声誉理论下的投资人决策
-——以股权众筹平台为例
王博 金鑫
摘 要:股权众筹是互联网金融的一种特殊模式,相较于其他形式的众筹,股权众筹的投资属性更为突出。我国股权众筹市场目前发展尚不成熟,股权众筹项目筹资完成率较低问题凸显。引入声誉理论的“产生-积累-表达-传递”运行机制,借助声誉交易理论、声誉信息理论和声誉网络理论,以6家股权众筹平台的203个项目为样本,运用因子分析和Logistic模型研究影响股权众筹投资人决策的主要因素。结果显示,融资项目受关注人数越多、参与度越高、越有针对性、目标金额及起投金额越少、先前出资者投资经验越丰富,项目融资完成足额的可能性越高,越容易吸引投资人对其进行投资。
关键词:股权众筹 声誉理论 投资人决策
Reputation Theory and Investors’ Decisions
——A Case Study of Equity-Based Crowdfunding
Bo Wang Xin Jin
Abstract: Equity crowdfunding is a special mode of internet finance. Compared with other forms of crowdfunding, the investment property of equity crowdfunding is more prominent. The current development of China’s equity crowdfunding market is still not mature, and the problem of lower completion rate of equity crowdfunding projects is highlighted. Introducing the “generation-accumulation-expression-transfer” operation mechanism of reputation theory, using the reputation trading theory, reputation information theory and reputation network theory, taking 203 projects of 6 equity crowdfunding platforms as samples, using factor analysis and logistic model to study the main factors affecting the decision-making of equity crowdfunding investors. The results show that the attention, participation, target amount of the financing project and the investment experience of the existing investors are the main factors that attract the investors to invest, which can promote the full financing of the project.
Keywords: Equity-Based Crowdfunding Reputation Theory Investors’ Decisions
JEL Classification: C10 G11 O16
要素流动对城乡融合发展的影响机理——分地区比较研究
张晓东 何攀
摘 要:乡村振兴是新时代乡村全面发展的战略指引,城乡融合是乡村振兴的核心,要素流动是城乡融合的关键,该研究对促进城乡融合、充分实现城市与农村的联动发展、整合各自独特的优质资源进行创新发展、形成城市与农村竞相繁荣兴盛的格局有一定的指导意义。文章从产业融合、收入融合、消费融合三个维度考察城乡融合,从质、量和结构三个层面考察人力资源要素流动,从土地、技术和基础设施三个层面分析物力资源要素流动,从固定资产投资、人均教育经费和人均病床数量三个层面分析金融资本要素流动;构建的资源要素流动对城乡融合发展的影响模型,并进行实证研究。在实证研究基础上提出了要素流动对城乡融合发展的作用机制,进一步揭示了人力资源要素与城乡融合的适配机理、物力资源要素与城乡融合的契合机理、物力资源要素对城乡融合的支撑机理。城乡融合发展依赖于人力资源要素、物力资源要素和金融资本要素的畅通流动,在流动中实现要素的相互协同、相互匹配、相互交换、相互渗透与相互补充。
关键词:要素流动 城乡融合 乡村振兴 影响机理
The Mechanism of the Influence of Factor Flow on the Development of Urban-rural Integration: A Comparative Study in Different Regions
Xiaodong Zhang Pan He
Abstract: Rural revitalization is a strategic guideline for the comprehensive development of rural areas in the new era. Urban-rural integration is the core of rural revitalization. Factor mobility is the key to urban-rural integration. This study promotes urban-rural integration, fully realizes the coordinated development of urban and rural areas, and integrates their unique and high-quality resources. It is of certain guiding significance to carry out innovative development and form a pattern of urban and rural competition and prosperity. The article examines the integration of urban and rural areas from the three dimensions of industrial integration, income integration and consumption integration. It examines the flow of human resources elements from the three levels of quality, quantity and structure, and analyzes the flow of material resources from the three levels of land, technology and infrastructure. The three aspects of asset investment, per capita education funding and per capita number of beds analyze the flow of financial capital elements; the impact model of the construction of resource elements on the development of urban and rural integration, and empirical research. On the basis of empirical research, it puts forward the mechanism of the influence of factor mobility on the development of urban and rural integration, and further reveals the adaptation mechanism of human resource elements and urban-rural integration, the fit mechanism of material resources elements and urban-rural integration, and the supporting mechanism of material resources elements to urban-rural integration. . The integration of urban and rural development depends on the smooth flow of human resources elements, material resources elements and financial capital elements. In the flow, the elements are mutually synergistic, mutually matching, mutually exchanged, mutually infiltrated and complement each other.
Keywords: Factor Flow Urban-Rural Integration Rural Revitalization Influence Mechanism
JEL Classification: O11 R11