【作者】 田莹；

【导师】 张尧；

【作者基本信息】 东北大学 ， 管理科学与工程， 2023， 博士

【摘要】 随着互联网技术的快速发展,奖励型众筹已经成为一种新兴的融资方式帮助企业筹集资金以开发和生产产品。与传统融资方式相比较,如银行融资和风险资本融资,众筹具备门槛低、多样化、开放性强以及风险小等优势。奖励型众筹不仅具备融资作用,还具备营销作用。参与奖励型众筹的企业可以利用众筹筹集的资金开发和生产产品,在众筹项目成功之后还可以选择继续销售产品,因此,奖励型众筹逐渐成为企业筹集资金和销售产品的一种重要渠道。在实践中,消费者和企业之间的信息不对称问题、较高的融资目标或不合适的定价策略都可能导致奖励型众筹项目失败。根据奖励型众筹平台Kickstarter的统计信息可知,众筹项目的成功率为39.99%,其中科技类项目的成功率仅为22.07%,由此可知,企业很可能面临众筹项目失败的风险。针对奖励型众筹项目,尤其对于科技类项目,企业如何设计众筹项目以提高众筹项目的成功率是至关重要的。值得一提的是,发起奖励型众筹项目的企业不仅关注众筹的融资作用,还关注众筹的营销作用。面对不同类型消费者差异化的购买行为,奖励型众筹产品的定价决策会影响消费者购买行为,进而会影响企业收益,因此,解决奖励型众筹产品定价决策问题是十分必要的。涉及的相关科学问题包括:奖励型众筹企业如何设计奖励计划来提高众筹绩效?考虑消费者的短视行为,奖励型众筹企业在有无融资约束的两种情况下如何设置产品价格和选择销售策略?考虑消费者的策略行为,奖励型众筹企业在有无在线评论的两种情况下如何设置产品价格和选择定价策略?考虑消费者的利他偏好,在理性消费者仅购买KIA产品和理性消费者在AON和KIA产品之间选择的两种情况下,AON企业和KIA企业如何设置产品价格,以及企业在不同情况下如何选择合适的融资机制?为此,本文运用逻辑回归、博弈论等方法,深入探讨奖励型众筹产品定价决策问题,主要研究工作包括以下四个方面:(1)针对奖励型众筹奖励计划设计对众筹绩效的影响研究。首先,依据消费价值理论、稀缺效应理论和信号理论,提出奖励信息中产品价格、数量以及分发时间相关的数值特征与众筹绩效之间关系的假设;其次,爬取真实的众筹项目信息,构建自变量、控制变量和因变量,根据众筹成功和支持者人数两个因变量,分别设置逻辑回归模型和多元层次回归模型来检验提出的假设;最后,通过分析回归结果,解释奖励计划设计与众筹绩效之间的关系,为企业提高众筹绩效提供理论依据。(2)针对考虑消费者短视行为的奖励型众筹产品定价和销售策略研究。首先,针对消费者在众筹阶段可以获得额外奖励和面临产品不匹配风险的现象,量化额外奖励和产品匹配程度,构建消费者在众筹阶段和零售阶段的效用函数;其次,在有无融资约束的两种情况下,分别构建企业在一阶段销售策略和两阶段销售策略下的利润模型,并求解不同情形下的最优策略;最后,通过对比分析不同情形下的最优策略,揭示企业在不同情形下的最优产品定价和销售策略选择,以及融资约束对企业最优决策的影响,并使用实际数据的统计分析结果进一步地验证理论结果,为企业的产品定价和销售提供决策支持。(3)针对考虑消费者策略行为和在线评论的奖励型众筹产品定价策略研究。首先,考虑消费者的策略行为以及在线评论对消费者质量评估的影响,分别在有无在线评论的两种场景中构建消费者在高低两种融资目标下的效用函数;其次,根据普通消费者和粉丝的购买决策,求出不同定价策略中的消费者需求,构建企业在相应定价策略中的利润模型并求解出最优解;最后,通过比较不同情况下的定价策略,给出企业最优的定价策略,并分析在线评论对消费者策略行为和企业最优定价策略的影响,为企业在不同情况下选择合适的定价策略提供理论指导。(4)针对考虑消费者利他偏好的奖励型众筹产品定价和机制选择研究。首先,量化消费者在AON机制下的利他偏好以及消费者在KIA机制下对替代产品的接受程度,分别构建消费者购买AON产品和购买KIA产品的效用函数;其次,在理性消费者仅购买KIA产品和理性消费者在AON和KIA产品之间选择的两种情况下,基于消费者购买决策,分别构建AON企业和KIA企业的利润函数,并求解最优结果;最后,通过分析最优解以及对比不同情形下的最优决策,给出AON企业和KIA企业最优的定价决策,以及企业在不同情形下如何选择合适的融资机制。本文基于奖励型众筹项目的发展现状,结合已有相关的研究成果,通过考虑不同类型消费者差异化的购买行为,运用实证分析和数学建模方法,在不同的众筹场景中深入探讨奖励型众筹产品定价决策问题,使得本文的研究更具有实际意义。上述四项研究工作所取得的研究成果表明,在奖励型众筹产品定价决策过程中,考虑不同的众筹情形和消费者差异化的购买行为是十分必要的。本文所提出的考虑不同类型消费者差异化购买行为的奖励型众筹产品定价决策研究,不仅从理论上丰富了奖励型众筹产品定价决策问题,还从实际上为奖励型众筹企业融资和产品销售决策提供理论指导。更多还原

【Abstract】 With the rapid development of Internet technology,reward-based crowdfunding has become a new financing method,helping entrepreneurs raise funds,develop and produce products.Compared with traditional financing methods,such as bank and venture capital,crowdfunding has the advantages of low threshold,diversity,strong openness and low risk.Reward-based crowdfunding not only plays a role in financing,but also plays a role in marketing products.Entrepreneurs participating in reward-based crowdfunding can use the raised funds to develop and produce products,and they can choose to continue selling the product after the successful crowdfunding project.Therefore,reward-based crowdfunding has gradually become an important channel for entrepreneurs to raise funds and sell products.In practice,information asymmetry between consumers and entrepreneurs,high funding goals or inappropriate pricing strategies can lead to the failure of reward-based crowdfunding projects.According to the statistics of the Kickstarter platform,the success rate of crowdfunding projects is 39.99%,of which the success rate of technology projects is only 22.07%.Entrepreneurs are likely to face the risk of failure of crowdfunding project.For reward-based crowdfunding projects,especially for technology projects,how entrepreneurs design crowdfunding projects to increase the success rate is worthy of attention.Entrepreneurs launching reward-based crowdfunding projects not only focus on the financing role of crowdfunding,but also consider the marketing role of crowdfunding.Facing the differentiated purchasing behaviors of different types of consumers,the product pricing strategy of reward-based crowdfunding projects will affect consumer purchasing behavior,which will affect the entrepreneur profit.Therefore,it is necessary to solve the problem of product pricing strategy of reward-based crowdfunding projects.The several important questions should be solved:How do reward-based crowdfunding entrepreneurs design the reward scheme to improve crowdfunding performance?Considering the myopic behavior of consumers,how can reward-based crowdfunding entrepreneurs set product prices and choose sales strategies without and with financing constraints?Considering the strategic behavior of consumers,how do reward-based crowdfunding entrepreneurs set product prices and choose pricing strategies without and with online reviews?Considering the altruistic preferences of consumers,how do AON and KIA entrepreneurs set product prices,and how do they choose an appropriate financing mechanism in different situations,where rational consumers only buy KIA products and rational consumers choose between AON and KIA products?Therefore,this thesis discusses the product pricing decision of reward-based crowdfunding projects by using the logistic regression,game theory and other methods.The main research work mainly includes the following four aspects:(1)Research on the impact factors of the reward scheme design of reward-based crowdfunding on crowdfunding performance.Firstly,based on the consumption value theory,scarcity effect theory and signal theory,the hypotheses of the relationships between numerical features in reward information and crowdfunding performance are proposed,sunch as the product price,quantity,and estimated delivery time.Secondly,the real crowdfunding project information is crawled,and independent variables,control variables and dependent variables are constructed.According to the two dependent variables of crowdfunding success and number of backers,the logistic regressions and hierarchical multiple regressions are constructed to test hypotheses.Finally,through the analysis of regression results,the relationship between the design of reward mechanism and crowdfunding performance is explained,which provides a theoretical basis for entrepreneurs to improve crowdfunding performance.(2)Research on product pricing and sales strategy of reward-based crowdfunding considering consumers’ myopic behavior.Firstly,regarding the phenomenon that consumers can obtain extra rewards and face the risk of product mismatch in the crowdfunding stage,the extra rewards and probability of product matching are quantified,and the utility functions of consumers in the crowdfunding and retail stage are constructed.Secondly,the profit models of entrepreneurs under one-stage sales strategy and two-stage sales strategy are constructed under the conditions of entrepreneurs without and with financing constraints,and the optimal strategies in different conditions are obtained.Finally,by comparing and analyzing the optimal strategies in different situations,it reveals the optimal product pricing and sales strategy choices of entrepreneurs in different situations,as well as the influence of financing constraints on the optimal decision-making of entrepreneurs.The statistical analysis results of real data are used to further demonstrate the theoretical results,which provides decision-making basis for entrepreneurs to make product pricing and sales.(3)Research on product pricing strategy of reward-based crowdfunding considering consumers’ strategic behavior and online reviews.Firstly,considering the impact of consumers’ strategic behavior and online comments on consumers’ quality evaluation,the utility functions of consumers under high and low funding goals are constructed in two scenarios:one without online reviews and the other with online reviews.Secondly,according to the purchasing decisions of regular consumers and fans,the consumer demand in different pricing strategies is obtained.The entrepreneurs’ profit models will be constructed under corresponding pricing strategy,and the optimal solutions can be derived.Finally,by comparing the pricing strategies in different situations,the optimal pricing strategy choices of entrepreneurs are given,and the influence of online reviews on consumers’ strategic behavior and entrepreneurs’ optimal pricing strategies is analyzed.The results provide theoretical guidance for entrepreneurs’ pricing decisions in different scenarios.(4)Research on product pricing and mechanism selection of reward-based crowdfunding considering consumers’ altruistic preferences.Firstly,the consumers’altruistic behavior in the AON mechanism and consumers’ acceptance of alternative products in the KIA mechanism are quantified,and the utility functions of consumers’purchasing AON products and KIA products are constructed.Secondly,in the cases that rational consumers only buy KIA products and rational consumers choose between AON and KIA products,based on consumers’ purchasing decisions,the profit functions of AON entrepreneurs and KIA entrepreneurs are constructed respectively,and the optimal solutions are obtained.Finally,through the analysis of the optimal solutions and the comparison of the optimal decisions in different situations,the optimal pricing decisions of AON entrepreneurs and KIA entrepreneurs are given,as well as how entrepreneurs choose an appropriate financing mechanism in different situations is analyzed.On the basis of the development of reward-based crowdfunding projects and the existing research results,this thesis uses empirical analysis and mathematical modeling to discuss the product pricing decision of reward-based crowdfunding by taking into account the differentiated purchasing behaviors of different types of consumers.The research results obtained from the above four research show that it is necessary to consider different crowdfunding situations and consumers’ differentiated purchasing behaviors in the product pricing decision of reward-based crowdfunding.In this thesis,research on the product pricing strategy decision of rereward-based crowdfunding considering different types of consumers’ differentiated buying behaviors not only enriches the product pricing decision problem of reward-based crowdfunding in theory,but also provides theoretical guidance for thedecision-making of entrepreneurs in financing and product sales.更多还原