群眾募資成效分析 配音、信號交乘效果之影響

Abstract

群眾募資(Crowdfunding)指的是透過在網路公開發佈，並以捐贈、交換未來產品或其他形式的獎勵方式獲取資金來支持特定的計畫。而在群眾募資的市場當中，集資者(即為提案者)與潛在贊助者存在嚴重的資訊不對稱，而信號理論專門用於這樣具有資訊不對稱的市場，集資者藉由各種有質量的訊號來減少潛在贊助者資訊上的落差。\n\n本研究即是透過信號理論的基礎來對群眾募資市場進行實務上的研究，然而，除了訊號帶來的影響，訊號間的交互作用在信號理論的架構下也是值得探討的議題，內文中參考過去文獻，針對「影片品質」、「贊助者評論」、以及「集資者過去經驗」三者個別的作用，以及其兩兩間的交互作用進行分析。特別是影片品質，在過去文獻當中被視為是重要卻鮮少拿來著重討論的。因此，本文透過配音與否以及配音的語言進行進一步分析影片的品質對於群眾募資成效所帶來的影響。透過分析得出以下結論\n\n1. 當信號來源皆出自於集資者，例如集資者過去經驗和影片品質，這些訊號被認為都是屬於集資者可控制的因素，這樣的信號在潛在贊助者的一方被認為有一定的替代效果，因此兩兩間的交互作用為負。\n\n2. 配音與否以及配音語言的差異確實能成為衡量影片品質的新的衡量方式，國外配音語言相較於國內配音與無配音能夠更有效降低潛在贊助者與集資者間的資訊不對稱。

The term “crowdfunding” refers to the practice of raising funds for a specific project publicly via the internet. Whilst it may be donation-based, it may also involve the pre-selling of products or other forms of rewards. In markets for crowdfunding, the severe information asymmetry persists between fundraisers (i.e. project initiators) and potential funders. The signal theory, which is specifically applied to such markets with severe information asymmetry, indicated that fundraisers tend to utilize diversified high-quality signals to reduce the information gap between them and potential funders.\nThis article empirically studied the markets for crowdfunding based on the signal theory. In addition to the influence of signals, however, the interaction effects between different signals under the framework of the signal theory is an issue required further discussions.\n\nExtending from previous research, this article focused on the effect of “the quality of videos”, “comments from funders”, and “fundraisers’ previous experiences” respectively, and analyze the interaction effects between each pair of three variables. Although previous literature has noted that the quality of videos is important, the exact effect if less discussed. Thus, by examine whether a project adopted voice acting and the language of voice acting, this article went further to understand the influence of the quality of videos on the crowdfunding effectiveness. After analysis, the conclusion is made as below:\n\n1. When two signals are from fundraisers, such as fundraisers’ previous experience and the quality of videos, the interaction effect between them is negative because two signals are substitutable for potential fundraisers.\n\n2. Whether the voice acting is adopted and which language is used are indeed new ways to evaluate the quality of videos. Compared with videos acted in foreign languages, those videos acted in local language or without voice acting can reduce the information asymmetry between funders and fundraisers more efficiently.