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光华讲坛—Epidemic of Confidence: Exploring How Contagion Effect Drives Overfunding in Equity Crowdfunding

发布时间:2019-07-04

主讲人:哥本哈根商学院  陈致玮教授

主持人:工商管理学院 陈扬教授

时间2019715日(星期一)14:30-16:00

地点:西南财经大学柳林校区通博楼A209会议室

主办单位:工商管理学院、科研处


主讲人简介:

Chee-Wee Tan is a Professor at the Department of Digitalization in Copenhagen Business School (CBS), an Honorary Professor of Business Analytics and Digitalization at the Nottingham University Business School China in the University of Nottingham Ningbo China (UNNC), an International Visiting Professor at the School of Management in the University of Science and Technology of China (USTC), a Senior Research Fellow at the Weizenbaum Institute for the Networked Society as well as a Visiting Professorial Fellow at the School of Information Systems and Technology Management in University of New South Wales (UNSW). He received his Ph.D. in Management Information Systems from the University of British Columbia. His research interests focus on design and innovation issues related to digital services. His work has been published in leading peer-reviewed journals such as MIS Quarterly (MISQ), Information Systems Research (ISR), Journal of Management Information Systems (JMIS), Journal of the Association for Information Systems (JAIS), Journal of the American Society for Information Science and Technology (JASIST), European Journal of Information Systems (EJIS), and Decision Support Systems (DSS), among others. Apart from his current appointment as a Senior Editor for MISQ, Chee-Wee is currently serving on the editorial boards for Industrial Management & Data Systems (IMDS), IEEE Transactions on Engineering Management (IEEE-TEM), Information & Management (I&M), Internet Research (IntR), Journal for the Association of Information Systems (JAIS), Journal of Computer Information Systems (JCIS), and Journal of Management Analytics (JMA). In addition, Chee-Wee has served in various editorial capacities for special issues at Decision Support Systems (DSS), I&M, and JMIS. Finally, Chee-Wee is the co-director of the joint research center between CBS and the Antai College of Economics and Management (ACEM) in Shanghai Jiao Tong University (SJTU).

陈致玮博士是哥本哈根商学院(CBS)数字化系教授,宁波诺丁汉大学中国校区(UNNC)商学院的国际商务分析与数字化荣誉教授,中国科学技术大学(USTC)管理学院客座教授,Weizenbaum网络社会研究所高级研究员,悉尼新南威尔士大学信息系统与技术管理学院访问教授研究员。他获得了不列颠哥伦比亚大学的工商管理博士学位(专攻管理信息系统)。他的研究兴趣集中在与数字服务相关的设计和创新问题上,研究成果发表在MIS Quarterly(MISQ)、Information Systems Research (ISR)、Journal of Management Information Systems (JMIS)、Journal of the Association for Information Systems (JAIS)、Journal of the American Society for Information Science and Technology (JASIST)、European Journal of Information Systems (EJIS)以及Decision Support Systems (DSS)等领先的同行评审期刊上。除了被任命为MISQ的高级编辑之外,Chee-Wee博士在Industrial Management & Data Systems (IMDS)、IEEE Transactions on Engineering Management (IEEE-TEM)、Information & Management (I&M)、Internet Research (IntR)、Journal for the Association of Information Systems (JAIS)、Journal of Computer Information Systems (JCIS)以及 Journal of Management Analytics (JMA)的编委会任职,同时担任Decision Support Systems (DSS)、I&M以及JMIS的专刊编委。最后,Chee-Wee博士是CBS与上海交通大学安泰经济与管理学院(ACEM)联合研究中心的联席主任。

主要内容:

This study aims to investigate overfunding, a prevalent phenomenon on equity crowdfunding platforms. Although overfunded campaigns appear to be a boon for the initiating fundraisers and platform operators, it undermines the fundamental purpose of crowdfunding: achieving the equality of funding opportunities. Specifically, overfunding encourages fundraisers with excessive funds to focus on short term gains while forgoing long term interests and diverts scarce financial resources away from promising business ventures in need of support. This study drew on contagion theory to posit the contagion effect of fundraisers’ self-confidence as the key mechanism underlying overfunding. We postulate that mandatory attributes for campaign setup, in the likes of information disclosure, funding goal, funding duration, and equity offering on crowdfunding platforms can be interpreted by prospective funders as cues reflecting fundraisers’ confidence in their business ventures. Being infected by fundraisers’ self-confidence, funders can be compelled to swarm a campaign and eventually overfund it. To validate our hypotheses, we collected and analyzed daily investment data for 250 campaigns on a leading equity crowdfunding platform in the United Kingdom (UK). Findings from our study attested to the contagion effect of cues signaling fundraisers’ self-confidence in terms of funders’ susceptibility, contagion spread, and contagion persistency. They also helped to confirm the link between confidence contagion and degree of overfunding. This study hence bears implications for research and governance practice on crowdfunding alike.

本研究旨在探究股票众筹平台上普遍存在的过度筹资现象。尽管资金过多的宣传活动似乎对发起筹资者和平台运营者有利,但它破坏了众筹的根本目的:实现供资机会的平等。具体来说,过度筹资会鼓励资金过多的筹资者专注于短期收益,而放弃长期利益,并将稀缺的金融资源从需要支持的有发展前景的商业项目中转移出去。本研究以扩散为基础,提出筹资者自信的扩散效应是影响过度筹资的关键机制。我们假设,在信息披露、筹资目标、筹资期限和众筹平台股票发行等方面,强制性的竞选设置属性可以被潜在筹资者解读为反映筹资者(募捐者)对其业务项目的信心的线索。受募捐者自信的感染,资助者可能会被迫蜂拥而至,并最终过度投资。为了验证我们的假设,我们在英国(英国)一家领先的众筹平台上收集并分析了250个投资活动的每日投资数据。我们的研究结果证实了释放募捐者的自信信号在筹资者的易感性、感染扩散和感染持续性方面的感染效应。它们还帮助证实了自信感染与过度筹资程度之间的联系。因此,本研究对众筹的研究和治理实践都有启示。



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