크라우드펀딩 성공을 위한 실증분석

An Empirical Study on Ssuccessful Crowdfunding

  • Choi, Sukwoong (Korea Advanced Institute of Science and Technology, College of Business, School of Business and Technology Management) ;
  • Lee, Doo Yeon (Small and Medium Busienss Administration) ;
  • Kim, Wonjoon (Korea Advanced Institute of Science and Technology, College of Business, School of Business and Technology Management) ;
  • Kang, Jae Won (Korea Advanced Institute of Science and Technology, College of Business, School of Business and Technology Management)
  • 투고 : 2017.03.10
  • 심사 : 2017.04.27
  • 발행 : 2017.04.30

초록

최근 크라우드펀딩은 창업 성장을 위한 자금 조달에 어려움을 겪고 있는 중소 벤처기업의 새로운 자금 조달 수단으로 주목받고 있다. 크라우드펀딩이란 기업이 다수의 대중으로부터 자금을 모으는 직접 금융방식으로써, 유망한 사업 아이템에 대한 일반인의 소액자금 투자를 가능하게 하는 새로운 투자 플랫폼이다. 본 논문은 크라우드펀딩의 성공요인 분석을 위하여 모집 형태, 방식, 기간 등이 성공 가능성과 목표금액 대비 실제 투자액에 미치는 영향을 실증 분석을 실시하였다. 자료는 국내에서 크라우드펀딩 플랫폼 운영하는 3개 업체를 이용하여 2012년부터 2014년 10월까지 자금을 모집한 총 239개의 프로젝트로 구성되어 있다. 회귀분석 결과 All or Nothing 방식의 경우 투자 모집 기간이 상대적으로 짧을수록 성공 확률이 높았고, Keep It All 방식은 투자 모집 기간 뿐만 아니라 참여자 수에 따라 투자성과가 변화하였다. 한편, 목표금액은 크라우드펀딩 성공에 영향을 미치지 않았고, 투자형 크라우드펀딩 형태가 후원 기부형 형태보다 성공률과 목표달성도 모두 높음을 확인하였다. 두 방식 모두를 고려하였을 때는, All or Nothing 방식이 Keep It All 방식의 프로젝트 보다 더 많은 목표금액 대비 투자금 유치에 성공한 것으로 나타났다. 또한 투자액은 실제 참여자 수에 대해 비선형적으로 증가하는 모습을 보였으며, 모집기간이 짧을수록 더 좋은 성과를 보여 주었다.

Crowdfunding recently receives a great deal of attentions as an alternative finance for small and medium-sized enterprises or business ventures that suffer from financial constraints. Crowdfunding is a new form of platform that enables a large number of people to invest a small amount of money for promising new business items directly. We analyzed the effect of type, period, method of projects on crowdfunding outcomes. We measure the outcome in terms of the ratio of the collected to the target amount. We collected data from three Korean crowdfunding platform companies, and the data consisted of 239 projects from 2012 to 2014. We use both logit and ordinary least square method for evaluation. Generally, the amount of target itself has no effect on the outcome. Equity crowdfunding shows higher success rate and better outcome than rewards crowdfunding. All or Nothing method leads to the higher ratio of the collected to the target amount than Keep It All. There is an inverted U-shape between the number of investors and the ratio of the collected to the target amount. Finally, the ratio of the collected to the target amount is decreasing in a crowdfunding period.

키워드

참고문헌

  1. Andreoni, J.(1990), Impure altruism and donations to public goods: A theory of warm-grow giving, Economic Journal, 100, 464-477. https://doi.org/10.2307/2234133
  2. Belleflamme, P., Lambert, T., & Schwienbacher, A.(2014), Crowdfunding: Tapping the right crowd, Journal of Business Venturing, 29, 585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
  3. Burtch, G., Ghose, A., & Wattal, S.(2013), An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets, Information Systems Research, 24(3), 499-519. https://doi.org/10.1287/isre.1120.0468
  4. Davis, B. C., Hmieleski, K. M., Webb, J. W., & Coombs, J. E.(2017), Funders' positive affective reactions to entrepreneurs' crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion, Journal of Business Venturing, 32, 90-106. https://doi.org/10.1016/j.jbusvent.2016.10.006
  5. Han, J., Kim, M., Lee, S., & Sung, H.H.(2013), crowdfunding legislation for small and medium business investment, Korea Legislation Research Institute.
  6. Janney, J. J., & Folta, T. B.(2003), Signaling through private equity placements and its impact on the valuation of biotechnology firms, Journal of Business Venturing, 18, 361-380. https://doi.org/10.1016/S0883-9026(02)00100-3
  7. Janney, J. J., & Folta, T. B.(2006), Moderating effects of investor experience on the signaling value of private equity placements, Journal of Business Venturing, 21, 27-44. https://doi.org/10.1016/j.jbusvent.2005.02.008
  8. Jeon, S.(2014), Feasibility of the crowdfunding platforms for start-ups: with focus on information goods, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(1), 97-105.
  9. Kivetz, R., Urminsky, O., & Zheng, Y.(2006), Journal of Marketing Research, 43(1), 39-58. https://doi.org/10.1509/jmkr.43.1.39
  10. Korea Venture Business Association(2014), 2014 Survey of Korea Venture Firms, 109-111.
  11. Kuppuswamy, V., & Bayus, B. L.(2017), Does my contribution to your crowdfunding project matter?, Journal of Business Venturing, 32, 72-89. https://doi.org/10.1016/j.jbusvent.2016.10.004
  12. Lee, D. Y.(2015), Study on strategy and policy for crowdfunding as an innovative future investment platform, Master's thesis, Korea Advanced Institute of Science and Technology.
  13. Lee, J., & Shin, H. D.(2014), The relationship between the information posted on the web and the success of funding in crowdfunding site, Korea Contents Association, 14(6), 54-62.
  14. Locke, E. A., & Latham, G. P.(2002), American Psychologist, 57(9), 705-717. https://doi.org/10.1037/0003-066X.57.9.705
  15. Mollick, E.(2014), The dynamics of crowdfunding: An exploratory study, Journal of Business Venturing, 29, 1-16. https://doi.org/10.1016/j.jbusvent.2013.06.005
  16. Nam, Y. S.(2013), A study on corporate finance from the perspective of financial inclusion, Business Law Review, 27(4), 403-440.
  17. Parhankangas, A., & Renko, M.(2017), Linguistic style and crowdfunding success among social and commercial entrepreneurs, Journal of Business Venturing, 32, 215-236. https://doi.org/10.1016/j.jbusvent.2016.11.001
  18. Seong, H. H.(2013), A study on the regulator framework for the equity crowdfunding, Korean Journal of Securities Law, 14(2), 391-421.
  19. Small and Medium Business Administration, Small and Medium Business Annual Report (11-1420000-000379-10), 3, 24, 72-76.
  20. Yoo, Y., Jang, I., & Choe, Y.(2014), Current status and success strategies of crowdfunding for start-up in Korea, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(43), 1-12.