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
Agrawal, A., Catalini, C. and Goldfarb, A. (2015) ‘Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions’, Journal of Economics and Management Strategy, 24(2), pp. 253–274. doi: 10.1111/jems.12093.
Ahlers, G. K. C. C. et al. (2015) ‘Signaling in equity crowdfunding’, Entrepreneurship theory and practice, 39(4), pp. 955–980. doi: 10.1111/etap.12157.
Baeck, P., Collins, L. and Zhang, B. (2014) ‘Understanding alternative finance’, The UK alternative finance industry report, 2014.
Bird, R. B. and Smith, E. A. (2005) ‘Signaling theory, strategic interaction, and symbolic capital’, Current Anthropology, 46(2), pp. 221–248. doi: 10.1086/427115.
Bonardo, D., Paleari, S. and Vismara, S. (2011) ‘Valuing university-based firms: The effects of academic affiliation on IPO performance’, Entrepreneurship: Theory and Practice, 35(4), pp. 755–776. doi: 10.1111/j.1540-6520.2010.00369.x.
Boyatzis, R. E. (1998) Transforming qualitative information: Thematic analysis and code development. 1st edn. London: SAGE Publications. Available at: https://books.google.com/books?hl=en&lr=&id=_rfClWRhIKAC&oi=fnd&pg=PR6&dq=boyatzis+1998&ots=EBoFynil-l&sig=gcuTgII8tLaZE9az_ft3tihZ-Bc#v=onepage&q=boyatzis 1998&f=false.
Brem, A. and Wassong, N. (2014) ‘Wer investiert warum’, Eine Analyse von Investmententscheidungen bei Crowdfunding-Projekten. ZfKE–Zeitschrift für KMU und Entrepreneurship, 62, pp. 31–55.
Cefis, E. and Marsili, O. (2005) ‘A matter of life and death: innovation and firm survival’, Industrial and Corporate change, 14(6), pp. 1167–1192.
Connelly, B. L. et al. (2011) ‘Signaling Theory: A Review and Assessment’, Journal of Management, 37(1), pp. 39–67. doi: 10.1177/0149206310388419.
Cordova, A., Dolci, J. and Gianfrate, G. (2015) ‘The Determinants of Crowdfunding Success: Evidence from Technology Projects’, Procedia - Social and Behavioral Sciences, 181, pp. 115–124. doi: 10.1016/j.sbspro.2015.04.872.
Estrin, S., Gozman, D. and Khavul, S. (2018) ‘The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market’, Small Business Economics, 51(2), pp. 425–439. doi: 10.1007/s11187-018-0009-5.
Giga, A. (2018) ‘Founders’ Commitment and Firm Financing: Multiple’Skins in the Game’as a Signal to Investors’, Available at SSRN 3290378.
Hair, J. F. et al. (2018) Advanced Issues in Partial Least Squares Structural Equation Modeling. Sage Publications, Inc.
Henseler, J., Ringle, C. M. and Sarstedt, M. (2015) ‘A new criterion for assessing discriminant validity in variance-based structural equation modeling’, Journal of the Academy of Marketing Science, 43(1), pp. 115–135. doi: 10.1007/s11747-014-0403-8.
Hornuf, L. and Schwienbacher, A. (2015) ‘Funding dynamics in crowdinvesting’.
Hsu, D. H. (2007) ‘Experienced entrepreneurial founders, organizational capital, and venture capital funding’, Research Policy, 36(5), pp. 722–741. doi: 10.1016/j.respol.2007.02.022.
Kleinert, S. and Volkmann, C. (2019) ‘Equity crowdfunding and the role of investor discussion boards boards’, Venture Capital, 00(00), pp. 1–26. doi: 10.1080/13691066.2019.1569853.
Li, J. (2016) ‘Equity Crowdfunding in China: Current Practice and Important Legal Issues’, SSRN Electronic Journal. doi: 10.2139/ssrn.2842752.
Löher, J. (2017) ‘The interaction of equity crowdfunding platforms and ventures: an analysis of the preselection process’, Venture Capital, 19(1–2), pp. 51–74. doi: 10.1080/13691066.2016.1252510.
Lukkarinen, A. et al. (2016) ‘Success drivers of online equity crowdfunding campaigns’, Decision Support Systems, 87, pp. 26–38. doi: 10.1016/j.dss.2016.04.006.
Mamonov, S., Malaga, R. and Rosenblum, J. (2017) ‘An exploratory analysis of Title II equity crowdfunding success’, Venture Capital, 19(3), pp. 239–256.
Mäschle, O. (2012) Which information should entrepreneurs on German crowdinvesting-platforms disclose? Thünen-Series of Applied Economic Theory-Working Paper.
Maxwell, A. L., Jeffrey, S. A. and Lévesque, M. (2011) ‘Business angel early stage decision making’, Journal of Business Venturing, 26(2), pp. 212–225. doi: 10.1016/j.jbusvent.2009.09.002.
Migliorati, K. and Vismara, S. (2014) ‘Ranking underwriters of European IPOs’, European Financial Management, 20(5), pp. 891–925. doi: 10.1111/eufm.12049.
Mollick, E. (2014) ‘The dynamics of crowdfunding: An exploratory study’, Journal of Business Venturing, 29(1), pp. 1–16. doi: 10.1016/j.jbusvent.2013.06.005.
Moritz, A., Block, J. and Lutz, E. (2015) ‘Investor communication in equity-based crowdfunding: a qualitative-empirical study’, Qualitative Research in Financial Markets.
Le Pendeven, B. (2016) ‘Equity crowdfunding: Impact of the innovation degree on fundraising campaigns’, in ICIE 2016 Proceedings of the 4th International Conference on Innovation and Entrepreneurship: ICIE2016. Academic Conferences and publishing limited, p. 335.
Ralcheva, A. and Roosenboom, P. (2016) ‘The Role of Certification for Equity Crowdfunding Success’, Unknown, pp. 1–34.
Ringle, C. M. and Sarstedt, M. (2016) ‘Gain more insight from your PLS-SEM results the importance-performance map analysis’, Industrial Management and Data Systems, 116(9), pp. 1865–1886. doi: 10.1108/IMDS-10-2015-0449.
Rossi, A. and Vismara, S. (2018) ‘What do crowdfunding platforms do? A comparison between investment-based platforms in Europe’, Eurasian Business Review, 8(1), pp. 93–118. doi: 10.1007/s40821-017-0092-6.
Shane, S. and Cable, D. (2002) ‘Network ties, reputation, and the financing of new ventures’, Management Science, 48(3), pp. 364–381. doi: 10.1287/mnsc.48.3.364.7731.
Spence, M. (2002) ‘Signaling in retrospect and the informational structure of markets’, American Economic Review, 92(3), pp. 434–459. doi: 10.1257/00028280260136200.
Stiglitz, J. E. (2002) ‘Information and the Change in the Paradigm in Economics’, American economic review, 92(3), pp. 460–501.
Tomboc, G. F. B. (2015) ‘The Lemons Problem in Crowdfunding’, Information Technology & Privacy Law, 2013(30), pp. 253–279.
Vismara, S. (2016) ‘Equity retention and social network theory in equity crowdfunding’, Small Business Economics, 46(4), pp. 579–590. doi: 10.1007/s11187-016-9710-4.
Vismara, S. (2018) ‘Signaling to overcome inefficiencies in crowdfunding markets’, in The economics of crowdfunding. Springer, pp. 29–56. doi: 10.1007/978-3-319-66119-3_3.
Vulkan, N., Åstebro, T. and Sierra, M. F. (2016) ‘Equity crowdfunding: A new phenomena’, Journal of Business Venturing Insights, 5, pp. 37–49. doi: 10.1016/j.jbvi.2016.02.001.
آزادرنجبر, ر., چاوشی, س. and منطقی, خ. (1395) ‘مدلسازی تامین مالی جمعی موفق: مطالعه موردی درایران’, in اولین کنفرانس بین المللی دستاوردهای نوین پژوهشی در مدیریت،حسابداری و اقتصاد. undefined. Available at: https://civilica.com/doc/535689.
افشارپور, م., عساکره, س. and زرندی, س. (1394) ‘نقش سرمایه گذاری جمعی در تامین سرمایه کارآفرینان نوپا’, رشد فناوری, سال یازدهم(شماره43), pp. 2–13.
حاجی غلام سریزدی, ع. et al. (1397) ‘بررسی سیستماتیک پیشینه پژوهشی تامین مالی جمعی’, رشد فناوری, سال پانزده(شماره 57), pp. 44–53.