成长期高科技企业新创产品预售众筹的决策研究

The research on the preording-crowdfunding decision of the growth high-tech enterprises′ startups products

摘要:

“预售众筹”又称“产品众筹”，通过价格折扣广泛吸收个人小额资金，以“产品预订款”的形式注入企业，有效缓解企业成长期的融资困境，对于资产弱质性的成长期高科技企业而言，产品众筹提供了获取直接融资的重要渠道。本文聚焦产品众筹的收益机制，对企业管理层的产品众筹决策效果进行诊断，发现以价格歧视换取预订激励的策略面临利润瓶颈，只适用小缺口融资；其次边际收益递减导致目标函数值收敛，存在利润最大化方案和最佳预售规模；第三新创产品投放过程中预售期对量产期的产品存在替代效用，但产品推广后规模效应逐步释放，较低成本又会赋予企业降价空间和市场扩容能力。上述结论对成长期高科技企业预售众筹决策具有启示和引导作用。

Abstract:

Abstract: Pre-sale Crowdfunding is also termed Product Crowdfunding, raises small amount of private capital by a price discount and invests it in enterprises by the form of pre-purchasing payments, which effectively alleviate the financing dilemma of enterprises in growth period. For the high-tech enterprises with weak assets in growth stage, product crowdfunding provides them with a direct financing channel. The study focuses on award mechanism of product crowdfunding and diagnoses the decision-making effect of enterprise management. Firstly, Strategy faces profit bottleneck that purses reservation incentives by price discrimination and is only applicable to small gap financing. Secondly, diminishing marginal returns result in convergence of objective function value, so there is a profit maximization scheme and a best pre-sale scale. Finally, in the marketing process of new products, the products of the pre-sale period have the substitution effect on the products in the period of production, but the scale effect will gradually release after product promotion and lower cost will give enterprises capacity of price cut and market expansion. These conclusions have enlightenment and guidance for high-tech enterprises that make decision of the pre-sale crowdfunding in growth period.