| 发起人间接经验能有效提高筹资效率吗？——基于京东众筹平台交易数据的实证分析 |
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| 引用本文：徐 佳，陈 艳.发起人间接经验能有效提高筹资效率吗？——基于京东众筹平台交易数据的实证分析[J].财经理论与实践,2023,(2):45-52 |
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| 中文摘要:众筹平台发起人的筹资能力为何呈现巨大的差异？优秀的筹资者是如何获得超额筹资的？众筹平台作为典型的双边市场，已有研究仅关注发起人直接经验对筹资效率的影响，发起人的间接经验同样值得关注。基于京东众筹平台数据，实证分析发起人间接经验对众筹筹资效率的影响。研究发现间接经验对筹资效率存在显著影响，通过间接经验对筹资效率影响机制的分析发现：一方面，间接经验可以通过降低目标筹资金额和最低投资金额的设定实现筹资效率的提升；另一方面，间接经验还能通过增加投资回报档位设定以及增加项目更新数两个渠道提升筹资效率。因此对间接经验的分析有助于众筹项目发起者提高筹资效率，加快资金供需匹配，有效解决中小企业融资难、融资贵等问题。 |
| 中文关键词:众筹筹资效率 发起人经验 互联网经济 |
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| Can Indirect Experience of Sponsors Effectively Improve Fund-Raising Efficiency?—Empirical Analysis Based on the Transaction Data of JD.COM Crowdfunding Platform |
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| Abstract:Why is there a huge difference in the fundraising ability of the sponsors of crowdfunding platform? How do excellent fund-raisers get excess funds? Crowdfunding platform is a typical bilateral market, and the existing research only focuses on the impact of the sponsor’s direct experience on the fund-raising efficiency, and the sponsor’s indirect experience is also worthy of attention. Based on the data of JD.COM crowdfunding platform, this paper empirically analyzes the influence of indirect experience on crowdfunding efficiency. It is found that indirect experience has a significant impact on fund-raising efficiency. Secondly, this paper analyzes the mechanism of indirect experience’s impact on fund-raising efficiency. On the one hand, indirect experience can improve fund-raising efficiency by reducing the target fund-raising amount and the minimum investment amount. On the other hand, indirect experience can also improve the financing efficiency by increasing the investment return gear setting and increasing the number of project updates. Therefore, the analysis of indirect experience is helpful for the sponsors of crowdfunding projects to improve the efficiency of financing, speed up the matching of capital supply and demand, and effectively solve the financing difficulties and expensive problems of SMEs. |
| keywords:crowdfunding efficiency sponsor experience Internet economy |
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