台灣群眾募資平台募資專案成效研究

A Study of Projects' Performances on Taiwanese Crowdfunding Platform

簡威威(Wei-wei Chien)

指導教授 ： 郭佳瑋

國立臺灣大學/管理學院/商學研究所/碩士(2016年)

https://doi.org/10.6342/NTU201700332

摘要

對於新創公司而言，初期所面臨的最大障礙即為資金的難以募得。面臨這個問題時，傳統作法為找尋天使基金、銀行貸款等，但近年興起的一種募資方法，稱為「群眾募資(crowdfunding)」。依據Belleflamme et al. (2012)的定義，群眾募資乃是透過網路的幫忙，使新創者或新創公司直接面對廣大願意協助開發新產品或接受新事物的群眾，並可使用不同的回饋方式(如捐贈、產品回饋)向贊助者募得所需資金。
本研究以群眾募資平台flyingV 作為研究對象，收集至2015 年底為止所有flyingV募資專案共1250筆觀察值做為研究樣本，利用多元線性迴歸進行分析，探討影響募資成效的因素。本研究的主要貢獻：(1)發展更多元且切合募資專案之質化與量化變數，部分新提出之變數如專案存續期間、募資平台成熟度等，皆各自在本研究之模型中出現顯著影響，顯示新變數對募資成效具貢獻性。同時募資者可利用本研究新提出之變數，作為其發起募資專案時之考量。例如專案存續期間此變數在模型中顯著但係數為負數時，表示募資者若設定較長的募資專案時間，將可能因募資者態度鬆懈等因素導致募資成效較差。(2)找出對應不同專案類別的迴歸模型，過往研究多使用的單一模型解釋僅適用於整體而非單一募資專案。本研究提出之模型中充分證明本研究的探討問題：不同類別下之專案應有其各自適合的迴歸模型。

關鍵字

群眾募資 ； 多元線性迴歸 ； flyingV

並列摘要

The biggest barrier for startup companies to survive is to raise the initial fund, and the traditional way to solve the problem is to seek for angel funds or loans from banks. But there is a new way which called “crowdfunding” for funds raising. According to the definition of Belleflamme et al. (2012), crowdfunding is another way to get funds from the grand people through internet.
This study provides a different perspective into the factors that influence the success of crowdfunding projects. The research sample includes all projects (number of projects: 1250) from Taiwanese crowdfunding platform, flyingV, and all projects are collected since the launching of the platform in 2012 until December 31th 2015. The quantitative analysis is conducted by using multiple linear regression method.
The main contribution from the result of the analysis: (1) Develop new and much proper variables which suit the multiple linear regression. Some of the variables significantly affect funding results, which means, to boost funding ratio, funders can take these variables into consideration. For example, variable “Time_duration” significantly and negatively affects funding results, so funders should not set a too-long raising period in case of decreasing of funding results. (2) Develop several multiple regression models to fit different projects. The past studies often tried to explain all projects by using only one multiple regression model, and the study successfully proved that projects of different categories should be explained by different multiple regression model.

並列關鍵字

crowdfunding ； multiple linear regression ； flyingV

參考文獻

Wu, B. H. (2015). Design Strategy of Crowdfunding Platform Web Page: An Empirical Study on Taiwanese Crowdfunding Platform flyingV. Unpublished master’s thesis, National Taiwan University.

林秀英與陳勇志. (2013). 圓夢推手的理想與現實-群眾募資平台的發展現況與挑戰課題. 臺灣經濟研究月刊, 36(3), 98-105.

林亭佑. (2015). 群眾募資專案成效之影響因素：台灣群眾募資平台flyingV 之實證研究. 國立台灣大學商學研究所未出版碩士論文.

Belleflamme, P., Lambert, T., Schwienbacher, A. (2012). Crowdfunding: Tapping the Right Crowd. SSRN eLibrary.

Cosh, A., D. Cumming, & A. Hughes. (2009). Outside Entrepreneurial Capital. The Economic Journal, 119(540), 1494-1533.