论文总字数：29058字

摘 要

随着互联网金融的迅猛发展，众筹作为一种高效、便捷的新型融资手段开始在国内普及。其中，公益众筹将公益与众筹结合起来，对中国公益事业的进步起到了极大的推动作用。但是，目前关于公益众筹的研究多局限在问题描述与现象分析层面，未能对公益众筹进行更深入的探究。

因此，本文希望通过实证分析，研究影响公益众筹融资绩效的因素，并提出具体建议以提高公益众筹的融资绩效，使公益众筹能帮助到更多有困难的人。本文首次将顾客让渡价值理论引入到公益众筹领域，采用爬虫软件爬取和手工搜集的方式获取了腾讯乐捐平台上的2132个公益众筹项目数据，结合公益众筹的特点，从产品价值、服务价值、项目团队价值、形象价值和时间成本五个维度选取了相关的解释变量，并进行多元线性回归。实证结果表明，公益众筹项目的产品价值、项目团队价值和时间成本对融资绩效有负向影响，服务价值和形象价值对融资绩效有正向影响。最后，本文根据实证结果，对公益众筹项目的发起人如何提高融资绩效提出了具体建议。

本文的研究拓展了公益众筹领域的研究视角，也有助于推动中国公益事业的健康长远发展。

关键词：公益众筹，融资绩效，顾客让渡价值

Abstract

With the rapid development of Internet finance, crowdfunding has become popular as a highly efficient and convenient financing method. Among all the financing methods, public welfare crowdfunding combines public welfare and crowdfunding, which has greatly promoted the progress of China's public welfare undertakings. However, research on public welfare crowdfunding in China is often limited to problem description and phenomenon analysis, and they fail to conduct more in-depth research on public welfare crowdfunding.

Therefore, the author focuses on using empirical analysis to study the factors that affect the performance of charitable crowdfunding, and puts forward specific suggestions to improve the financing performance of public welfare crowdfunding in order to help more people with difficulties. For the first time, the author introduces the customer delivered value theory to the public welfare crowdfunding field.The author selects data of 2,132 public welfare crowd-

funding projects on Tencent's music donation platform by reptile software and manual collection , and combines the characteristics of public interest crowdfunding. The author selectes relevant explanatory variables from the five dimensions of product value, service value, project team value, image value and time cost, and performes multiple linear regression. The research shows that the product value, personnel value and time cost of public welfare crowdfunding projects have a negative impact on financing performance, and service value and image value have a positive impact on financing performance. Finally, based on the empirical results, the author puts forward specific suggestions on how the sponsors of public welfare crowdfunding projects can improve their financing performance.

The research in this article expands the research perspective in the public welfare crowdfunding field and helps promote the long-term development of China's public welfare undertakings.

KEY WORDS:Public welfare crowdfunding, financing performance, customer delivered value

目 录

摘要 I

Abstract Ⅱ

第一章 绪论 1

1.1 研究背景和研究目的 1

1.2 公益众筹概述 1

1.2.1 公益众筹的定义及分类 1

1.2.2 公益众筹的特点 1

1.2.3 中国公益众筹的发展现状 2

1.2.4 公益众筹的流程 3

1.3 研究安排 3

1.4 本文的创新和不足 4

第二章 文献综述 5

2.1 出资者行为研究 5

2.2 融资者行为研究 5

2.3 众筹平台行为研究 6

2.4 文献述评 6

第三章 理论分析 8

3.1 基础理论 8

3.2 影响因素分析 9

第四章 实证研究 11

4.1 样本选取及数据处理 11

4.2 变量及模型设定 11

4.2.1 被解释变量 11

4.2.2 解释变量 11

4.2.3 控制变量 13

4.2.4 模型设定 13

4.3 描述性分析 13

4.4 相关性分析 15

4.5 异方差性检验 16

4.6 多重共线性检验 16

4.7 实证结果 16

4.8 稳健性检验 18

第五章 研究结论与建议 19

5.1 研究结论 19

5.2 政策建议 20

致谢 21

参考文献 22

图表目录

图1 腾讯乐捐项目流程 5

图2 顾客让渡价值理论组成要素 10

表1 变量设置及说明 14

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