发起者动态能力对众筹项目融资绩效的影响：竞争强度的调节

管理评论 ›› 2020, Vol. 32 ›› Issue (6): 255-265.

发起者动态能力对众筹项目融资绩效的影响：竞争强度的调节

曾江洪, 吴号, 黄向荣, 张浪

中南大学商学院, 长沙 410083

收稿日期:2017-09-15 出版日期:2020-06-28 发布日期:2020-07-10
通讯作者: 曾江洪(通讯作者),中南大学商学院教授,博士生导师,博士
作者简介:吴号,中南大学商学院硕士研究生;黄向荣,中南大学商学院博士研究生;张浪,中南大学商学院博士研究生。
基金资助:
国家社会科学基金项目（14BJY008）；中南大学创新驱动项目（2015CX010）。

The Impact of Initiator's Dynamic Capability on the Performance of Crowdfunding Project Financing: The Moderating Role of the Competitive Intensity

Zeng Jianghong, Wu Hao, Huang Xiangrong, Zhang Lang

School of Business, Central South University, Changsha 410083

Received:2017-09-15 Online:2020-06-28 Published:2020-07-10

摘要/Abstract

摘要： 众筹项目融资可看作发起者获取竞争优势的过程，而发起者动态能力是其获取竞争优势的关键。本文基于动态能力理论，选取国内知名众筹平台——京东众筹457个科技类项目为样本数据，通过多元回归探析了发起者动态能力对众筹项目融资绩效的影响以及竞争强度的调节作用。实证结果显示，发起者的环境适应能力、资源整合能力均正向影响项目融资绩效；且项目竞争强度正向调节发起者动态能力对项目融资绩效的影响。在此基础上，得出本文的研究结论并给出相关建议。

关键词: 众筹, 动态能力, 竞争强度, 融资

Abstract: The financing of the crowdfunding project can be seen as a process in which the initiator gains the competitive advantage, and the dynamic capacity of the initiator is the key to gain the competitive advantage. Based on the theory of dynamic capability, this paper chooses 457 technology projects as sample data from the well-known crowdfunding platform——Jingdong cowdfunding in China, and analyzes the influence of initiator's dynamic ability on financing performance and the moderating role of the competitive intensity by using multiple regression. The empirical results show that the initiator's environmental adaptability and resource integration ability all influence the performance of project financing positively. The competition intensity of the project moderates the influence of the dynamic capability of the initiator on the project financing performance positively. On this basis, the conclusion of this paper is given and the research suggestions are given.

Key words: crowd funding, dynamic capacity, competition intensity, financing

曾江洪, 吴号, 黄向荣, 张浪. 发起者动态能力对众筹项目融资绩效的影响：竞争强度的调节[J]. 管理评论, 2020, 32(6): 255-265.

Zeng Jianghong, Wu Hao, Huang Xiangrong, Zhang Lang. The Impact of Initiator's Dynamic Capability on the Performance of Crowdfunding Project Financing: The Moderating Role of the Competitive Intensity[J]. Management Review, 2020, 32(6): 255-265.

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