摘要
为了提高众筹项目的成功率和期望收益,建立两阶段投资模型,研究普通型单阶段众筹和预售型两阶段众筹模式,并进一步讨论这两种模式对项目的影响以及如何制定最优策略。研究表明:当成本较小时,发起人可以始终通过调整人数与价格来维持期望筹资金额不受成本的影响;当成本太大时,发起人需要尽可能地增加人数并降低价格来吸引投资者。相比于单阶段众筹,两阶段众筹中的群体效应对项目会产生正面效应,当成本较小且群体效应明显时,发起人应采取预售型两阶段众筹;反之,应采取普通型单阶段众筹。
In order to improve the success rate and expected profits of crowdfunding projects,this study builds a two-period model of investment,studies the common single-stage crowdfunding and the presale two-stage crowdfunding,and discusses the impacts of these two crowdfunding forms on projects as well as how to design the optimal strategy.The research shows that,when the costs are small,the creator can always keep the expected raised funds unchanged by adjusting the number of investors and the price;otherwise,the creator has to decrease the price by increasing the number of investors as much as possible.Moreover,compared to the common single-stage crowdfunding,the community benefit in the presale two-stage crowdfunding will produce a positive effect.Therefore,the creator should choose the presale two-stage crowdfunding when the cost is small and the community benefit is strong;otherwise,the creator should choose the common single-stage crowdfunding.
作者
毕功兵
耿波涛
杨云绅
梁樑
BI Gongbing;GENG Botao;YANG Yunshen;LIANG Liang(University of Science and Technology of China,Hefei,China)
出处
《管理学报》
CSSCI
北大核心
2019年第5期747-753,共7页
Chinese Journal of Management
基金
国家自然科学基金资助重点项目(71731010)
国家自然科学基金资助项目(71571174)
关键词
产品众筹
人数决策
众筹方式
群体效应
product crowdfunding
decision of people’s number
form of crowdfunding
community benefit
