從資訊不對稱與認知負荷觀點探討新創團隊的群募策略與成功率

Abstract

新創團隊如何在群眾募資平台有效募資是近年來實務界與學術界關注的課題,既有文獻上提及的群募(群眾募資)策略主要可分成兩種觀點:透過行銷刺激降低贊助者財務風險,以及提供資訊降低贊助者資訊不對稱風險,然而文獻上鮮少比較兩種策略之募資成功率或效率。再者,既有文獻大多假定良好的資訊傳遞可降低募資者與贊助者間的資訊不對稱,卻忽略資訊過度頻繁更新造成贊助者資訊過載的情況。鑒於此,本研究以臺灣最大群眾募資平台flyingV為實證脈絡,採用消費者行為、訊號理論與認知負荷的理論觀點發展假說,根據文獻將群募策略分為行銷刺激與訊號提供等兩大類,並擷取 2012 至 2021 年間所有歸類於該平台之科技設計類提案下已結束的 837 筆回饋型募資專案資料進行分析,發現新創團隊能透過行銷刺激及訊號提供等策略來有效降低潛在贊助者財務風險及與募資者間的資訊不對稱,進而提升群募專案的成功率。然而,過高的專案進度與常見問題之更新頻率反而會增加潛在贊助者的資訊負載與認知負荷,不利於募資成功率(呈倒 U 型關係)。本研究在學術上補足了創新創業文獻中募資策略之本土研究不足的缺口外,也為新創團隊提供了如何有效操作群募的實務建議。

Raising funds effectively for start-up teams is a persistent topic of concern in both practical and academic spheres. The literature on fundraising strategies includes two approaches: creating economic incentives to minimize the financial risk for sponsors and providing information to reduce information asymmetry for online backers. However, comparisons between these strategies are scarce. Most literature assumes that information provision reduces asymmetry, but excessive updates can lead to information overload. This study uses Taiwan's largest crowdfunding platform and incorporates financial risk, information asymmetry, and cognitive load perspectives to formulate hypotheses. An analysis of 837 feedback fundraising projects from 2012 to 2021 revealed that start-up teams can improve the success rate of group fundraising projects by reducing financial risk and information asymmetry through economic incentives and information provision. However, excessively frequent updates on project progress and FAQ increase information and cognitive load for potential sponsors, negatively impacting fundraising success. This study contributes to entrepreneurship literature by offering practical suggestions and filling the gap in local research.