سیگنال‌های برانگیزاننده‌ی مشارکت در تامین مالی جمعی سهامی در ایران

نوع مقاله : مقاله پژوهشی

نویسندگان

گروه مالی و بانکداری، دانشکده مدیریت و حسابداری دانشگاه علامه طباطبایی، تهران، ایران

چکیده

چکیده
عدم تقارن اطلاعاتی میان صاحبان طرح‌ها و سرمایه‌گذاران، مشکل متداول در تمام سرمایه‌گذاری‌هاست ولی این مشکل در تامین مالی جمعی سهامی بگونه بارزتری ظهور می‌کند چراکه سرمایه‌گذاران بالقوه در تامین مالی جمعی سهامی، عموما سرمایه‌گذاران غیرحرفه‌ای هستند و زمان و تجربه کافی برای بررسی موشکافانه‌ی طرح‌هایECF ندارند و به همین جهت، بر اساس علائم و سیگنال‌های دریافتی نسبت به کیفیت طرح‌ها و نهایتا مشارکت/عدم مشارکت در آنها تصمیم‌گیری می‌کنند. هدف پژوهش حاضر، شناسایی جامع این سیگنال‌ها و منابع ارسال آنها و نیز سنجش میزان تاثیرگذاری آنهاست. پژوهش حاضر پژوهشی آمیخته است که در آن، داده‌های پژوهش کیفی، به‌روش مصاحبه نیمه‌ساختاریافته گردآوری و با روش تحلیل مضمون مورد بررسی قرار گرفتند. بخش کمی که بخش اصلی پژوهش است، به صورت توصیفی پیمایشی انجام شد و داده‌های آن با تحلیل عاملی تاییدی مرتبه دوم مورد تحلیل قرار گرفتند. بر اساس نتایج به دست آمده‌، سه منبع ارسال سیگنال‌ها، به ترتیب میزان تاثیرگذاری شامل: پلتفرمECF، اشخاص ثالث و مجریان طرح، در برانگیختن سرمایه‌گذاران به مشارکت نقش دارند و برای هر یک از منابع، چهار سیگنال موثر شناسایی شد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Motivating signals to participate in Equity Crowdfunding in IRAN

نویسندگان [English]

  • Reza Shafaei
  • Mohammad Hasan Ebrahimi Sarvolya
  • Moslem Peymany
Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran
چکیده [English]

Abstract
Information asymmetry between business owners and investors is a common problem in all investments, but this problem becomes more apparent in equity crowdfunding because potential investors in equity crowdfunding are generally non-professional investors and do not have enough time and experience to scrutinize the investment plan. Therefore, based on the received signals, they decide on the quality of the designs and ultimately their participation / non-participation. The purpose of this study is to comprehensively identify these signals and their sources and also to measure their effectiveness.
This is a mixed research in which, qualitative data were gathered through semi structured interviews and analyzed with thematic analyze method. Quantitative part of the research forms the main part of it and contains a descriptive survey which its data were analyzed by second order confirmatory factor analysis. Based on the results, three sources of signals, respectively including: ECF platform, third parties and business owners and are involved in motivating investors to participate, and for each source, four effective signals were identified.

کلیدواژه‌ها [English]

  • equity crowdfunding
  • Investors
  • Information Asymmetry
  • Signaling Theory
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