Threshold Effect in Crowdfunding: Evidence from Investment-Level Data
Threshold Effect in Crowdfunding: Evidence from Investment-Level Data
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DOI：
10.1080/10864415.2021.1967007
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发表时间：
2021-10
影响因子：
5
通讯作者：
Yang Xu;Wen Song;Gongbing Bi;Qiang Zhou
中科院分区：
文献类型：
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作者：
Yang Xu;Wen Song;Gongbing Bi;Qiang Zhou
摘要对于资金紧张的企业来说，众筹已经成为一种越来越有吸引力的融资方式。它与传统的融资方式，如银行信贷和贸易信贷，有沿着几个方面的不同。本文从动态投资行为的角度探讨了众筹中的门槛效应。利用国内某大型众筹网站的投资水平数据，建立了面板门槛模型。具体来说，我们有以下三个方面的有趣发现。首先，当投资金额接近门槛时，投资者数量会急剧增加。第二，羊群行为在阈值区间之前比阈值区间之后更明显。第三，为探讨门槛效应的内在机理，本文推导出三个影响因素：筹资目标、众筹价格和筹资持续时间。研究发现，前两个调节因子对筹资行为有正向调节作用，而筹资持续时间对筹资行为有反向调节作用。我们的研究结果支持投资回报率和推迟决策的假设。最后，我们进一步进行我们的分析，通过电池的鲁棒性测试。我们的研究可以帮助众筹创造者更好地管理门槛效应。
ABSTRACT Crowdfunding has become an increasingly attractive way of financing for capital-constrained enterprises. It differs from traditional financing methods, such as bank credit and trade credit, along several dimensions. In this paper, we explore the threshold effect in crowdfunding from the perspective of dynamic investment behavior. Using the investment level data from a large crowdfunding website in China, we establish a panel threshold model. Specifically, we have the following three aspects of interesting findings. First, the number of investors will increase dramatically when the investment amount is close to the threshold. Second, the herding behavior before the threshold interval is more obvious than after that. Third, to explore the internal mechanism of the threshold effect, we deduce three impact factors: fundraising target, crowdfunding price, and fundraising duration. We find that the first two moderator factors above have positive moderating effects, while fundraising duration has the opposite one. Our results support the assumptions of return on investment and postponed decision making. Finally, we further conduct our analysis through a battery of robustness tests. Our study could help crowdfunding creators to better manage the threshold effect.