投资者视角下的奖励型众筹问题研究

随着众筹行业的迅猛发展,众筹项目数量迅速增长,使得投资者在项目选择上花费了大量的时间精力.本文旨在帮助投资者以最少时间成本选择优质的众筹项目.在假设众筹项目优质程度与融资完成比有正相关关系的前提下,本文基于京东众筹数据,利用CART回归树算法进行决策树建模,模型R²达到0.746.研究结果表明,投资者应重点关注目标金额,关注人数,项目进展和话题这四个指标.本文研究结果仅适用于奖励型众筹,对于其他类型众筹应当重新选择自变量进行模型建立,但决策树模型仍然可以适用.     

基于JSP的众筹平台设计与实现

通过对众筹平台的背景、现状和基本概念进行研究,了解众筹的相关信息,采用JSP技术,以SSM为开发框架,以Eclipse为开发工具,以MySQL为后台数据库,设计并实现了基于JSP的众筹平台.系统主要实现了会员注册、项目发布、项目投资、项目审核、充值提现审核、项目催还及数据统计等功能.     

考虑消费者利他偏好的贫困农民扶贫参与策略

基于众筹扶贫模式,探讨缺乏生产资金的风险规避型农民在面对市场不确定性时的最优定价决策及扶贫参与模式选择问题.通过构建农民在传统扶贫模式和众筹扶贫模式下的决策模型,得到农民的最优定价策略.通过对比发现:1)当利他型消费者规模较小时,农民在众筹模式下只能采取低价策略,且最优参与模式的选择与利他型消费者比例和利他主义动机影响强度相关;而当利他型消费者规模较大时,农民是否参与众筹只与利他主义动机影响强度相关,此时利他型消费者比例只影响众筹模式下的定价策略.2)农民的风险规避程度和贷款利率较低、需求波动性较小时,农民更适合选择传统扶贫模式.3)消费者参与众筹的风险程度越低,农民越倾向于选择众筹模式.     

基于区块链的众筹智能合约设计

众筹是当前热门的一种互联网融资模式，目前的众筹平台存在违规经营、公信力不足、监管不善等诸多问题。智能合约是一种由事件驱动的、具有状态的代码合约和算法合同，随着区块链技术的深入发展而受到广泛关注和研究。基于区块链的智能合约技术具有去中心化、自治化、可观察、可验证、可信息共享等特点，可以有效构建可编程金融，为解决众筹平台的问题提供了新的途径。在区块链和智能合约理论的基础上，搭建了众筹区块链（Crowdfunding Blockchain，CBC），并基于以太坊实验环境开发了众筹合约系统，将传统的众筹合约文本代码化，合约的存储与执行均在区块链上进行，这不仅保证了众筹项目的自治化和可靠性，而且提高了项目可信性和公信力。     

基于众筹预售和众包生产的两阶段最优定价机制

为实现农产品产销供应链中按需生产,供需平衡的同时,提高电商平台的期望收益。分析了电商平台整个产销供应链的问题模型,提出一种基于电子商务平台众筹预售和众包生产的产销模式。基于迈尔森最优拍卖理论设计了众筹预售和众包分配的两阶段最优拍卖定价机制,能够在保证参与用户诚实报价的基础上,同时最大化电商平台的期望收益。实验结果表明,对比传统的先到先服务算法（FCFS）,平均收益在需求数量区间为均匀分布时至少增加了5%,为指数分布时至少增加了18%,且至少能达到假设用户诚实报价下的最优利润（OP）收益的50%。     

基于区块链智能合约的代币系统

针对传统代币中存在的公信力不足、监管困难等问题,结合区块链和智能合约技术,设计了一种去中心化的区块链代币系统。以此区块链代币系统为基础,通过部署代币合约、众筹合约,构建了一个基于区块链的众筹系统,实现了基本的众筹功能。同时设计了资金管理合约,实现了众筹成功后对发起者的监督和资金的管理。最后通过以太坊平台进行系统测试,分析了该代币系统的功能性、安全性以及时间性能。结果表明,基于区块链的代币系统在实现代币基本功能的同时,能够有效提升代币的安全性和功能性。     

试论众筹模式下的财会管理

从最初艺术家们为创作筹集资金的一个方法，到如今成为个人和企业为项目筹资的一种渠道。借助互联网蓬勃发展，互联网金融迅速蔓延的态势，众筹这一新兴模式已逐渐被大众所接受。为了更好地发挥众筹的力量，财会工作应针对不同的模式，作出更适宜的管理。     

众筹项目推荐:面向隐式反馈的深度学习协同过滤

目前,在推荐系统研究中,用户的隐式反馈,以及极度稀疏的数据,已成为影响协同过滤推荐效果的主要问题.针对这一现象,本文提出了深度学习协同过滤算法,先利用卷积神经网络,对用户-项目矩阵的隐层特征进行学习,再结合协同过滤,对用户-项目的交互信息进行建模,并将两种特征融合预测推荐列表.以众筹平台的数据为实验对象,比较模型中各参数对推荐效果的影响,并设计与基线方法的对比实验.实验结果表明:均匀采集负反馈,并在一定卷积层数的网络中,数据稀疏度越高,效果越好;对比基线方法,本文提出的算法在公开数据集(Yahoo!Movie)上取得了最好的推荐结果.本文提出的算法有助于提高众筹平台的融资成功率,同时也丰富了推荐系统的研究体系.     

通过Selfstarter建立开源众筹平台

如果你想搭建一个类似Kickstarter的众筹平台,利用GitHub上的开源项目Selfstarter便可轻松实现。     

双层网络效应下众筹平台上新产品扩散

基于创新扩散理论分析在由线下网络与线上网络构成的双层网络效应下,众筹支持者中充当“创新代理人”的群体如何利用簇群形成帮助众筹发起者实现新产品从早期少数采纳者到早期多数者的跨越扩散过程.同时基于传染病模型,建立众筹平台的双层网络O_SCI$_2$R模型,并运用Matlab对“创新代理人”的数量和影响力对线上/线下创新扩散的影响、“创新代理人”对簇内创新扩散的影响以及簇对线上/线下创新扩散的影响进行模拟仿真.研究结论显示:“创新代理人”数量越多,线上/线下创新扩散越快;“创新代理人”影响力越大,线上/线下创新扩散越快;“创新代理人”不仅促进了簇内的创新扩散,也扩大了簇群间的创新扩散;围绕“创新代理人”形成的簇在最初短时间内促进了线上/线下创新扩散,但并不能决定后期的创新扩散.     

A social recommendation approach for reward-based crowdfunding campaigns

In recent years, a new kind of fundraising mode known as crowdfunding has gradually emerged. Because of the rapid spread of the internet, people can offer their creative ideas on a fundraising platform and attract mass backers to invest in their projects. Crowdfunding not only helps users to realize their dreams but also allows companies to carry out test marketing. Although crowdfunding brings huge opportunities, the success rate of fundraising plans remains low. In this study, we therefore propose a phase-based backer recommendation mechanism, which integrates information from crowdfunding and social networking platforms by analyzing the factors of social relationships, user preferences, and economic backgrounds, to help project creators to reach their fundraising goals at each stage. Our experimental results show that the proposed mechanism is effective in identifying appropriate backers with respect to the status of the project and significantly improves the success rates of crowdfunding. The proposed mechanism can provide greater business value and more opportunities to crowdfunding platforms and contribute to more successful fundraising plans.     

Promoting crowdfunding with lottery: The impact on campaign performance

In recent years, some leading crowdfunding platforms initiated a new promotion instrument, the lottery option, to fundraisers. To gain insights into whether it is a wise decision or a harmful choice to promote crowdfunding campaigns with the lottery, we explore its impacts on crowdfunding performance using a unique dataset collected from Zhongchou.com. Based on our proposed multidimensional evaluation framework, we find that the lottery option is beneficial to the participation performance of crowdfunding campaigns. However, its impacts on the fundraising performance of crowdfunding campaigns are sophisticated. Furthermore, it has a cannibalization effect on the potential backers’ selection of existing types of options.     

众筹融资创新与发展研究

众筹融资萌发于美国,在法律法规相对健全的欧美市场迅速发展。国内众筹融资起步较晚,但是发展速度很快。通过对众筹融资发展历程和发展现状的分析,总结出众筹融资的优劣势,并加以案例分析,对众筹未来发展趋势进行预测。     

An investigation of enablers and inhibitors of crowdfunding adoption: Empirical evidence from startups in China

In recent years, crowdfunding has emerged as a new fundraising technique for startup ventures. Crowdfunding allows small businesses and startups to seek funding from a large number of private investors, the so‐called “crowdfunders.” Crowdfunding is beneficial for startup ventures by offering a variety of financial and nonfinancial benefits such as helping to solve funding difficulties, providing value‐added involvement, facilitating access to further funding, and providing publicity. In contrast, diffusion processes of new business innovations have become increasingly complicatedly and multifaceted in recent years. Potential users today are exposed to a wide range of influences that include word‐of‐mouth communications, network externalities, and social signals. Despite the advantages associated with crowdfunding, the crowdfunding industry faces slow rates of diffusion in the Chinese market because crowdfunding ventures often fail to translate into adoption behavior. This study investigates the enablers and inhibitors of crowdfunding adoption intention from the perspective of startups by employing the two‐factor theory, status quo bias theory, and innovation diffusion theory. These theories allow crowdfunding researchers and platform managers to test the relative influence of both reasons for (enablers) and reasons against (inhibitors) crowdfunding adoption in a single framework. In conclusion, considering the phenomenon of startups in China, the results of this study will fill the paucity of empirical research in the innovation resistance area, shedding light on the motivation of entrepreneurs to avoid crowdfunding as a financing course as well as providing crowdfunding managers and policymakers with strategic recommendations.     

Money is not everything: A typology of crowdfunding project creators

While studies focus on how crowdfunding promotes the launch of innovative products or services through two-sided (creator-investor) platforms and digital tools, knowledge on the creator-side motivation is limited. To address this knowledge gap, our study identifies four types of crowdfunding project creators—social entrepreneur, fund seeker, indie producer, and daring dreamer—based on four motivations—achievement, monetary need, prosociality, and relationship building. We also examine how crowdfunding projects’ characteristics differ by the creator type and which characteristics are critical for enhancing projects’ performance. The study extends crowdfunding literature by deepening knowledge of creator-side motivation and contributes to crowdfunding practices by suggesting platform operators ways to attract and promote different types of project creators.     

Dynamics of investor communication in equity crowdfunding

In crowdfunding, start-ups can voluntarily communicate with their investors by posting updates. We investigate whether start-ups strategically use updates, which have previously been shown to increase investments. To this end, we use hand-collected data from 751 updates and 39,036 investment decisions from two major German equity crowdfunding portals: Seedmatch and Companisto. We find evidence of strategic communication behavior of start-ups during an equity crowdfunding campaign. During the funding period, start-ups more frequently post updates with linguistic devices that enhance the group identity and the group cohesion as well as updates on the business development. Furthermore, the probability of an update during the funding period increases along with strong competition of other contemporary crowdfunding campaigns.     

Feature subset selection for predicting the success of crowdfunding project campaigns

Electronic Markets - Statistics from crowdfunding platforms show that a small percent of crowdfunding projects succeed in securing funds. This makes project creators eager to know the probability...