Dissertations / Theses on the topic 'Investment crowdfunding'

Today it is extremely hard to get funding for different projects trough the ordinary channels such as banks, VC or Business angels etc. In recent years this has opened up for other alternatives, one of them is Crowdfunding. A few of the questions this paper attempt to answer is, which companies is Crowdfunding suited for? How do you succeed with your Crowdfunding campaign? What is the money used for? What’s the outlook on the future for Crowdfunding? The purpose of this study is to increase the knowledge of Crowdfunding and how it is used today, plus shine some light on how the future for Crowdfunding looks. Hopefully this will help the reader gain knowledge about why Crowdfunding is chosen as a mean to get investments. The purpose of the interviews is to get an inside look on Crowdfunding from those who work with it and those who have used it. What has the money been used for, what makes a successful campaign etc. The method that has been used to gather information is via internet and interviews, where the main content is rendered. The different kinds of Crowdfunding There are four types of Crowdfunding, Donation, Reward, Equity and Loan-based. Donation means that you give away your money and get nothing in return. In Reward based you get something (the product, a t-shirt etc…) in return for the investment. In Equity you get equity in the company. Loan gives you your money back with interest. Analysis and conclusion The main finding in the study is that most companies think that they will use Crowdfunding to gain capital to produce a product, which actually could be of less importance than the free marketing they get. Therefore the campaign, already from the start, should have the market in mind, together with the actual fund rising. Another conclusion is that Crowdfunding usually benefits the smaller companies, and the success of the campaign is strongly dependent on the many qualities of a skillfull entrepreneur.
Då det i dagens samhälle är mycket svårt att finna finansiering till olika projekt genom de klassiska investeringsalternativen, banker, affärsänglar m.fl. har detta gjort att det på senare tid kommit nya alternativa vägar att få finansiering, ett utav dessa alternativ är Crowdfunding. Några frågor som kommer att försöka besvaras i denna uppsats är: Vilka företag passar Crowdfunding för? Hur lyckas man med sin Crowdfunding kampanj? Vad använder företagen pengarna till? Hur ser framtiden ut? Syftet med denna studie är att öka kunskapen om Crowdfunding och hur det används idag samt hur framtiden för denna förhållandevis nya form av finansiering ser ut. Förhoppningsvis hjälper detta läsaren att skapa en förståelse varför Crowdfunding väljs före de klassiska alternativen. Syftet med intervjuer är att skaffa sig en inblick i Crowdfunding från insidan, dvs. hur har pengarna använts, finns det några gemensamma nämnare som gör att vissa kampanjer lyckas medan andra inte gör det. Metod som använts är informationssök via internet och intervjuer, intervjuerna bandades och transkriberades för att sedan kunna återge huvudinnehållet. De olika typerna av Crowdfunding Det finns fyra olika typer av Crowdfunding, dessa är Donation, Reward, Equity och Loan Based Crowdfunding. Donation innebära att ger en gåva och inte får något i utbyte. Reward funkar genom att man får en gåva eller något symboliskt för att man stöttat kampanjen. I Equity får man en andel i företagen och i Loan så lånar man ut pengar mot ränta. Analys och slutsats De flesta företag går in med inställningen att de ska samla in pengar för att kunna genomföra sitt projekt men det kan faktiskt vara mindre viktigt än den gratis marknadsföring de får. Därför bör kampanjen redan från början ha marknaden i åtanke tillsammans med insamlingen av kapital. En annan slutsats är att det är oftast mindre företag som gynnas av Crowdfunding och för att få en lyckad kampanj krävs många av de egenskaper som man letar efter hos en klassisk entreprenör.

The aim of this thesis is to analyze crowdfunding campaigns on Kickstarter, and contribute towards increasing the effectiveness of such campaigns, as most campaigns are unsuccessful. The theoretical part will focus on defining crowdfunding as the new phenomena of capital distribution and compared with other forms of financing new ideas. The empirical part focuses on a paired comparison analysis of campaigns from two various locations and three industries in total. Factores affecting the successfulness are analyzed and a pattern which would help towards solving the initial problem is looked for. The aim of the thesis was fulfilled by giving recommendations which have an impact on the success rate.

Crowdfunding is an alternative form of finance that have emerged with the widespread adoption of the internet. With the increasing utilization of crowdfunding, this thesis sets out to theoretically investigate whether crowdfunding could affect economic growth. If the choice of investment allocation mechanism could have any effect on the efficiency of investments made in the economy. The results show that crowdfunding could have a potential effect on the leakage of investments in the economy. The relative accuracy of the screening process and the transaction costs coupled with the method used for conducting the investments could affect the socially optimal proportion of investments conducted using crowdfunding.

Background - Equity-based crowdfunding is rapidly emerging as a source of funding, as a way for ventures to overcome financial obstacles. It is based on a large number of investors, the crowd, who contributes with smaller investments that together helps fund the venture, where the investor in return receives equity in the venture. In order for the entrepreneur to successfully fund their ventures, it is important to understand what motivates the investors to invest. Problem: The theoretical framework Motivation in Equity-Based Crowdfunding has been developed to understand what drives the investors. However, this framework has mainly been developed on crowdsourcing and general crowdfunding, which is significantly different from equity crowdfunding. Therefore, further research has been suggested by other authors on the topic, to specifically investigate investor motivation in equity crowdfunding. Furthermore, existing research has only studied investors as one group of people and not divided them into smaller segments. Purpose: The aim of this descriptive study is to understand what motivational factors drives investors to invest in equity-based crowdfunding, and how the motivations to invest is different between the demographic characteristics within age, gender, location, income and investor experience. Method: With a deductive research approach, four hypotheses were developed based on the literature review. Using the framework Motivation in Equity-Based Crowdfunding as a basis for the research, the investor motivation was studied on 142 equity crowdfunding investors using a quantitative online survey. The results were then analyzed using frequency analysis, descriptive statistics, t-statistics and multiple regression analysis. Conclusion: Based on the findings, a revision of the framework Motivation in Equity-Based Crowdfunding have been suggested. Furthermore, it was found that investors were primarily driven by enjoyment, philanthropic and financial payoffs in their decision to invest. There were also significant differences found in investor motivation between the demographics age, gender and investor experience, whilst the location or income of the investor did not have any effect on investor motivation. Contribution: By understanding what investors are motivated by, the entrepreneurs can promote these factors in their crowdfunding campaign, which may increase their chances of getting successfully funded. Furthermore, if the entrepreneur wants to bring in a certain type of investor, they can adjust their promotion after the factors that motivates a certain demographic characteristic.

Due to the low interest rates and uncertainty in the economic outlook investors seek alternative investments to achieve a satisficing return. Real estate is the third largest asset class and represent a large amount of physical capital with a unique risk. For an investor's utility-maximizing real estate should be a natural part of a portfolio. The thresholds for investing in real estate has generally been very high but thanks to digitisation, the emergence of Internet-based platforms facilitated and enabled capital seekers to exploit small private investors. The intermediate method is called crowdfunding. Through observations, interviews, questionnaires to potential investors in crowdfunding for real estate and literature studies, a triangulation from an investor perspective has allowed an investigation of crowdfunding of real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest growth in recent years. The first crowdfunding platform within real estate on the Swedish market was introduced in 2014. So far, projects presented on the platform have been successful and generated returns. For an investor, the phenomenon also implies risks. Today there is no legal definition of crowdfunding and the market is only partially regulated. In many respects, the consumer protection is not equivalent to the ones available for regulated investment vehicles. The new phenomenon also implies limited liquidity and lack of a secondary market. Crowdfunding is facing both challenges and opportunities in the future.
På grund av det låga ränteläget och den osäkra konjunkturutsikten söker investerare alternativa investeringar för att nå en tillfredställande avkastning. Fastigheter utgör den tredje största tillgångsklassen och representerar en stor mängd av fysiskt kapital med unik risk. För en investerare som är utility-maximerande borde fastigheter vara ett självklart inslag i en portfölj. Trösklarna till att investera i fastigheter har vanligtvis varit mycket höga men tack vare digitaliseringen har uppkomsten av internetbaserade plattformar underlättat och möjliggjort kapitalsökare att exploatera små privata investerare. Den intermediära metoden kallas crowdfunding, eller gräsrotsfinansiering som det också benämns. Genom observationer, intervjuer, en enkätundersökning med potentiella investerare i fastighetscrowdfunding samt litteraturstudier har en triangulering ur en investerares perspektiv möjliggjort en kartläggning och utredning av crowdfunding av fastigheter. Inom crowdfunding är fastighetsbranschen det område som har haft störst tillväxt de senaste åren. Sveriges första digitala crowdfundingtjänst för fastigheter infördes på kapitalmarknaden under 2014. Hittills har projekten för fastighetscrowdfunding i Sverige varit framgångsrika och generat avkastning men för en investerare innebär crowdfunding också en hel del risker. Idag finns ingen legal definition av crowdfunding och marknaden är bara delvis reglerad. I flera avseenden saknas ett konsumentskydd motsvarande det som finns för reglerade investeringsformer. Det nya fenomenet innebär också en begränsad likviditet och avsaknad av andrahandsmarknad. Crowdfunding står inför både utmaningar och möjligheter i framtiden.

Crowdfunding is a method for financing a product, investment or project. It means that all people, individuals or companies that have an idea and Internet connection can outsource the idea on a crowdfunding platform. The purpose with this crowdfunding is that the creator turn to many people with small amounts of money. This paper focus on the users of crowdfunding platforms though. There are a lot of articles on the Internet about Crowdfunding but not so much information about the users. In a try to identify the people who uses this kind of financial method I have made a survey with 200 respondents. In the empirical chapter, every single question and the answer is displayed in a respective figure.

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This thesis aims to evaluate the attractiveness to the small Brazilian investor, from a financial point of view, of a new form of investment, based on characteristics of the Brazilian crowdfunding model and of traditional investment tools, to be called crowdinvesting. Supported by the detailed understanding of the existing crowdfunding model in the country and the identification and mapping of the characteristics of traditional investment instruments, this study seeks to define how the new form of investment would work and examine whether, in comparison with traditional tools, in terms of risk and return, the crowdinvesting model would be competitive in the Brazilian market.
Essa dissertação tem como objetivo avaliar a atratividade para o pequeno investidor brasileiro, do ponto de vista financeiro, de uma nova forma de investimento, definida a partir de características do modelo brasileiro de crowdfunding e das ferramentas de investimento tradicionais, a ser chamada de crowdinvesting. A partir do entendimento detalhado do modelo de crowdfunding existente no país e da identificação e mapeamento das características dos instrumentos de investimento tradicionais, esse estudo busca definir como deve funcionar a nova forma de investimento proposta, e analisar se, em comparação com as ferramentas tradicionais, em termos de risco e retorno, o crowdinvesting seria competitivo no mercado brasileiro.

Crowdfunding has become an alternative source of funding for small medium enterprises (SMEs) due to inadequate or lack of finance at its start-up. There has been lot of analysis by scholars pertaining the determinants of crowdfunding success and the objective of this theory is to pinpoint the factors of a successful crowdfunding project based on the most analyzed determinants by prior researchers (technology-based projects, social media and entertainment-based projects, other projects (such as food, publishing, arts), visual features (such as pictures, comments, updates, videos,etc), as well as investors contribution. Also, to find out if the analysis of prior researchers are in line with the result of our analysis, we based our study on a sample of 1000 projects inclined on a crowdfunding platform (kickstarter) as at 2019. The econometric models used for the analysis were based on logit model, linear probability model, mean difference test and probit regression model (to serve as a check on robustness). The result of our analysis was indeed in line with prior research (Mollick, 2014; Schwienbacher et al., 2014, etc) except for technology-based projects. The outcome of our analysis depicts that the higher investors contribution, the higher the success of crowdfunding. Nevertheless, technology-based projects are less reliable and are less funded on kickstarter platform; thereby, having a low success rate on crowdfunding platforms. More funds were also made on projects relating to social media and entertainment (M&E) and other projects such as publishing, food,etc. The result of the probit regression shows a correct check on the analysis made even though, there might be slight differences in figures as compared to the result of the logit regression. The result of the probability of success rates of projects based on our four main variables of interest was 75% averagely for both logit and probit regressions performed. Start-ups (SMEs) frequently achieve a higher funding support depending on their projects at hand and this can be absolutely motivated by the presence of a high social media networks (thus, founder's link through Facebook, LinkedIn,Twitter and projects related to entertainment). Hence, from our analysis, the determinants of success of crowdfunding projects included high investors contribution, social media and entertainment projects, as well as, social media networks, project funding goal, project updates, project description and country selection of projects. Also, we found out that, project duration and visual description of projects such as images and videos do not contribute to the funding success of crowdfunding on kickstarter platform.
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Although there has been growing interest in how solicitors and funders behave in crowdfunding platforms, it is an open question whether and if so how information about the time left to complete the campaign and past funding impact funder’s decision in all-or-nothing non-investment crowdfunding platforms. Relying on a new outcome measure: the funding rate (i.e., the ratio of the number of supports to number of web page visits on a given week), and a unique dataset of about three and a half million web page visits and 79.6 thousand supports for 931 different projects, this research investigates the impact of past funding and time on a project’s funding rate in the largest 'all or nothing' non-investment Brazilian crowdfunding platform. We found that people seem concerned about the usefulness of their funds: they are willing to help solicitors, but mainly when they believe the project is good (i.e., it has a minimum chance of reaching the target) and when 'their help really helps' (i.e., before the target is reached).

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Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Marcus, boa tarde! Para que possamos aprovar seu trabalho, é necessário que realize as seguintes alterações: - O nome da escola deve estar em letra maiúscula, "FUNDAÇÃO GETULIO VARGAS" e, na linha abaixo "ESCOLA DE DIREITO DE SÃO PAULO", o nome do aluno deve estar pelo menos 3 cm abaixo do nome da Escola (maiúsculo e negrito, também na contracapa)), e o título completo deve estar em letra maiúscula e negrito (na contracapa também); - A ficha catalográfica deve estar exatamente como foi enviada, até mesmo o texto fora do quadro, a única alteração seria o número de folhas; - Resumo e Abstract em folhas separadas. Por gentileza, altere e submeta novamente. Qualquer dúvida, entre em contato. Obrigada! on 2018-05-23T15:33:49Z (GMT)
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Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Marcus, boa noite. Uma última alteração, por gentileza, o nome "GETULIO", na capa, NÃO tem acento. Por favor, altere e submeta novamente para que possamos aprovar. Obrigada. on 2018-05-24T23:18:32Z (GMT)
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Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Marcus, boa noite! Acredito que tenha retirado uma página do seu trabalho, que é a da Banca Examinadora, que deve ser alocada após a página da Ficha Catalográfica. Na sequência Nome e título (como na contra capa, centralizados, negrito e separados), texto, campo de conhecimento, data da aprovação (deve estar somente o espaço em branco) e a Banca Examinadora, deve conter TODOS os professores que participaram (identifique o Orientador). Qualquer dúvida, entre em contato. Atenciosamente, Thais Oliveira mestradoprofissional@fgv.br 3799-7764 on 2018-05-25T22:12:59Z (GMT)
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O investment-based crowdfunding, uma modalidade de investimento participativo feito por indivíduos em empresas por meio de uma plataforma virtual, onde recebem em contrapartida um direito de participação no seu capital social, pode ser uma alternativa interessante de captação de recursos para empresas embrionárias em substituição ao tradicional financiamento bancário. Por ser uma prática recente, entretanto, exige maiores cuidados do legislador e de seus participantes para assegurar um ambiente seguro tanto para quem investe quanto para quem está se financiando. Este trabalho tem como objetivo avaliar a importância das plataformas virtuais e da estrutura de investimento envolvendo sindicatos de investidores enquanto elementos essenciais para garantir esta segurança aos participantes do investment-based crowdfunding. Para tanto, foi considerada a relação entre os investidores e empreendedores com as plataformas e estruturas de investimento adotadas, bem como a nova regulamentação da Comissão de Valores Mobiliários a respeito do tema, com o objetivo de identificar os riscos enfrentados pelos participantes neste ambiente e as intenções pretendidas pela Autarquia quando da publicação da nova regra. Esta análise, por outro lado, não pode prescindir de um olhar mais crítico a respeito de algumas exigências impostas pela Comissão de Valores Mobiliários na nova regulamentação, principalmente diante das incertezas a respeito da sua real eficácia e necessidade.
Investment-based crowdfunding, a type of collective investment made by individuals in companies through an electronic platform in consideration for an equity interest in that business, may be an interesting type of financing for startup companies as an alternative to the traditional banking loans. Due to its recent practice, however, regulators and participants must observe higher standards of care in order to ensure a safe environment for both the investors and the entrepreneurs receiving investments. The purpose of this paper is to analyze the importance of the electronic platforms and the structure involving syndicates of investors as key elements to ensure this safety to participants of the investment-based crowdfunding. This required an analysis on the relationship between investors and entrepreneurs with these platforms and the investment structures adopted, as well as a review of the new regulation issued by the Brazilian Securities Commission with respect to investment-based crowdfunding, to identify the risks involved and the intentions of the Brazilian Securities Commission when enacting the new rules. This analysis, however, also require a critic assessment on certain requirements imposed by the Brazilian Securities Commission under this new regulation, mainly due to uncertainties in relation to their necessity and efficacy.

Social Enterprises face funding challenges. As investors focus too narrowly on risk and return, social enterprises may struggle to compete with commercial enterprises for investment capital. In this context, lending and equity crowdfunding have not been sufficiently examined, and its growing importance for business financing makes it valuable to understand its implications for social enterprises. This study collects qualitative data and uses thematic analysis to identify advantages and disadvantages that social entrepreneurs experience when using lending or equity crowdfunding. By conducting six semi-structured interviews we identified nine major advantages which are Viable funding option, Publicity and marketing, Engagement creation, Access to impact-minded investors, Alignment with company principles, Higher valuation of the company, Tests market viability, Favourable power balance towards investors and Large pool of capital; and five major disadvantages which includes Higher costs, Large number of investors, Inexperienced investors, Public exposure & Efficiency concerns. We discuss that crowdfunding represents values that are attractive for social enterprises. Further, crowdfunding sometimes offer higher valuation or more capital to social enterprises, compared to other funding sources. We see that several advantages are especially important in business’s startup phase. However, crowdfunding can also cause greater stress on the management team, and require time and resources. Entrepreneurs also need to consider factors such as public embarrassment when campaigns fail.

Submitted by Daniela Beretta Marçal (dbmarcal@hotmail.com) on 2018-09-28T19:49:38Z No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5)
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O presente trabalho tem por objetivo identificar as possíveis implicações tributárias para o investidor no mercado doméstico de crowdfunding de investimento. Mais especificamente, trata da tributação dos ganhos e rendimentos provenientes do investimento de capital empreendedor em sociedades empresárias de pequeno porte, por parte de pessoa física residente no Brasil, no ambiente de plataforma eletrônica de investimento participativo. O método de investigação adotado é o interpretativo, mas buscou-se em evidências empíricas, elementos indicativos para melhor conexão do conteúdo desenvolvido com a realidade observada. As duas questões centrais para as quais o trabalho busca apresentar resposta são: a) Qual é a tributação incidente sobre o investimento nos valores mobiliários no mercado doméstico de crowdfunding de investimento? b) A tributação do investimento via crowdfunding de investimento é coerente com as medidas de incentivo ao investimento em capital produtivo? As normas jurídicas aplicáveis à prática jurídica-negocial investigada são analisadas, considerando os vetores orientadores da regulação e da tributação nos mercados financeiro e de capitais, bem como a necessidade de mecanismos que contribuam para o desenvolvimento nacional.
The purpose of this dissertation is to identify the possible tax implications for the investor in the domestic market of investment-based crowdfunding. In particular, the taxation of earnings and income from the investment of venture capital in small business enterprises, by a natural person resident in Brazil, in a crowdfund investing platform. The interpretative method is the one adopted in this study, but empirical evidences were also looked in order to give indicative elements for a better connection of the developed content with the observed reality. The two main questions to which the paper aims answer are: a) What is the incident taxation on investment in securities in the domestic market of investment-based crowdfunding? b) Is the taxation on the investment via investment-based crowdfunding consistent with the incentive measures in productive capital? The applicable juridical norms to the researched legalnegotiating practice are analyzed considering the drivers of regulation and taxation in the financial and capital markets, as well as the need for mechanisms that contribute to national development.

L’equity crowdfunding (ECF) est un mode d’investissement récent, accessible au grand public, qui a pour caractéristiques de se dérouler en ligne, au sein d’une communauté virtuelle, dans l’environnement d’une plateforme intermédiaire.Ce travail doctoral a pour objectif de mieux comprendre le comportement des investisseurs particuliers qui achètent des produits financiers en ECF, les crowdinvestors.En s’inscrivant dans le courant de la valeur de consommation, cette recherche contribue à définir les sources de valorisation d’investissement en ECF et en étudie spécifiquement la dimension participative et son influence sur la décision d’investissement.Une revue de littérature en finance entrepreneuriale sur le profil, les motivations, le comportement d’investissement et les facteurs d’influence de la décision d’investissement des crowdinvestors est proposée. Une enquête exploratoire reposant sur 13 entretiens et une étude empirique testant un modèle d’équations structurelles sur la base de 436 questionnaires, ont été menées auprès de membres de la plateforme d’ECF française WiSEED.L’analyse des données menée avec l’approche PLS montre que la valeur perçue de l’expérience de participation a une influence significative sur la valorisation de l’investissement, mais pas sur la décision d’investissement. Nous mettons en évidence le rôle central de l’expertise subjective du capital-amorçage des individus comme antécédent de la décision d’investissement, de la valorisation de l’expérience de participation et de l’engagement dans la communauté en ligne. Enfin, les résultats indiquent que le risque perçu n’est pas un modérateur du modèle tandis que la sophistication de l’investisseur en est un
Equity crowdfunding is a recent investment mode, opening acces to venture capital to unsophisticated investors. ECF allows platform-based online investment within a virtual community.This research aims to improve understanding of indivual investors financial products consumption, in the ECF context, the so-called crowdinvestors.Building on consumption value theory, this research helps defining ECF-investment value sources for crowdinvestors. It focuses especially on the ‘participation in community’ dimension of ECF as a determinant of various investment behaviors.A litterature review in entrepreneurial finance is presented to define profiles, motivations, investment behaviors and quality signals influencing crowdinvestors’ investment decision.To answer three main research questions, an exploratory study was conducted on 13 members on french ECF platform WiSEED. We put in evidence the difference between the investment experience and the participation in community experienceThus, an empirical study based on a theoretical model is conducted and various PLS analysis are run on a set of 436 surveys answered by WiSEED members. Results show that perceived value of participation experience has a positive and significant influence on perceived value of investment but no influence at all on investment decision.Though, we highlight the central role of individuals’ venture capital expertise both on their investment (amount and number), their engagement within the platform community and their participation experience perceived value. inally, results indicate that perceived risk is not a moderator of the model whereas investor sophistication is

Den här uppsatsen syftar till att undersöka och jämföra de olika sätt att finansiera och investera i fastigheter på kapitalmarknaden. Målet är att fastställa och kvantifiera vilka fördelar respektive nackdelar som finns med de olika investeringskanalerna och hur det kan påverka såväl investerare som förvaltningen av tillgångarna. Undersökningen kommer bestå av en kvalitativ metodansats där intervjuer med professionella förvaltare, aktiemäklare, företagsledare och investerare såväl som egen research utgör grunden för resultatet. Resultatet av den här uppsatsen har implikationer på finansbranschen i form av en kartläggning och övergripande förståelse av investeringsmarknaden i fastigheter Uppsatsen visar att varje investeringskanal har sina egna särdrag, så som kontroll, insyn, diversifiering, investeringshorisont med mera. Därför attraherar kanalerna olika investerartyper.
This bachelor thesis aims to investigate and compare the different ways of financing and investing in real estate as an asset in the capital market. The goal is to determine and quantify the advantages and disadvantages of the various investment channels and how it can affect both financing and the management of the assets. The thesis will consist of a qualitative method approach where interviews with professional managers, stockbrokers, company executives and investors as well as in-house research form the grounds for the result. The result of this thesis has some implications on the financial industry in the form of a thorough and comprehensive depiction of the real estate investment market. The report shows that the different investment channels have their specific characteristics and therefore fits specific investors accordingly.

Notre recherche s’intéresse aux déterminants affectifs et axiologiques du choix d’investissement en equity crowdfunding. Nous défendons la thèse d’un choix de projets déterminé en partie par les valeurs et l’affectif de l’investisseur individuel. Notre revue de littérature est transversale à plusieurs champs des sciences sociales. Ainsi, le cadre théorique établi articule finance, marketing, GRH et psychologie. Un modèle explicatif par équations structurelles est proposé puis testé empiriquement grâce aux données d’une expérimentation de laboratoire. Nos résultats confirment que les valeurs ainsi que l’intérêt pour le projet, une variable affective, ont un effet sensible dans les choix des investisseurs et dominent le jugement analytique en l’absence d’interactions sociales réelles et virtuelles. Une théorie originale est proposée pour améliorer la compréhension du phénomène étudié, au-delà des apports de la théorie du signal. Cette théorie, le matching affectif, personnalise les comportements et offre un prisme de lecture reposant sur la congruence entre caractéristiques du projet et préférences de l’investisseur. Sa mise en œuvre par un modèle dérivant du modèle explicatif associé à une mesure de similarité ad hoc produit des résultats prédictifs encourageants. Notre travail se termine par un ensemble de suggestions managériales découlant de nos conclusions
Our research focuses on the emotional and axiological determinants of investment choice in equity crowdfunding. We defend the thesis of a projects choice determined in part by the values and emotions of the individual investor. Our literature review is transversal to several fields of social sciences. Thus, the established theoretical framework articulates finance, marketing, HRM and psychology. An explanatory model using structural equations is proposed and tested empirically using data from a laboratory experiment. Our results confirm that values and interest in the project, an affective variable, have a significant effect on investor choices and dominate analytical judgment in the absence of real and virtual social interactions. An original theory is proposed to improve the understanding of the studied phenomenon, beyond the contributions of the signal theory. This theory, emotional matching, personalizes behaviors and offers a prism of reading based on the congruence between characteristics of the project and investor preferences. Its implementation by a model derived from the explanatory model associated with an ad hoc similarity measure produces encouraging predictive results. Our work ends with a set of managerial suggestions arising from our findings

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In recent years, the advancement of financial technologies, 'Fintechs', has profoundly modified the way of doing business in several countries. A good example of this is the crowdfunding market, which has benefited from the 'wisdom of the crowds' to enable individuals and small businesses to raise funds necessary for the development of their business. Barriers access to finance, especially collections of consolidated financial information and business-related collateral, have limited the use of financial resources to a broad range of ventures. As a result, crowdfunding has attracted the attention of a large part of the finance and entrepreneurship communities, which point to a vast economic, financial and innovative potential for this modality of financing. However, some studies have reported that crowdfunding may be sensitive to information asymmetry, similar to what occurs with traditional funding channels. Therefore, this research intends to investigate the process of capital allocation in the crowdfunding market, based on approaches that can provide information capable of smoothing the informational friction in the collective funding process. The first approach is the use of semantic analysis of mass media news, which can be applied on the behavior of investors and thus reveal information that serves as a parameter for choosing the best timing for the investment decision and for strategies reduction of business exposure to factors external to the financing process. The second approach consists of the geography of investments, that is, the observation of the geographical characteristics of the origins of the contributions made in the enterprises. Thus, economic and demographic information can be used to select the location of the projects, as well as the geographical orientation of the financing campaign. To fulfill the objective of this research, four trials were developed. The first essay points out a current research agenda around crowdfunding and presents theoretical and empirical discussions on this topic. The second essay identifies the determinants of the success of funding for reward crowdfunding projects, through consideration of headquarters and project attributes. Based on more than 4,200 projects from 417 Brazilian cities, the main results obtained through logit regression and survival analysis suggest that art projects, those that intend larger sums of resources, and those that offer a greater number of rewards are, probably, less successful. On the other hand, projects accounting for more support and those developed in regions with a higher concentration of per capita household income tend to be more successful in their financing campaigns. The third essay investigates the effect of the geographical characteristics of the origin of the contributions and the textual sentiment of the news about the capture of reward crowdfunding. Based on more than 350,000 contribution operations, allocated in more than 2,600 crowdfunding projects, based in 390 Brazilian cities, the research findings indicate that the operational attributes of the projects may lead to increases in the value of the contributions. With respect to geography, the distance between entrepreneur / investor can reduce the tendency of the investor to deposit larger amounts in the ventures. However, the concentration of household income per capita has shown that regions with higher income stocks can contribute more to collective initiatives. Both pessimistic and optimistic news could influence the behavior of contributions in ventures. That is, through a pessimistic scenario, investors tend to deposit smaller amounts in the ventures. On the other hand, in optimistic scenarios, they are inclined to make bigger investments. Finally, the fourth essay analyzes the value of equity investments in equity crowdfunding ventures, through semantic analysis of the media and the geography of financial contributions. Based on 736 investments made in 22 equity crowdfunding ventures located in nine Brazilian cities, the results of the study indicate that the attributes of the ventures may impact the value of the capital allocation. As far as investor behavior on the news is concerned, it is noted that mass news releases with a greater number of positive words can encourage investors to apply larger financial amounts in the ventures. In contrast, the geographical distance between entrepreneur-investor may negatively affect the value of these investments. It is hoped that the empirical results presented here can provide theoretical contributions and managerial implications for academia, professionals, platform managers and public policymakers.
Nos últimos anos, o avanço das tecnologias financeiras, 'Fintechs', tem modificado profundamente o modo de fazer negócios em diversos países. Um bom exemplo disso é o mercado de crowdfunding, o qual tem se beneficiado da ‘sabedoria das multidões’ para permitir que indivíduos e pequenas empresas consigam captar financiamentos necessários para o desenvolvimento de seu negócio. As barreiras de acesso ao financiamento, especialmente as cobranças de informações financeiras consolidadas e de garantias vinculadas aos negócios, têm limitado a utilização de recursos financeiros para um amplo conjunto de empreendimentos. Dessa forma, o crowdfunding, por conseguir flexibilizar exigências excessivas para concessão do crédito, tem despertado a atenção de boa parte das comunidades de finanças e empreendedorismo, as quais apontam um vasto potencial econômico, financeiro e inovador para essa modalidade de financiamento. Entretanto, alguns estudos têm relatado que o crowdfunding pode ser sensível à assimetria de informações, de modo análogo ao que ocorre com os canais tradicionais de financiamento. Assim sendo, esta pesquisa pretende investigar o processo de alocação de capital no mercado de crowdfunding, a partir de abordagens que possam fornecer informações capazes de suavizar o atrito informacional no processo de funding coletivo. A primeira abordagem é a utilização da análise semântica de notícias de mídia de massa, a qual pode ser aplicada sobre o comportamento dos investidores e, assim, revelar informações que sirvam de parâmetro para a escolha do melhor timing para a decisão de investimento e para estratégias de redução de exposição do negócio a fatores externos ao processo de financiamento. A segunda abordagem consiste na geografia dos investimentos, ou seja, na observação das características geográficas das origens das contribuições realizadas nos empreendimentos. Assim, informações econômicas e demográficas poderão servir para a escolha da localização dos empreendimentos, bem como para a orientação geográfica da campanha de financiamento. Para cumprimento do objetivo desta pesquisa, foram desenvolvidos quatro ensaios. O primeiro ensaio aponta uma agenda de pesquisa atual ao redor do crowdfunding e apresenta discussões teóricas e empíricas sobre essa temática. O segundo ensaio identifica os determinantes do sucesso da captação de financiamento para projetos de reward crowdfunding, mediante a consideração da sede e de atributos dos projetos. Com base em mais de 4.200 projetos, oriundos de 417 cidades brasileiras, os principais resultados obtidos via regressão logit e survival analysis sugerem que projetos de arte, aqueles que intencionam maiores somas de recursos, e os que oferecem um maior número de recompensas, são, provavelmente, menos exitosos. Por outro lado, os projetos que contabilizam um maior número de apoios e aqueles desenvolvidos em regiões com maior concentração de renda per capita domiciliar tendem a obter sucesso mais rapidamente em suas campanhas de financiamento. O terceiro ensaio investiga o efeito das características geográficas da origem das contribuições e do sentimento textual das notícias sobre a captação de reward crowdfunding. Baseando-se em mais de 350 mil operações de contribuição, alocadas em mais de 2,6 mil projetos de crowdfunding, sediados em 390 cidades brasileiras, os achados da pesquisa indicam que os atributos operacionais dos projetos podem provocar acréscimos no valor das contribuições. Com relação à geografia, a distância entre empreendedor-investidor pode reduzir a propensão do investidor em depositar maiores quantias nos empreendimentos. Contudo, a concentração de renda domiciliar per capita revelou que regiões com maiores estoques de renda podem contribuir mais com as iniciativas coletivas. Tanto as notícias pessimistas quanto as otimistas foram capazes de influenciar o comportamento das contribuições nos empreendimentos. Isto é, mediante cenário pessimista, os investidores tendem a depositar menores quantias nos empreendimentos. Em contrapartida, em cenários otimistas, eles se inclinam a efetuar maiores investimentos. Por último, o quarto ensaio analisa o valor dos investimentos alocados em empreendimentos de equity crowdfunding, por meio de análise semântica da mídia e da geografia dos aportes financeiros. Com base em 736 investimentos realizados sobre 22 empreendimentos de equity crowdfunding, localizados em nove cidades brasileiras, os resultados do estudo apontam que os atributos dos empreendimentos podem impactar no valor da alocação de capital. No que diz respeito ao comportamento do investidor frente às notícias, nota-se que notícias de massa divulgadas com uma maior quantidade de palavras positivas podem incentivar os investidores a aplicarem maiores quantias financeiras nos empreendimentos. Em contraste, a distância geográfica entre empreendedor-investidor pode atuar negativamente sobre o valor desses investimentos. Espera-se que os resultados empíricos aqui apresentados possam fornecer contribuições teóricas e implicações gerenciais para a academia, profissionais, gestores das plataformas e formadores de políticas públicas.

Den svenska fastighetsmarknaden har tagit fart de senaste åren. Den gynnsamma marknaden har lockat allt fler nya aktörer till fastighetsbranschen. Detta ger upphov till nya finansieringsalternativ så som crowdfunding. Idag är det främst privatpersoner som investerar i fastighetsprojekt med crowdfunding-modeller. I den här uppsatsen undersöks varför investeringsviljan i crowdfunding är låg hos institutionella investerare. Information har hämtats från sex stycket interjuver med representanter från olika institutioner. Inställningen till det nya finansieringsalternativet crowdfunding har visat sig vara positivt men det är många faktorer som hindrar institutionerna från att investera. Framförallt är det den bristande likviditeten i investeringen, förtroende hos projektutvecklarna & crowdfunding-plattformen samt den projektvolymerna som begränsar viljan att investera i crowdfunding-projekt. Crowdfunding inom fastigheter i Sverige är fortfarande något som är väldigt nytt och behöver därför fortsätta att växa för att skapa ett vidare intresse hos institutionella investerare.
The Swedish real estate market has taken off in recent years. The growing market has attracted an increasing number of new actors to the real estate industry. This promotes new alternatives to traditional financing, such as crowdfunding. Currently crowdfunding models is used to invest mostly by private individuals invest in crowdfunding models. This paper examines the incentives of institutional investors to invest in crowdfunding.  Information have been gathered from six interviews with representatives from different institutions. While the attitude towards the new funding option crowdfunding has proved to be positive, there are many factors that prevent the institutions from investing. Above all, it is the lack of liquidity in the investment, trust of the project developers & crowdfunding platform, as well as the project volumes that limit the incentive/will to invest in crowdfunding projects. Crowdfunding within real estate in Sweden is still very new and therefore needs to continue to grow to create a wider interest in institutional investors.

Cette thèse diagnostique les contraintes de financement que pourraient rencontrer les petites et moyennes entreprises et évalue leur impact sur l’investissement de ces dernières. Parallèlement, elle étudie les facteurs déterminants le succès des nouvelles sources de financement aux entreprises, notamment le financement participatif. Le premier chapitre met en exergue le rôle joués par les délais de paiement inter-entreprises, à savoir les délais clients et fournisseurs comme facteurs déterminant les contraintes financières d’investissement des entreprises. Montrant qu’un nombre non négligeable d’entreprises change de statut, le chapitre a développé un modèle ayant permis de déterminer les facteurs impactant un changement de régime des entreprises, du statut contraint au statut non contraint et inversement. Le deuxième chapitre étend l’analyse aux entreprises innovantes et exportatrices. L’étude empirique montre qu'ensemble, les performances d’export et d’innovation vaporisent la sensibilité des investissements des entreprises aux contraintes de financement. Enfin, le troisième chapitre étudie les facteurs déterminants la réussite d’une campagne de financement participatif. Les résultats mettent en évidence que les intérêts financiers priment sur le prix social
This thesis diagnoses small and medium-sized enterprises financing constraints and assesses the impact of such constraints on corporate investment. Furthermore, an attempt is made to investigate the determinants of SMEs' alternative financing sources' success, such as crowdfunding. The dissertation consists of three chapters. The first chapter provides novel evidence of the role of inter-enterprises paymentdeadlines which are days receivables outstanding and suppliers payable outstanding as factors determining firms' investment financingconstraints. This chapter also highlights that there is a non-negligible number of firms switching each year either fromconstrained regime to unconstrained regime or unconstrained regime to constrained one. We develop a model providingthe determinants of firms' regime change. The second chapter extends the investigation to innovative and exporting firms.The empirical investigation evidence that together, export and innovation performances dampen firms' investment sensitivity tofinancing constraints. Finally, the third chapter focuses on crowdfunding financing which represents another way for firmsfailing to secure necessary financing from banks, to raise funds for their projects. The chapter investigates the determinantsof crowdfunding success. The findings highlight that crowdfunding success is an increasing function of financial benefits. Moreover, financial gains overtake social price

碩士
國立臺灣科技大學
企業管理系
104
Crowdfunding comes from the concept of crowdsourcing, which was first proposed by Jeff Howe on Weird magazine in 2008. Since Indiegogo launched in 2008, the number of crowdfunding websites have blooming beyond everyone’s anticipate and still grown in rapid speed. Crowdfunding, a whole new way of fund raising, not only help SME and new ventures handling the financial issues, but also reaching the real consumers on the market. Due to the early development of crowdfunding, United States and Europe are now the leading country in crowdfunding field in the world, and have accumulated lots of successful cases. In Asia, China is the most successful country so far. The first crowdfunding website in Taiwan lunched in 2011, but till now the industry scale and development are far from Unite States and Europe. We are also lack of relevant research about what kind of characteristics will influence the intention of participating in crowdfunding on websites. Therefore, this study used extend value-intention framework combined with TAM, aimed to realize the influence factors of crowdfunding and how perceived benefits, perceived sacrifice influence the perceived value and the intention of investment in crowdfunding. At Last, develop an effective model which can be used for innovative technology service like crowdfunding. The study found that perceived usefulness, perceived playfulness, perceived price and personal innovativeness have significantly impact on perceived value and investment intention.

Legal regulation of crowdfunding in the Czech Republic The thesis deals with the legal regulation of crowdfunding in the Czech Republic as well as in the European Union with emphasis on the investment type of crowdfunding, mostly for purpose of identifying all relevant legal acts and evaluating their form and application in terms of suitability and sufficiency. The first part generally addresses explanation of the term crowdfunding itself, the etymological interpretation, its origins, the historical development and the concepts of crowdfunding with other relative and superior terms. This section also includes division of crowdfunding into individual types and subtypes. Each of them is explained separately including examples of already existing crowdfunding platforms. The second part comprises of all legal acts and other regulation applicable to most of crowdfunding platforms and, in more detail, discusses legislation relevant to the investment type of crowdfunding (equity-based and securities-based crowdfunding). These come from several areas of financial law. The focus of the work is aimed at legal regulation of payment services, financial instruments (including prospectus regulation) and collective investment. The thesis reflects both national and EU legislation, including their relation through...

碩士
銘傳大學
企業管理學系
106
In recent years, the number of homestays in mainland China has increased rapidly, and crowdfunding has catered to the development trend of homestays. The 2017 Chinese crowdfunding industry briefings shows that the homestay-crowdfunding raised the top of the crowdfunding industry by $33414 million. The purpose of this paper is to take the homestay-crowdfunding project on the KAISHIBA as a sample, to explore the operation mode of homestay crowdfunding in mainland China, to confirm the relationship between the project and investment behavior during the project implementation, and to confirm whether the projects targe, investment number and fundraising performance at the initial stage of the project affect the investment behavior of investors. The samples consist of 37 homestay-crowdfunding projects which were launched in the KAISHIBA from December 2017 to February 2018. The results show that the target amount, the amount raised on the first day and the amount raised on the first three days of a crowdfunding project are positively correlated with the final amount raised on the project. The results provide suggestions to the initiators of homestay-crowdfunding projects, and assist them to set up crowdfunding plans to gain greater benefits.

碩士
國立交通大學
傳播研究所
106
Crowdfunding has become a global trend in recent years. It has not only prevailed in the U.S. where crowdfunding platforms first emerged, but has become popular in other countries. For instance, UK and Japan both have sizable crowdfunding markets. In the meantime, crowdfunding in Taiwan has also flourished. Crowdfunding projects have reached the success rate of over fifty percent and have a stable backer base. However, half of the projects still failed. The causes of unsuccessful crowdfunding projects may include ill project management, a lack of marketing resources, and disregarding marketing communications. Hence, overcoming the problems listed above has become the main challenge for crowdfunding projects to succeed. In addition, gaining trust from prospective backers is also an important factor. Only when prospective backers have trust in crowdfunding projects could they generate behavioral intentions conducive to projects. This study inspects the crucial elements of successful crowdfunding – marketing and trust, and explores how marketing plans of crowdfunding projects can influence trust. In line with current marketing trend, it chooses content marketing as a marketing strategy as it allows more convincing content that may elicit trust from prospective backers. In addition, endorsers are often used to increase trust of prospective backers. Many crowdfunding projects nowadays depend on endorsers to increase the exposure of projects or to guarantee quality of products. However, no research has examined the impact of endorsers to crowdfunding projects on consumers, nor is there a study on the effects of content marketing in crowdfunding projects on the audience. This study aims to fill up these gaps. This study examines the impact of content marketing and endorsers to crowdfunding projects on the audience. On the basis of Elaborate Likelihood Model (ELM) and using a 2x2 factorial design (content marketing: informational content, interactive content x endorsers: expert, ordinary person), this study conducts an online experiment to investigate the impact of the above stimuli on prospective backers with different levels of involvement and need for cognition. These prospective backers may process project information through central and peripheral routes. In total, 570 valid subjects were recruited. The main results include: (1) informational content marketing shows a higher level of trust compared to interactive content marketing; (2) experts builds up greater trust than ordinary people do; (3) prospective backers with higher levels of involvement and need for cognition trust informational content marketing more than interactive content marketing; (4) prospective backers show more trust in expert more than ordinary people, regardless of the level of involvement and need for cognition, which makes experts more important reference factor; (5) trust positively affects intention of investment and recommendation; (6) crowdfunding projects designed with informational content marketing and recommendation of experts can generate the highest level of trust; (7) trust serves as a mediator between project types and intention of investment and recommendation on crowdfunding projects. Overall, the findings can provide theoretical and managerial implications for future studies and marketing practices.

Research in Crowdfunding is an emerging priority within the field of Entrepreneurship. Hundreds of platforms provide nowadays multiple Crowdfunding schemes which are intended to make it easier for entrepreneurs and others to collect money from the crowd. However, only a few campaigns become successful as others don’t reach the pre-established funding goal. It is thus necessary to keep on understanding the dynamics of these platforms and the factors which justify success. The asymmetry of information has been shown to be a delicate issue as people perceive quality in different manners. As so, this research aims to understand which components of perceived quality mostly influence investments decisions. Mainly Entrepreneurship and Marketing theories were explored along the way. This is research follows a causal approach where nineteen hypotheses are tested. An experimental survey was conducted and data was collected from 127 people who were asked to evaluate one of the most important pieces of any Crowdfunding campaign – the pitch video – and consequently invest on the presented products.

碩士
銘傳大學
企業管理學系碩士班
103
In recent years, the rise of e-commerce makes the micro-entrepreneurship to prevail in general mood. At the same time, the micro-enterprises with respect to the traditional large-scaled enterprises and intermediate enterprises are also facing the difficult of financing problems. Therefore, the general publics in order to carry out small amounts of money raised by crowdfunding platform development rapidly. However, crowdfunding industries are just as the world’s emerging industries, and the concept of the crowdfunding in Taiwan is not yet fully matured and not so common either. Also, the publics are quite limited about understanding the concept of crowdfunding too. Facing with fierce competition in the global fundraising industry, the entrepreneurs must be facing about how to stand out from the many fund-raising projects will also be a major topic for each one who uses crowdfunding model. Therefore, the purpose of the present study attempts to social exchange theory perspective and point of view from customer value, and to discuss about why the crowdfunding proposal writing affect to the publics. Web-based survey questionnaires were then developed and made available for our target respondents, who are crowdfunding platform users, to fill out. Valid survey data from 204 crowdfunding platform users were obtained. Meanwhile, this paper adopted SmartPLS for data analysis as well as for validity and reliability tests to further verify the hypotheses of this study. The research findings were as follows. (1) Perceived risk and commitment significantly influence user’s investment intentions, but trust have no any influence on user’s investment intentions. (2) Surprisingly, Perceived risk has positive influence on investment intention, comparing to the original negative hypothesis argument. (3) Perceived innovation and trust have negative and significant influence on perceived risk but involvement have not. (4) For the construct of trust, communication and shared value have positive and significant influences on it. (5) Trust and perceived banafit have positive and significant influence user’s investment intentions, but shared value have no any influence on user’s investment intentions. Moreover, we also conducted multi-group analysis for finding deeper insights for our research framework. Ultimately, we provided some insightful implications and suggestions for crowdfunding platform administrator and fundraiser, and also several research directions for further studies.

碩士
銘傳大學
企業管理學系
105
In recent year, the third party mobile payment has infiltrated into every aspect of people’s life. When the barriers of payment industry in China are disappearing step by step, the financial life of consumers is also changing at the same time. In order to expand market and gain profit, the third party payment enterprises have to make consumers be willing to use their payment products. Therefore, the objective of this study is to explore factors influencing user’s usage intention of third party payment, the Ali-Pay, based on Technology Acceptance Model (TAM) and Perceived Risk Theory. 320 valid responses were collected from China and we find that all hypotheses are supported, except that privacy and service risks have no any significant effect on user’s trust. From this study, we hope to contribute nascent knowledge for online banking phenomenon and provide some beneficial enlightenments to the third-party payment enterprises for designing an effective and attractive application platform through our study for practitioners.

碩士
國立交通大學
經營管理研究所
107
The rapid development of crowdfunding has opened up a new fundraising channel for individuals and companies with financial needs. Through crowdfunding platforms, they can express their project ideas, dream plans on the Internet to seek financial support. This study is based on the extended valence framework perspective to explore the impact of trust, perceived risk, and perceived benefit on investment intention. We first set project perspectives of information quality, project novelty, value similarity and functional congruence as the antecedent variables. Secondly, divided them into two categories: negative valence and positive valence to explore how the sense, trust and perceived risk and benefit of the investors to the crowdfunding project affect their investment intentions. The survey is conducted in the form of online-survey and collect 373 valid samples finally. After the structural equation modeling(SEM) analysis, the study results can be summarized as follows: (1) Perceived risk and trust mediates the relationship between project novelty and investment intention is not significant. (2) Perceived risk and trust mediates the positive relationship between information quality and investment intention. (3) The mediate effect of trust is not significant between value similarity and investment intention. (4) The mediate effect of perceived benefit is significant affect the positive relationship between value similarity and investment intention. (5) Trust and perceived benefit mediates the positive relationship between information quality and investment intention.

碩士
國立宜蘭大學
應用經濟與管理學系經營管理碩士班
107
With the advancement of Internet technology, the role of “Crowd” on the Internet is becoming more and more important. They can even help entrepreneurs practice their ideas, innovative and creative ideas through the Crowdfunding Platform. Individuals or organizations bring considerable resources; however, Taiwan is still in its infancy. Based on previous research reviews on the reasons for investors' investment in crowdfunding projects, it is found that there are three influencing factors: (1) expecting to obtain a sense of pleasing in perceptual value (for example, feedback on the value of money), usually preferting tangible Commodity; (2) participation in the trust of certain projects; (3) recognition of the identity or motivation of the sponsor. Among them, the relative threshold is used as a relationship between the perceived value of the investor and the willingness to invest. This study is based on investors who invest in the crowdfunding project. Through the online community platform, the electronic questionnaire is issued from February 21, 2019 to May 13, 2019. The number of valid samples is 210, using multiple linear regression empirical analysis. These three kinds of motives have a positive and significant relationship to the investment willingness of investing in the crowdfunding project, and the influence of perceived value and identity is more than trust; however, the relative threshold of investment targets will weaken the crowdfunding platform investors to raise funds. The positive relationship between the perceived value of the project and its willingness to invest, the revised explanatory power of the overall model regression reached 64.6%, which supports the investor's willingness to invest in the mass crowdfunding project proposed in this study. In terms of perceived value, the proponent should consider it from the perspective of the consumer. The price that the consumer has to pay and the value we bring to him will definitely be his important measure. They will invest in projects with better selective prices; then, when the balance between the amount of the project and the financial ability of the investor is balanced, the relative threshold will be one of the key factors that interfere with the willingness to invest. Therefore, the proposed proposal for this study. The plan should be given to the multi-investment quota range, which can provide investors with the economic ability to rely on their own ability to load and practice support projects. Third, the proponent can easily operate the crowdfunding project and give investors the convenience of implementation. Fulfilling commitments to investors, demonstrating professional attitudes and abilities, enhancing trust, and increasing investor's willingness to invest; Fourth, when investors understand the vision and philosophy of the proponents who share their ideas, they can use crowdfunding projects. The "storytelling" approach is presented in a timely manner, so that more investors and the proponents' ideas echo and resonate, which in turn allows investors to maintain a high degree of identity and invest.

碩士
元智大學
經營管理碩士班(國際企業學程)
107
A growing number of start-ups secure the seed round or series A fundings through crowdfunding to facilitate the product development and marketing nowadays. By observing projects that were funded through crowdfunding, we can find that some of the startups which propose crowdfunding campaigns are funded by Venture Capitals (VCs) before obtaining funds through crowdfunding, that is, startups born with silver spoons. Comparing startups without being invested by Venture Capitals (VC) with the startups funded by VCs, the funded startups are equipped with more plentiful pitch experiences. In addition, to receive funds from VCs, VCs can leverage their distinct “network” to provide start-ups assistance in the production and marketing. Therefore, in this project, we want to discuss that whether the startups born with silver spoons are likely to get success in crowdfunding. In light of these concerns, there are three issues which will be discussed by comparing the crowdfunding performance of projects that received funds from VCs with the crowdfunding performance of projects without VCs support: (1) Whether the crowdfunding projects supported by VCs are more successful in crowdfunding? (2) Whether the crowdfunding projects supported by VCs attract more backers? (3) Whether the crowdfunding projects supported by VCs secure more funds? In addition, on account of inconsistent result of factors which have an impact on crowdfunding success according to past researches, we will re-examine these factors by analyzing the data we collect. These issues make us better at understanding the effect of resources provided by VCs on crowdfunding performance of startups. The result shows that VCs do not have significant impact on startups success in crowdfunding; however, the result also supports that the impact of network and market experience provided by VCs make startups successful not only in the initial investment but in the crowdfunding. Beside, we also find that, mastery of market demand and Matthew effect has a vital impact on crowdfunding success.