国际众筹项目独特性与融资绩效关系研究——一个跨层次的最优区分模型

Relationship Between the Distinctiveness of International Crowdfunding Projects and Financing Performance: A Cross-Level Optimal Distinctiveness Model

中文关键词:  国际众筹  最优区分  项目独特性  跨层次协奏  融资绩效

英文关键词:international crowdfunding  optimal distinctiveness  project distinctiveness  cross-level orchestration  financing performance

中文摘要:

      国际众筹情境下,创业者面临项目竞争性与合法性缺失并存的双重压力,如何进行最优区分定位,是决定项目融资绩效的关键。基于最优区分理论,以国际众筹平台Indiegogo 2012—2019年的7314个技术创新类项目为样本,实证检验了国际众筹项目独特性与融资绩效的关系。结果表明:(1)在单一维度上,中等程度的项目独特性能显著提升融资绩效；(2)在跨维度上,较高程度的创业者相似性与中等程度的项目独特性形成互补协奏效应,这种效应有助于进一步提升融资绩效,而类别独特性则负向调节了项目独特性与融资绩效的倒“U”型关系；(3)跨层次最优区分协奏模式的形成受到制度范式的影响,项目层面的制度范式发挥了较强的制度约束作用,降低了项目的独特性,而类别层面和个体层面的制度范式则有助于提高项目的独特性。建议创业者基于国际众筹情境,根据“个体—项目—类别”层面的跨层次最优区分定位,选择最优的战略模式,进一步提升项目的融资绩效。

英文摘要:

      In the context of international crowdfunding, entrepreneurs face dual pressures of projects competition and legitimacy deficit. To carry out optimal distinctiveness of projects is the key to the financing performance. Based on the optimal distinctiveness theory, this paper takes 7314 technological innovation projects from 2012 to 2019 of Indiegogo, an international crowdfunding platform, as samples, and empirically explore the relationship between the distinctiveness of international crowdfunding projects and financing performance. The results are as follows. (1) In a single dimension, the moderate project distinctiveness significantly improves the financing performance. (2) In different dimensions, high entrepreneur similarity and moderate project distinctiveness form a compensatory orchestration effect, which further improves financing performance, while distinctiveness in the category dimension plays a negative moderating effect on the inverted U-shaped relationship between project distinctiveness and financing performance. (3) The formation of the cross-level optimal distinctiveness model is subject to an institutional paradigm. The institutional paradigm at the project level plays a role of institutional restraint, reducing the project distinctiveness, while the institutional paradigms at the category and individual levels strengthen the project distinctiveness. Entrepreneurs should choose the optimal strategy based on the international crowdfunding environment and the cross-level optimal distinctiveness model at the level of “individual–project–category”, thus improving financing performance of projects. 