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基于众筹融资的决策博弈及合同机制研究
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引用本文:纪颖,宋波,屈绍建.基于众筹融资的决策博弈及合同机制研究[J].阅江学刊,2018,(3):55~65
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作者单位
纪颖 上海理工大学, 上海 200082 
宋波 上海理工大学, 上海 200082 
屈绍建 上海理工大学, 上海 200082 
基金项目:国家社会科学基金项目"大数据驱动下的众筹产品设计、定价优化研究"(17BGL083)
中文摘要:随着互联网金融在我国的迅速发展,众筹融资快速发展。一个成功的众筹项目需要众筹平台和发起人的共同努力,双方对众筹项目的努力程度值得研究。基于努力成本函数,在完全信息条件双方合作博弈以及非合作博弈的情况下研究双方的最优决策,通过数值案例分析发现,发起人应选择合作而众筹平台应选择非合作。在非合作博弈对发起人不利的情况下,设计一种合同机制以优化双方收益,通过纳什均衡分析发现,在仅考虑努力程度的情况下,双方在决策中会进行纯策略博弈。因此,众筹平台和发起人均要把控好自己对该项目的努力程度。对于众筹平台而言,在众筹项目中应该选择非合作战略,让佣金费用比例与发起人的努力程度挂钩,激励发起人对各自的项目付出努力;对于发起人来说,如果可以和众筹平台合作,应尽量选择合作战略。
中文关键词:众筹融资  众筹平台  决策博弈  合同机制  纳什均衡
 
Research on Decision-making Gaming and Contract Mechanism Based on Crowdfundin
Abstract:With the rapid development of Internet finance in China, crowdfunding as an innovative financing mode has stepped into the fast track of development. A successful crowdfunding project requires the joint efforts of crowdfunding platforms and sponsors, and the efforts of both parties to crowdfunding projects are worthy of study. Cost function based on the effort, both the condition of complete information under the condition of cooperative game and non-cooperative game research on both sides of the optimal decision, through numerical case study found that the sponsors should choose cooperation and the raised platform should choose non-cooperative. In the case of non-cooperative game against the originator, design a kind of contract mechanism to optimize the benefits on both sides. Through the Nash equilibrium analysis found that under the condition of only considering the degree of efforts, the two sides will make pure strategy game in the decision-making. Therefore, crowdfunding platforms and sponsors should control their efforts to the project. For crowdfunding platforms, the non-cooperation strategy should be selected in crowdfunding projects, so that the proportion of commission fees should be linked to the efforts of the sponsors, and the promoters will make efforts on their respective projects. For the sponsors, if you can cooperate with the crowdfunding platform, you should choose the cooperation strategy as far as possible.
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