文章摘要
申芷菡.哪种风格的招股书更容易众筹成功?——来自在线众筹平台Seedrs的经验证据[J].技术经济,2021,40(6):168-176.
哪种风格的招股书更容易众筹成功?——来自在线众筹平台Seedrs的经验证据
Tone and Length of Pitches and Crowdfunding Performance:Evidence From Seedrs, a UK-Based Online Platform
投稿时间:2020-10-26  修订日期:2021-05-26
DOI:
中文关键词: 招股书  篇幅  语调  众筹  创业融资
英文关键词: pitch  length  tone  crowdfunding  entrepreneurial financing
基金项目:
作者单位E-mail
申芷菡 北京大学 zhihan.shen@hotmail.com 
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中文摘要:
      内容:随着数字技术和创新金融服务的发展,在线众筹平台已迅速发展成为一种替代传统天使投资人和私募机构的新兴融资渠道。目前,关于众筹行为的研究主要集中在慈善众筹和微贷款这两种模式上,而少有文献关注股权众筹。通过对2015年和2016年在英国股权众筹平台Seedrs上发起的741次众筹活动的文本分析,我们发现招股书篇幅和语调对众筹成功率有显著影响。与专业投资人相比,众筹平台用户通常为业余投资爱好者、更依赖直觉做出相对感性的投资决定。篇幅长的招股书不仅不能有效地缓解信息不对称,还会增加潜在投资者快速提取有价值信息并准确理解商业项目的难度,最终削弱了他们的投资热情、降低了众筹成功率。语调乐观的招股书则可以向外界传递积极的内部信息,且能正向影响众筹参与人的情绪、激发其投资意愿,从而有助于成功众筹。
英文摘要:
      With the rapid development of digital technology and innovative financial service, online crowdfunding platform has become a vital financing channel that replaces traditional angels and private equity. Existing literature on crowdfunding mainly concentrates on donation-based crowdfunding and microloans (P2P), but largely neglects equity-based crowdfunding. Based on quantitative text analysis of 741 equity-based crowdfunding campaigns launched on Seedrs in 2015 and 2016, this study finds that the length and tone of the pitch have a significant impact on the success rate of crowdfunding. Compared with professional investors, the crowd usually rely more on intuition to make relatively emotional investment decisions. The lengthy pitch not only cannot effectively mitigate information asymmetry, but also increase the difficulty for investors to quickly extract valuable information and accurately understand business plans, which eventually weakens their investment enthusiasm and reduces the success rate of crowdfunding. Pitch in a positive tone can signal positive inside information to potential investors, enhance investor optimism and investment willingness, thereby contributing to successful crowdfunding.
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