众筹募资人与平台信息披露问题研究：基于信任及利益相关者理论

Crowdfunding facilitates the processes of financial innovation and market improvement. However, opportunities and risks coexist in crowdfunding market. Crowdfunding mainly faces two major problems: Moral hazard of fund raiser and credit risk of intermediary platform. Information disclosure is believed to be the key to solve these problems. Therefore, they are not only frontier academic problems but also crucial practical issues to identify the factors which affect disclosure behavior of funder raiser as well as crowdfunding platform and to find out how disclosure affects behaviors of funders. The dearth of the relevant studies on crowdfunding information disclosure indicates a great need for present study. Based on crowdfunding, information disclosure, trust, stakeholder theory and integrated methodologies such as field visits and questionnaire survey, this study focuses on the following three questions: ① What are the antecedents of information disclosure of fund raiser? ② What are the antecedents of information disclosure of crowdfunding platforms? ③ How does information disclosure affect behaviors of funders? Expected results will not only deepen and diversify the theoretical study in intersection between crowdfunding and information disclosure, but also offer decision making references to crowdfunding industry.

众筹对于金融创新和市场完善起到了促进作用。然而，众筹市场的创新与风险并存。其风险可体现在募资者道德风险与中介平台信用风险两个方面。业界普遍认同有效的信息披露机制是解决这些问题的关键。因此，研究哪些因素会影响众筹募资者及中介平台信息披露行为以及信息披露会如何影响资助者投资行为既是一个前沿的学术问题，也是重要的实践问题，然而目前学术界缺乏对众筹信息披露的相关研究。本项目基于众筹、信息披露、信任及利益相关者理论，综合应用实地访问、问卷调研等方法，重点研究以下三个问题：①众筹募资者信息披露行为的影响因素是什么？②众筹中介平台信息披露行为的影响因素是什么？③信息披露对投资人投资行为的影响机理是什么？预期成果不仅有助于深化和丰富众筹与信息披露交叉领域的理论研究，还可为众筹的业界实践提供决策参考。

众筹在提供融资渠道创新的同时，其发展仍然受到因信息不对称引起的逆向选择和道德风险的制约，如何缓解众筹信息不对称已引起学界与业界的关注。业界普遍认同有效的信息披露机制是解决这些问题的关键。因此，研究哪些因素会影响众筹募资者及中介平台信息披露行为以及信息披露会如何影响资助者投资行为既是一个前沿的学术问题，也是重要的实践问题，然而目前学术界缺乏对众筹信息披露的相关研究。本项目基于众筹、信息披露、信任及利益相关者理论，重点研究了以下三个问题：①众筹募资者信息披露行为的影响因素是什么？②众筹中介平台信息披露行为的影响因素是什么？③信息披露对投资人行为的影响机理是什么？项目综合采用了理论分析、问卷调查、调查反馈等方法，实证数据来自于我国几家知名众筹平台，研究结论具有一定的代表性。产出成果不仅有助于深化和丰富众筹与信息披露交叉领域的理论研究，还可为众筹产业界提供重要的理论依据和实践指导。截止2018年12月底，课题组发表学术期刊论文7篇（其中SCI/SSCI检索论文6篇，EI检索论文1篇）学术会议论文4篇，本课题已完成项目计划中设定的研究工作。