众筹募资人与平台信息披露问题研究：基于信任及利益相关者理论

项目名称： 众筹募资人与平台信息披露问题研究：基于信任及利益相关者理论

项目编号： No.71502145

项目类型： 青年科学基金项目

立项/批准年度： 2016

项目学科： 管理科学

项目作者： 王涛

作者单位： 西南财经大学

项目金额： 17万元

中文摘要： 众筹对于金融创新和市场完善起到了促进作用。然而，众筹市场的创新与风险并存。其风险可体现在募资者道德风险与中介平台信用风险两个方面。业界普遍认同有效的信息披露机制是解决这些问题的关键。因此，研究哪些因素会影响众筹募资者及中介平台信息披露行为以及信息披露会如何影响资助者投资行为既是一个前沿的学术问题，也是重要的实践问题，然而目前学术界缺乏对众筹信息披露的相关研究。本项目基于众筹、信息披露、信任及利益相关者理论，综合应用实地访问、问卷调研等方法，重点研究以下三个问题：①众筹募资者信息披露行为的影响因素是什么？②众筹中介平台信息披露行为的影响因素是什么？③信息披露对投资人投资行为的影响机理是什么？预期成果不仅有助于深化和丰富众筹与信息披露交叉领域的理论研究，还可为众筹的业界实践提供决策参考。

中文关键词： 众筹；信息披露；募资人；中介平台；利益相关者

英文摘要： Crowdfunding facilitates the processes of financial innovation and market improvement. However, opportunities and risks coexist in crowdfunding market. Crowdfunding mainly faces two major problems: Moral hazard of fund raiser and credit risk of intermediary platform. Information disclosure is believed to be the key to solve these problems. Therefore, they are not only frontier academic problems but also crucial practical issues to identify the factors which affect disclosure behavior of funder raiser as well as crowdfunding platform and to find out how disclosure affects behaviors of funders. The dearth of the relevant studies on crowdfunding information disclosure indicates a great need for present study. Based on crowdfunding, information disclosure, trust, stakeholder theory and integrated methodologies such as field visits and questionnaire survey, this study focuses on the following three questions: ① What are the antecedents of information disclosure of fund raiser? ② What are the antecedents of information disclosure of crowdfunding platforms? ③ How does information disclosure affect behaviors of funders? Expected results will not only deepen and diversify the theoretical study in intersection between crowdfunding and information disclosure, but also offer decision making references to crowdfunding industry.

英文关键词： Crowdfunding;Information disclosure;Fund raiser;Intermediary platform;Stakeholder