摘要
面对互联网众筹创业情境下多重逻辑共存的大众投资者,创业者如何在“动之以情”与“晓之以理”的创业叙事中寻求平衡以获得投资者青睐,是决定能否成功获取创业资源的重要环节。基于最优区分理论视角,本文通过实证检验得出结论:动之以情的创业叙事有利于提升大众投资者的投资意愿,这一积极作用主要来源于叙事内容(身份相似性)而非叙事方式(情感型语言风格);晓之以理的创业叙事有利于提升投资者的投资规模,这一积极作用主要来源于叙事方式(逻辑型语言风格)而非叙事内容(项目独特性);投资者经验弱化了晓之以理的创业叙事对投资意愿的负面影响,同时强化了晓之以理的创业叙事对投资规模的提升作用。本文据此提炼出基于受众经验的创业叙事系统性协奏模式,弥补了创业叙事平衡策略的研究不足,也揭示了大众投资者向专业投资者转变的群体演化现象,为打破互联网创业资源瓶颈提供模式借鉴和理论启示。
The emerging model of Internet crowdfunding not only brings new opportunities to entrepreneurs, but also new challenges.Most of the Internet crowdfunding entrepreneurship projects are in the initial or embryonic stage, and the products and services have not even taken shape.It has become a major problem for entrepreneurs to effectively display the entrepreneurship projects on a more open and transparent financing platform to make them stand out, and to persuade the emerging crowd investors with different logic to obtain resource support.This also prompted us to think deeply about this new paradigm of Internet entrepreneurship and return to the core issue of entrepreneurial resource acquisition: what kind of entrepreneurial story can win the favor of investors? Especially facing the crowd investors with multiple logic under the Internet crowdfunding entrepreneurial situation, how entrepreneurs seek a balance between emotional entrepreneurial narrative and rational entrepreneurial narrative to win the favor of crowd investors is an important part to determine the success of entrepreneurial resources acquisition.However, the balance challenge and audience heterogeneity challenge of Internet crowdfunding entrepreneurial narrative have not attracted enough attention.Most of the existing studies regard crowd investors as a group set, ignoring the micro process of crowd investors’ evaluation and decision-making.Is it emotional or rational entrepreneurial narrative that is more conducive to touching crowd investors and providing resource? How does the different evaluation logic of heterogeneous crowd investors lead to the different effectiveness of entrepreneurial narrative? The existing research has not yet answered these questions.This study aims to respond to the challenge of crowd investors in the context of Internet crowdfunding.For this purpose, we obtain the entrepreneurial projects and investor investment data of crowdfunding platform(Indiegogo.com) through Python data mining technology.From the perspective of optimal distinctiveness theory, this study explores how heterogeneous crowd investors evaluate the micro process of emotional and rational entrepreneurial narrative, and then reveals the stage differences and audience heterogeneity of their evaluation process.Finally, this study draws the conclusions through empirical test.Emotional entrepreneurial narrative is conducive to improving the investment willingness of crowd investors.This positive effect mainly comes from narrative content(identity similarity) rather than narrative style(emotional language style).Rational entrepreneurial narrative entrepreneurial narrative is conducive to improving the investment scale of crowd investors.This positive effect mainly comes from narrative style(logical language style) rather than narrative content(projects distinctiveness).The experience of investors weakens the negative impact of rational entrepreneurial narrative on investment willingness, and at the same time strengthens the promotion effect of emotional entrepreneurial narrative on investment scale.Based on this, this study refines an entrepreneurial narrative model based on audience heterogeneity, cross decision-making stage and systematic orchestration, makes up for the lack of research on entrepreneurial narrative balance strategy.Besides, this study reveals the group evolution from crowd investors to professional investors, and the coexistence of legitimacy logic and competitive logic in the context of Internet crowdfunding, forming an innovative exploration within the crowd investor group.Finally, it responds to the audience heterogeneity challenge of Internet crowdfunding entrepreneurial narrative, and provides model reference and theoretical enlightenment for breaking the bottleneck of Internet entrepreneurial resources.
作者
梁晗
黄苏萍
LIANG Han;HUANG Su-ping(College of Business Administration,Capital University of Economics and Business,Beijing,100070,China)
出处
《经济管理》
CSSCI
北大核心
2022年第11期188-208,共21页
Business and Management Journal ( BMJ )
基金
国家自然科学基金青年项目“国际化众筹创业的最优区分创新模式及其动态演化研究”(72202144)
首都经济贸易大学北京市属高校基本科研业务费专项资金“互联网众筹情境下的创业叙事平衡行为与融资绩效关系研究”(XRZ2021003)
首都经济贸易大学科研项目-青年学术创新团队(QNTD202203)。
关键词
创业叙事
语言风格
投资者决策
投资者经验
最优区分理论
entrepreneurial narrative
language style
investor experience
investor decision
optimal distinctiveness theory
作者简介
梁晗,女,讲师,管理学博士,研究方向是创新创业,电子邮箱:lianghan@cueb.edu.cn;通讯作者:黄苏萍,女,教授,管理学博士,研究方向为企业社会责任与企业家领导力,电子邮箱:hsp@cueb.edu.cn。
