众筹平台双边市场特性与竞争策略研究

当前，众筹平台逐渐分化为综合型与垂直型众筹平台，其用户规模和交易费率都存在显著差异，需要制定有针对性的竞争策略。根据众筹模式特征，构建了Hotelling竞争模型，分组实证考察了综合型和垂直型众筹平台双边用户交叉网络外部性、支持者自网络外部性和平台定价的综合影响。结果表明，在综合型众筹平台中，支持者规模对支持者投资需求产生了显著正自网络外部性；而在垂直型众筹平台中，支持者规模对发起者筹资需求、发起者规模对支持者投资需求均产生了显著的正交叉网络外部性，且平台定价显著负向影响发起者筹资需求。

Two-Sided Markets and Competitive Strategy:An Empirical Analysis of the Crowdfunding Platform

Crowdfunding industry gradually differentiate into integrated and vertical crowdfunding platform, its user size and transaction rates are significantly different,the need to develop specific competitive strategy.Binding characteristics of the crowdfunding model to construct Hotelling competition model, the effects of packet empirical investigation integrated and vertical crowdfunding platform user cross-group external effects, supporters within-group external effects and platform pricing.The results show that:the integrated crowdfunding platform,the scale of investment demand for supporters supporters have had a significant positive externalities from the network; and in the vertical crowdfunding platforms,supporters of the scale of the financing needs of the initiator to initiate by the scale of investment demand were supporters produced a significant positive cross-network externalities, pricing and financing platform for the needs of the initiator had a significant negative impact.