众筹平台对创业融资的影响:前沿研究述评与未来展望

关于众筹平台对创业融资的影响，国内外研究主要集中在同一平台内不同项目之间的特征差异方面，即平台内特征分析，且研究结论并不统一；相较之下，关于不同平台之间的特征差异，即平台间特征，现在才开始受到重视。通过对众筹平台与创业融资前沿研究的系统梳理，一方面针对众筹平台内特征，从资金筹措和资金回报两个层面阐释了影响创业融资成功的关键因素，涉及项目特征、创业者特征、投资者互动等；另一方面，针对众筹平台间特征，从平台类型、平台机制、融资渠道3个层面阐释了影响创业融资成功的关键因素。未来，可以从众筹平台间特征对资金回报的影响、综合平台内和平台间特征对资金筹措的影响、众筹平台动态变化机制等多个角度展开深入研究。

The Effect of Crowdfunding Platforms on Entrepreneurial Financing:Review and Future Research Directions

The paper provides a thorough review on the effect of online crowdfunding platforms on entrepreneurial financing. Prior research was mostly conducted in single-platform contexts and has found inconclusive effects of with-in platform traits on financing success, whereas recent research highlights the potential to compare different platforms and extend to the effects of cross-platform traits. It first summarizes studies on within-platform traits that determine the success of financing and refunding, including project characteristics, entrepreneur characteristics, and investor-entrepreneur interactions. It also discusses on cross-platform traits from three levels, i.e., platform type, platform mechanism, and platform channel. It suggests future research directions that will both synthesize and expand our understanding of online crowdfunding platforms and entrepreneurship.