)参与的平台最优定价策略模型,研究股权众筹项目的成功率和参与者价格敏感系数对制定最优定价策略的影响。影响股权众筹项目成功率的有两种情形:跟投者成为平台的补贴对象,所以明星项目会受到追捧;项目发起人是平台的补贴对象,这是众筹项目的常规形式。价格敏感系数越小的跟投者,越容易成为股权众筹项目的一员。股权众筹平台应把发展重心放在完善平台功能、维护市场稳定、提高项目质量、实现最大回报率等方面,适时评估股权项目,吸收成功率高的项目进入平台,基于准确的市场定位提升感知利益,降低投资者的价格敏感性,从而实现双方利益最大化。
In the two-sided market,equity crowd-funding platform needs to make an optimal pricing strategy for expanding its own benefits. The optimal pricing strategy model participated by the initiators and the investors is established. The influence of the success rate of the equity crowd-funding project and the price sensitivity coefficient of the participants on the optimal pricing strategy is studied. There are two situations that affect the success rate of the equity crowd-funding projects: if the investors become the subsidy target of the platform,the star project will be sought; the project initiator is the subsidy target of the platform,which is a regular form of the crowd-funding project. The smaller investors' price sensitivity coefficient,the more likely it will be a member of the equity crowd-funding project. The equity crowd-funding platform should focus on development of the platform,maintain market stability,improve project quality,achieve maximum returns,timely assess equity project,absorb project of high success rate into the platform,enhance the perceived benefits based on accurate market positioning,and lower price sensitivity of investors,so as to realize maximization of the interests of both sides.
出处
《阅江学刊》
2017年第6期93-101,共9页
Yuejiang Academic Journal
基金
国家社会科学基金项目"大数据驱动下的众筹产品设计
定价优化研究"(17BGL083)
关键词
双边交易
股权众筹
最优定价策略
项目成功率
价格敏感系数
two-sided market
equity crowd-funding
optimal pricing strategy
project success rate
price sensitivity coefficient
