【作者】 王维；

【导师】 史青春； 田中禾；

【作者基本信息】 兰州大学 ， 会计学， 2018， 硕士

【摘要】 众筹作为一个新生的创业生态系统,为初创企业提供了包括资金、生产、营销、市场在内的多种创业资源,实现了资源供给与需求的广泛匹配,成为推动万众创新、大众创业的重要支撑。参与性作为众筹的重要属性,参与度的差异一方面能够影响初创企业的创意实现进程,另一方面能够影响企业的创意传播,进而影响企业绩效。同时,参与度的高低会通过影响众筹网络社区中的资源对接及价值流动速率对企业的资源获取效果产生影响。此外,各企业吸收能力的差异也会对众筹参与度、资源获取效果和企业绩效之间的关系产生差异化的影响。对众筹参与度和相关要素之间的内在联系及其造成的经济影响的研究,关系到众筹行业、初创中小企业在经济转型期面临的新挑战与新机遇,具有较强的理论意义与实际意义。本文以2013年12月至2016年12期间在淘宝众筹平台进行众筹的初创型中小企业为研究对象,基于资源基础理论、企业知识理论等,研究了以下问题:(1)基于众筹的参与性属性,探究众筹参与度与企业绩效之间的关系以及众筹参与度对企业绩效产生影响的内在机制和作用机理,即众筹参与度是否会通过资源获取效果这一路径对企业绩效产生影响?(2)考虑企业吸收能力这一不可忽视的内生性调控因素,探究吸收能力是否会对众筹参与度、资源获取效果和企业绩效之间的内在关系产生调节作用。本文的研究发现,众筹参与度会对企业绩效产生积极影响,同时,众筹参与度能够优化企业资源获取效果,资源获取效果在众筹参与度与企业绩效之间起部分中介作用。吸收能力对众筹参与度与企业绩效之间的关系有显著地正向增强作用。其中,潜在吸收能力对众筹参与度与资源获取效果之间的关系有显著的增强作用,实际吸收能力对资源获取效果与企业绩效之间的关系存在显著的正向调节作用。本研究的创新之处在于:(1)基于众筹的参与属性,探究初创企业众筹参与度对企业绩效的影响,拓展了有关众筹参与度的研究,为众筹研究提供新的视角。(2)探究了众筹参与度影响企业绩效的机制,同时将众筹的功能由传统的融资拓展到一般意义上的资源供给,有助于更全面的探究与验证众筹的经济意义。基于研究结论,本文认为初创型中小企业应深化对众筹的认知,积极参与众筹过程,同时通过培训、组织内外部学习等提高自身吸收能力;众筹平台应与时俱进不断拓展平台功能,努力搭建包括资金、生产、销售、物流、推广等在内的完整商业链条,为企业接触和获取多元化资源提供和创造机会;政府部门积极制定行业发展规范等政策法规,营造良好的政策环境,并积极采取鼓励或补助措施,助力众筹行业及中小企业发展,为促进经济增长和增加就业提供更多可能。更多还原

【Abstract】 Crowdfunding,as a nascent entrepreneurial ecosystem,provides start-ups with a variety of entrepreneurial resources including capital,production and marketing,and enables broad match of resource supply and demand,thus crowdfunding is becoming an important factor in promoting innovation and entrepreneurship.Involvement is an important attribute of crowdfunding,the difference of involvement can not only affect the creative process of start-up,but also affect the creative transmission of business and thus affect the performance of enterprise.At the same time,the level of involvement affects the acquiring of enterprises to resources by affecting resource docking and value flow rates in crowdfunding communities.In addition,the differences in absorptive capacity across enterprises also have a differentiated impact on the relationship between crowdfunding involvement,resource acquisition and firm performance.The research on the internal relations between crowdfunding involvement,the related factors and the economic impact caused by them has a strong theoretical and practical significance,especially to crowdfunding and start-up SMEs who face new challenges and new opportunities in the economic transition period.Taking the small and medium-sized start-up SMEs which launch crowdfunding in Taobao crowdfunding platform during December 2013 to December 2016 as the sample,and based on the basic resources theory and the enterprise knowledge theory,the article studies the following issues:(1)Based on the participatory nature of the crowdfunding,exploring the relationship between crowdfunding involvement and firm performance and the internal mechanism of these two factors,that is to say whether resource acquisition is method that crowdfunding affect firm performance?(2)Considering the absorptive capacity which is the endogenous regulatory factors and can not be ignored,this article explores whether absorptive capacity will have a regulatory effect on the internal relations between crowdfunding involvement,resource acquisition and firm performance.This study finds that crowdfunding involvement will have a positive impact on firm performance.Meanwhile,crowdfunding involvement can optimize the acquisition of firm resources,and the acquisition of resources plays a partial mediating role between crowdfunding involvement and firm performance.On the other hand,absorptive capacity has a significant positive effect on the relationship between crowdfunding involvement and firm performance.In addition,the potential absorptive capacity significantly enhances the relationship between crowdfunding involvement and resource acquisition,the real absorptive capacity has a significant positive regulatory effect on the relationship between the acquisition of resources and the performance of firms.The innovation of this study lies in:(1)Based on crowdfunding involvement attributes,we explore the relationship between crowdfunding involvement and firm performance,expand the research on crowdfunding involvement and provide a new perspective for crowdfunding research.(2)Researching the dynamic that crowdfunding involvement affects firm performance,meanwhile expanding the traditional financing function focused on crowdfunding to the broader supply of resources and more comprehensively examining and verifying the economic significance of crowdfunding.Based on the conclusions of the study,this paper argues that start-up SMEs should deepen their understanding of crowdfunding,actively participate in crowdfunding process,and improve their absorptive capacity through training and internal and external learning;crowdfunding platform should keep pace with the times and constantly expand platform functions,and strive to build a complete business chain including capital,production,sales,logistics,promotion and so on,to provide and create opportunities for firms to release and acquire diversified resources.Government departments should actively formulate policies on industrial development and create a favorable policy environment,and take active measures to encourage or subsidize such enterprises to help the development of crowdfunding and SMEs,making possible for the growth of economic and increasing of employment.更多还原