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題名 群眾募資成效分析 配音、信號交乘效果之影響
An Analysis of Crowdfunding Effectiveness: the Influence of Voice Acting and Interaction Effects between Different Signals作者 關貫中
Kuan, Kuan-Chung貢獻者 簡睿哲
Jean, Ruey-Jer
關貫中
Kuan, Kuan-Chung關鍵詞 群眾募資
信號理論
配音
交互作用
Crowdfunding
Signal theory
Voice acting
Interaction effects日期 2020 上傳時間 1-Oct-2021 10:02:19 (UTC+8) 摘要 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。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1. 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。2. 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.This 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.Extending 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:1. 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.2. 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.參考文獻 Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism Uncertainty in economics (pp. 235-251): Elsevier.Allison, T. H., Davis, B. C., Webb, J. W., & Short, J. C. (2017). Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance. Journal of business venturing, 32(6), 707-725.Anglin, A. H., Short, J. C., Drover, W., Stevenson, R. M., McKenny, A. F., & Allison, T. H. (2018). The power of positivity? The influence of positive psychological capital language on crowdfunding performance. Journal of business venturing, 33(4), 470-492.Baum, J. A., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of business venturing, 19(3), 411-436.Belleflamme, P., Lambert, T., & Schwienbacher, A. (2010). Crowdfunding: An industrial organization perspective. Paper presented at the Prepared for the workshop Digital Business Models: Understanding Strategies’, held in Paris on June.Bi, S., Liu, Z., & Usman, K. (2017). The influence of online information on investing decisions of reward-based crowdfunding. Journal of Business Research, 71, 10-18.Chan, C. R., & Parhankangas, A. (2017). Crowdfunding innovative ideas: How incremental and radical innovativeness influence funding outcomes. Entrepreneurship Theory and Practice, 41(2), 237-263.Chen, S., Thomas, S., & Kohli, C. (2016). What Really Makes a Promotional Campaign Succeed on a Crowdfunding Platform?: Guilt, Utilitarian Products, Emotional Messaging, And Fewer But Meaningful Rewards Drive Donations. Journal of Advertising Research, 56(1), 81-94.Chen, Y., & Xie, J. (2005). Third-party product review and firm marketing strategy. Marketing Science, 24(2), 218-240.Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.Courtney, C., Dutta, S., & Li, Y. (2017). Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory and Practice, 41(2), 265-290.Danilov, A., & Sliwka, D. (2017). Can contracts signal social norms? experimental evidence. Management Science, 63(2), 459-476.Estellés-Arolas, E., & González-Ladrón-De-Guevara, F. (2012). Towards an integrated crowdsourcing definition. Journal of Information science, 38(2), 189-200.Fischer, E., & Reuber, R. (2007). The good, the bad, and the unfamiliar: The challenges of reputation formation facing new firms. Entrepreneurship Theory and Practice, 31(1), 53-75.Gafni, H., Marom, D., & Sade, O. (2019). Are the life and death of an early‐stage venture indeed in the power of the tongue? Lessons from online crowdfunding pitches. Strategic Entrepreneurship Journal, 13(1), 3-23.Giudici, G., Guerini, M., & Rossi-Lamastra, C. (2018). Reward-based crowdfunding of entrepreneurial projects: the effect of local altruism and localized social capital on proponents’ success. Small Business Economics, 50(2), 307-324.Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research policy, 36(5), 722-741.Jancenelle, V. E., Javalgi, R. R. G., & Cavusgil, E. (2018). The role of economic and normative signals in international prosocial crowdfunding: An illustration using market orientation and psychological capital. International Business Review, 27(1), 208-217.Klein, M. C. (2016). Hacking AngelList: Third Party Signaling in Equity Crowdfunding.Kleinert, S., Volkmann, C., & Grünhagen, M. (2018). Third-party signals in equity crowdfunding: the role of prior financing. Small Business Economics, 1-25.Lin, M., Lucas Jr, H. C., & Shmueli, G. (2013). Research commentary—too big to fail: large samples and the p-value problem. Information Systems Research, 24(4), 906-917.Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Science, 59(1), 17-35.Loewenstein, G., Sunstein, C. R., & Golman, R. (2014). Disclosure: Psychology changes everything. Annu. Rev. Econ., 6(1), 391-419.Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), 1-16.Piva, E., & Rossi-Lamastra, C. (2018). Human capital signals and entrepreneurs’ success in equity crowdfunding. Small Business Economics, 51(3), 667-686.Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. Handbook of entrepreneurial finance, Oxford University Press, Forthcoming.Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364-381.Vismara, S. (2018). Signaling to overcome inefficiencies in crowdfunding markets The economics of crowdfunding (pp. 29-56): Springer.Xu, L. Z. (2018). Will a digital camera cure your sick puppy? Modality and category effects in donation-based crowdfunding. Telematics and Informatics, 35(7), 1914-1924.Zhu, F., & Zhang, X. (2010). Impact of online consumer reviews on sales: The moderating role of product and consumer characteristics. Journal of marketing, 74(2), 133-148.朱文儀, & 林亭佑. (2016). 群眾募資專案成效之影響因素-台灣 flyingV 群眾募資平台之實證研究. 描述 碩士
國立政治大學
國際經營與貿易學系
107351035資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107351035 資料類型 thesis dc.contributor.advisor 簡睿哲 zh_TW dc.contributor.advisor Jean, Ruey-Jer en_US dc.contributor.author (Authors) 關貫中 zh_TW dc.contributor.author (Authors) Kuan, Kuan-Chung en_US dc.creator (作者) 關貫中 zh_TW dc.creator (作者) Kuan, Kuan-Chung en_US dc.date (日期) 2020 en_US dc.date.accessioned 1-Oct-2021 10:02:19 (UTC+8) - dc.date.available 1-Oct-2021 10:02:19 (UTC+8) - dc.date.issued (上傳時間) 1-Oct-2021 10:02:19 (UTC+8) - dc.identifier (Other Identifiers) G0107351035 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/137280 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 107351035 zh_TW dc.description.abstract (摘要) 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。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1. 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。2. 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。 zh_TW dc.description.abstract (摘要) 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.This 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.Extending 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:1. 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.2. 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. en_US dc.description.tableofcontents 目錄誌謝 3中文摘要 4英文摘要 5表次 6圖次 7第一章 緒論 8第一節 研究背景 8第二節 研究動機 11第三節 研究目的 12第四節 研究流程與方法 13第二章 文獻探討 14第一節 群眾募資 14第二節 近期相關研究 16第三章 研究架構與假說 19第一節 研究架構 19第二節 假說推論 20第四章 資料與研究方法 25第二節 資料蒐集 26第三節 變數衡量 28第五章 資料分析與結果 30第六章 結論與未來發展 36第一節 結論 36第二節 限制與未來發展 38參考文獻 39 zh_TW dc.format.extent 1035780 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107351035 en_US dc.subject (關鍵詞) 群眾募資 zh_TW dc.subject (關鍵詞) 信號理論 zh_TW dc.subject (關鍵詞) 配音 zh_TW dc.subject (關鍵詞) 交互作用 zh_TW dc.subject (關鍵詞) Crowdfunding en_US dc.subject (關鍵詞) Signal theory en_US dc.subject (關鍵詞) Voice acting en_US dc.subject (關鍵詞) Interaction effects en_US dc.title (題名) 群眾募資成效分析 配音、信號交乘效果之影響 zh_TW dc.title (題名) An Analysis of Crowdfunding Effectiveness: the Influence of Voice Acting and Interaction Effects between Different Signals en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism Uncertainty in economics (pp. 235-251): Elsevier.Allison, T. H., Davis, B. C., Webb, J. W., & Short, J. C. (2017). Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance. Journal of business venturing, 32(6), 707-725.Anglin, A. H., Short, J. C., Drover, W., Stevenson, R. M., McKenny, A. F., & Allison, T. H. (2018). The power of positivity? The influence of positive psychological capital language on crowdfunding performance. Journal of business venturing, 33(4), 470-492.Baum, J. A., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of business venturing, 19(3), 411-436.Belleflamme, P., Lambert, T., & Schwienbacher, A. (2010). Crowdfunding: An industrial organization perspective. Paper presented at the Prepared for the workshop Digital Business Models: Understanding Strategies’, held in Paris on June.Bi, S., Liu, Z., & Usman, K. (2017). The influence of online information on investing decisions of reward-based crowdfunding. Journal of Business Research, 71, 10-18.Chan, C. R., & Parhankangas, A. (2017). Crowdfunding innovative ideas: How incremental and radical innovativeness influence funding outcomes. Entrepreneurship Theory and Practice, 41(2), 237-263.Chen, S., Thomas, S., & Kohli, C. (2016). What Really Makes a Promotional Campaign Succeed on a Crowdfunding Platform?: Guilt, Utilitarian Products, Emotional Messaging, And Fewer But Meaningful Rewards Drive Donations. Journal of Advertising Research, 56(1), 81-94.Chen, Y., & Xie, J. (2005). Third-party product review and firm marketing strategy. Marketing Science, 24(2), 218-240.Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.Courtney, C., Dutta, S., & Li, Y. (2017). Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory and Practice, 41(2), 265-290.Danilov, A., & Sliwka, D. (2017). Can contracts signal social norms? experimental evidence. Management Science, 63(2), 459-476.Estellés-Arolas, E., & González-Ladrón-De-Guevara, F. (2012). Towards an integrated crowdsourcing definition. Journal of Information science, 38(2), 189-200.Fischer, E., & Reuber, R. (2007). The good, the bad, and the unfamiliar: The challenges of reputation formation facing new firms. Entrepreneurship Theory and Practice, 31(1), 53-75.Gafni, H., Marom, D., & Sade, O. (2019). Are the life and death of an early‐stage venture indeed in the power of the tongue? Lessons from online crowdfunding pitches. Strategic Entrepreneurship Journal, 13(1), 3-23.Giudici, G., Guerini, M., & Rossi-Lamastra, C. (2018). Reward-based crowdfunding of entrepreneurial projects: the effect of local altruism and localized social capital on proponents’ success. Small Business Economics, 50(2), 307-324.Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research policy, 36(5), 722-741.Jancenelle, V. E., Javalgi, R. R. G., & Cavusgil, E. (2018). The role of economic and normative signals in international prosocial crowdfunding: An illustration using market orientation and psychological capital. International Business Review, 27(1), 208-217.Klein, M. C. (2016). Hacking AngelList: Third Party Signaling in Equity Crowdfunding.Kleinert, S., Volkmann, C., & Grünhagen, M. (2018). Third-party signals in equity crowdfunding: the role of prior financing. Small Business Economics, 1-25.Lin, M., Lucas Jr, H. C., & Shmueli, G. (2013). Research commentary—too big to fail: large samples and the p-value problem. Information Systems Research, 24(4), 906-917.Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Science, 59(1), 17-35.Loewenstein, G., Sunstein, C. R., & Golman, R. (2014). Disclosure: Psychology changes everything. Annu. Rev. Econ., 6(1), 391-419.Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), 1-16.Piva, E., & Rossi-Lamastra, C. (2018). Human capital signals and entrepreneurs’ success in equity crowdfunding. Small Business Economics, 51(3), 667-686.Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. Handbook of entrepreneurial finance, Oxford University Press, Forthcoming.Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364-381.Vismara, S. (2018). Signaling to overcome inefficiencies in crowdfunding markets The economics of crowdfunding (pp. 29-56): Springer.Xu, L. Z. (2018). Will a digital camera cure your sick puppy? Modality and category effects in donation-based crowdfunding. Telematics and Informatics, 35(7), 1914-1924.Zhu, F., & Zhang, X. (2010). Impact of online consumer reviews on sales: The moderating role of product and consumer characteristics. Journal of marketing, 74(2), 133-148.朱文儀, & 林亭佑. (2016). 群眾募資專案成效之影響因素-台灣 flyingV 群眾募資平台之實證研究. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202101607 en_US