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“众筹”通过广泛吸收个人小额资金满足高科技企业初创期的融资需求,众筹形式不同,投资人的群体收益机制也存在差异。文章聚焦“产品预订”这一特定众筹形式,在构建收益机制模型的基础上,对科技企业众筹融资的管理决策进行分析,结果发现:利用价格歧视吸引消费者预购并共享众筹回报的方式,会扭曲市场价格并给企业带来利润挤压和融资瓶颈,科技企业利润最大化的方案除了受到预售规模和价格等内生变量影响,也取决于科技产品的技术经济特征,证明了针对高科技产品预售众筹方式,仅限于资金缺口较小时,“产品预订”众筹规模不可能无限扩张。
“Crowdfunding ” Through the extensive absorption of personal small funds to meet the financing needs of high-tech start-ups, crowdfunding has different forms, and there are also differences in investor group income mechanisms. Based on the model of revenue mechanism, this article analyzes the management decision-making of crowdfunding in science and technology enterprises. The result shows that the use of price discrimination to attract consumers to buy and share crowdfunding The way of return will distort the market price and bring profit squeeze and financing bottleneck to the enterprise. The plan of maximizing the profits of science and technology enterprises is affected by the endogenous variables such as presale size and price and also depends on the technical and economic characteristics of science and technology products, Proved for the high-tech products pre-sale crowdfunding approach, limited to a small funding gap, “product booking ” crowdfunding scale can not be unlimited expansion.