The Determinants of Successful Crowdfunding Projects: An Empirical Study of a Taiwanese Crowdfunding Platform, flyingV

本研究以群眾募資平台flyingV作為研究對象，以至2014年底為止所有成功募資的專案共374筆觀察值做為研究對象，探討影響募資成效的因素。本研究聚焦於三個影響面向：(1)用戶參與、(2)回饋方案、(3)專案人氣，探討各項因素對募資成效的影響。本研究利用多元線性迴歸進行分析，並將專案目標金額設為控制變數。最後，再針對迴歸模型進行殘差分析，並確認誤差項呈現隨機分佈。 本研究的主要發現如下： 1、 平均參與用戶數對於專案募資的成效，有顯著且正向的影響。此發現顯示不論專案最終募得資金的多寡，平均每一位參與的用戶對專案的貢獻是固定的。此發現有助於集資者未來在flyingV發起募資專案時，可以根據參與的用戶數來評估當下的募資進度是否符合多數專案的情況。另外，亦有助於集資者評估到達目標前所需的用戶數，並由此考量行銷與宣傳所需投注的資源與應選擇的管道。 2、 募資專案若提供較多的回饋方案，並訂定整體金額較高且選項間金額差距較小的回饋方案，將有助於提升最終募得的資金總額。此研究發現不僅證明國外研究的結果亦適用於flyingV，更發現回饋方案金額的中位數與四分位差對於募資成效的影響。集資者發起群眾募資專案時，可根據上述結論訂定回饋方案，包括整體方案的金額，以及回饋方案的數量。 3、 本研究採取flyingV平台設定專案的問與答數量，以及FB分享次數，做為衡量專案人氣面向的變數。由本研究之迴歸模型，可發現上述變數皆對募資成效產生顯著且正向的影響。其中問與答次數顯示用戶對於專案內容感興趣的程度，以及集資者對於用戶提問的反應是否積極回應；FB分享次數則顯示專案在社群平台上的熱門程度，以及專案的理念是否獲得大眾的迴響。根據本研究發現，集資者可以在進行群眾募資時，利用專案的人氣來評估對募資成效的影響，亦可藉此衡量提升募資績效所需要創造的人氣。This study provides an insight into the factors that influence the success of crowdfunding projects. The research sample includes 374 successfully funded projects from the major Taiwanese crowdfunding platform, flyingV, for the period since the launching of the platform in 2012 until December 2014. The quantitative analysis is conducted by using multiple linear regression method, with the project funding goal set as the control variable. The possible determinants include three aspects: (1) user participation, (2) reward, (3) project popularity. Based on the regression results, the residuals are further examined to ensure the random distribution of errors. The following are the main findings emerging from the result of the analysis: 1. The average user participation significantly and positively affects funding results. This indicates that regardless of the dollar amount pledged, the average contribution from a participating user to a project is consistent. Project founders can rely on this phenomena to assess the progress of on-going projects based on the amount of participating users. This assessment can also be used to calculate the amount user participation required to reach the funding goal, and can also support the utilization of marketing and advertising resources. 2. The amount of reward choices along with the median and the interquartile range of these choices’ dollar amount significantly influence a project’s funding result. This finding is consistent with previous researches on the Western crowdfunding platforms, and further indicates the median and the interquartile range of the reward choices’ dollar amount as an important factor to funding results. Based on this finding, project founders can establish reward choices to increase the dollar amount pledged. 3. The popularity of a project, including the amount of Q&A and the number of Facebook followers, influences the funding results in a significant and positive manner. The amount of Q&A indicates the users’ interest in a project, and also demonstrates the founder’s responsiveness to questions. The number of Facebook followers signals the popularity of a project on social media, and indicates whether the idea of a project echoes with the public or not. Based on this finding, project founders can evaluate the influence of project popularity on the funding result, and can further decide on the popularity required to increase pledged fund