| 预售众筹信息反馈影响新产品开发绩效的机理研究 |
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| 引用本文：刘烨1,2，王锡妍1,3.预售众筹信息反馈影响新产品开发绩效的机理研究[J].财经理论与实践,2025,(6):13-21 |
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| 中文摘要:以2016—2019年在京东众筹平台发起预售众筹的初创企业为样本，考察企业从筹资活动中获得的信息反馈对其新产品开发绩效的影响。研究发现，支持者对产品的期望水平越高，或企业与支持者互动越频繁，企业在成功筹资后不能按时交付产品的可能性越大，但是从长期来看，产品最终实现量化生产并成功上市的概率反而更高。进一步证据显示，支持者对产品的期望水平、企业与支持者的互动关系对企业后续的专利申请行为无显著影响。这表明预售众筹主要通过帮助企业测试市场潜力来影响新产品开发绩效，而非通过提供创意想法。众筹平台应着力完善项目筛选机制与风险沟通机制，引导支持者理解创意支持与常规购买之间的本质差异，从而更有效地发挥预售众筹的信息反馈功能。 |
| 中文关键词:预售众筹 信息反馈 产品交付 产品上市 创新 |
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| Information Feedback of Presale Crowdfunding and the Performance of New Product Development |
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| Abstract:Using a sample of startup firms that launched presale crowdfunding campaigns on the JD crowdfunding platform from 2016 to 2019, this study investigates how information feedback obtained during fundraising activities affects firms’new product development (NPD) performance. The results show that the higher the backers’ expectations for the product, or the more frequent the interactions between firms and backers, the more likely the firm is to delay product delivery after successfully raising funds. However, in the long run, such projects are more likely to achieve mass production and commercial launch. Further evidence indicates that backers’ expectation levels and firm-backer interactions have no significant impact on firms’ subsequent patenting activities. These findings suggest that presale crowdfunding influences NPD performance primarily by helping firms test market potential rather than by providing creative ideas. Crowdfunding platforms should improve project screening and risk communication mechanisms and guide backers to understand the essential distinction between creative support and conventional purchase behavior, thereby enhancing the informational feedback function of presale crowdfunding. |
| keywords:presale crowdfunding information feedback product delivery product release innovation |
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