众筹项目发起人与资助人价值共创行为对项目绩效的影响研究

There are two big challenges for small and medium-sized enterprises and individual entrepreneurs in China. The fist one is the difficulty of accessing capital for innovation projects. The other difficulty is the insufficient of the their technological capabilities. To solve these two problems, it is critical to carry out financial service innovation and open innovation. The combination of Internet, especially the online social network, and the private capital generates a new financing channel, crowdfunding, through which entrepreneurs raise money for their innovation projects from the fans or friends online. Crowdfunding is an effective way for entrepreneurs to get finance and to access ideas and innovations from sponsors, i.e., open innovation. In essence, crowdfunding is a value co-creation process between entrepreneur and sponsors which is important to the success of crowdfunding project. Therefore, how to improve the project performance with the co-creation behaviors of entrepreneur and sponsors is not only a new academic question, but also an important practical issue. However, the value co-creation in crowdfunding gains little attention in extant research. Based on the theories of crowdfunding, value co-creation, marketing, and project management, this project aims at investigating the following four questions using diverse research methods including grounded theory study and survey. First, how to measure the value co-creation behaviors of entrepreneur and sponsors in crowdfunding. Second, what are the effects of value co-creation behaviors on the financing performance of crowdfunding project. Third, the mechanism of the effects of value co-creation behaviors on the crowdfunding projects implementation performance. Fourth, what are the effects of value co-creation behaviors on sponsors' satisfaction. The expected research results will not only provide theoretical support for the crowdfunding industry, but also deepen and enlarge the interdisciplinary theoretical research of crowdfunding and value co-creation.

项目融资难与技术力量薄弱是我国中小企业与个人创业者面临的两大困难，金融服务创新与开放创新是纾缓这些问题的关键。互联网（特别是社交网络）与民间资本的结合带来了众筹，即项目发起人基于互联网面向社会大众筹集资金的模式。众筹有效地结合了金融服务创新与开放创新，本质上是发起人与资助人价值共创的过程。如何利用双方的价值共创行为提高项目绩效是一个前沿的学术问题，也是重要的实践问题，而目前学者缺乏对众筹模式中价值共创行为的研究。本项目基于众筹、价值共创、市场营销、项目管理领域的理论，综合应用扎根理论研究、问卷调研等方法，研究四个问题：①发起人与资助人价值共创行为的量表如何制定？②价值共创行为对项目融资绩效的影响机理是什么？③价值共创行为对项目实施绩效的影响机理是什么？④价值共创行为对资助人满意度影响机理是什么？预期成果不仅有助于深化和丰富众筹与价值共创交叉领域的理论研究，而且为众筹的业界实践提供决策参考。

众筹为创业者融资提供了新的渠道，其本质是资助人与创业者的价值共创过程。本项目的研究范围是产品众筹，研究三个话题：①价值共创对项目融资绩效的影响机理；②价值共创与项目执行绩效的关系；③价值共创如何影响资助人满意度。第一个话题的研究视角有两个，一是创业者在网络社区的社会资本，中美数据的对比研究表明在我国社会资本对项目融资绩效的影响更大，这与我国的关系文化有较大关系。该话题另一个研究视角是信任与信号理论，我们发现：相对静态的可信度信息，创业者与资助人的动态互动对提高融资绩效的作用更强；如果创业者没有很好的历史记录，二者互动对提高融资绩效的作用在减弱。.对第二个研究话题“价值共创与项目执行绩效的关系”，我们目前重点分析了资助人评论对项目实施绩效的预测作用。结果表明负面口碑能够预测项目的执行绩效，而正面口碑的预测作用不显著。此外，负面口碑能够显著影响融资动态，即前期负面口碑越多，后一天投资人数越少。这两点结果说明资助人的口碑是集体智慧的重要来源，能够有效地实现项目的优胜劣汰，因为负面口碑既是项目质量的信号，又能够在投资过程中阻止后续投资人投资。.对第三个研究话题“价值共创如何影响资助人的满意度”，基于调研数据分析了资质人公民行为与满意度关系，也使用了定性比较分析方法研究资助人参与、创业者主动性、项目新颖度、项目执行绩效、资助人性别、年龄对满意度的影响，进一步采用了采用结构方程工具检验众筹项目社会责任感、资助人感受的社区收益、发起人积极性的调节作用。该话题的研究成果有助于众筹平台和创业者提高资助人的满意度。.除了产品众筹的上述三个话题，课题组也对股权众筹项目的融资做了探索。基于信号理论及羊群效应理论，研究了项目信息披露与领投人对融资绩效的影响。整体而言，本项目按计划完成任务，发表十四篇期刊论文和四篇会议论文，加深了众筹与价值共创领域的理论研究，也得到业界的关注和认可。