【作者】 武帅；

【导师】 刘志迎；

【作者基本信息】 中国科学技术大学 ， 管理科学与工程， 2016， 硕士

【摘要】 众筹是互联网金融的重要组成部分,在整个金融体系中的作用越来越重要,随着众筹不断被大众接受,众筹平台如雨后春笋般迅速兴起,作为新生事物,众筹在很多方面都有待完善,不成熟的运作机制和不健全的商业模式暴露出了诸多问题,大批的众筹平台被迫停业与不断有新众筹平台上线的繁荣景象形成鲜明对比,平台作为众筹活动的枢纽,其作用不言而喻,为了众筹模式的健康稳定发展,须加强对众筹平台的理论研究。本文以众筹平台为研究对象,以平台定价为切入点,对平台盈利及相关问题做了一些研究。首先是对众筹的基本情况的详细阐述,基于文献综述的视角对众筹的定义做了详细的归纳整理,以众筹模式的三要素：项目发起人、出资人和众筹平台为基本构架构建了众筹商业模式,并根据回报方式的不同将众筹分为捐赠式众筹、奖励式众筹、借贷式众筹和股权式众筹四种模式类型；其次本文对众筹平台的双边市场特征做了详细论证,从供需的匹配、交叉网络效应、去中心化和风险性四个方面对众筹平台的双边市场特征作了解释；最后本文基于双边市场理论,建立了基于双边市场理论的众筹定价模型,研究发现管理成本、网络效应和市场参与效应是平台定价的主要依据,同时平台在定价是还应该考虑价格敏感性、风险性、项目影响力等因素的影响。本文的研究意义在于从双边市场的视角思考了众筹平台的定价问题,一方面给众筹平台运营商在平台运作过程中提供一定的指导,另一方面也拓宽了众筹研究的思路。更多还原

【Abstract】 Crowdfunding is an important part of Internet financing, and play an important role in the whole financial system. Now more and more people start to know Crowdfunding as a financial tool, and Crowdfunding platforms are founded rapidly. As a new thing, there are many things to do to make it perfect, but it exposed a lot of problems for immature operation mechanism and imperfect business model. A large number of Crowdfunding Platforms are forced to stop their business, contrasting to the prosperity of Crowdfunding markets. There is no doubt that Crowdfunding Platforms are very important, it’s necessary to strengthen the theoretical study of the Crowdfunding Platform for the healthy and stable development of Crowdfunding.Crowdfunding Platform is the subject in this paper, and platform pricing is a point of this study. This paper do some research on platform profits and some related questions.Firstly, this paper have an overview of Crowdfunding in details based on a literature review of the definition of different perspective on Crowdfunding. There are three elements of Crowdfunding:entrepreneur, Crowdfunding funders and crowdfunding platform. I build the basic framework of the Crowdfunding business models based on these elements. Then I classify different Crowdfunding models depending on the way of returns, including donation-based Crowdfunding, awards-based Crowdfunding, loan-based Crowdfunding and equity-based Crowdfunding. Secondly, this paper do a detailed feasibility studies to prove the two-sided characters of Crowdfunding platform from the matching of supply and demand, network effects, decentralization and risks. Finally, based on two-sided market theory, this paper build a two-sided market model of Crowdfunding, the study found that the cost of management, network effects and effects of market participants is the main basis for pricing platform, and the same time the platform managers should also consider price sensitive, risk, project effection and other factors in pricing.The contribution of this study is to think Crowdfunding Platform pricing from the perspective of two-sided market, on the one hand providing some guidance to Crowdfunding platform operators during the operation, also it broadens the way to study Crowdfunding.更多还原