【研究速递】JBV 2019年第5期中英文摘要(下)

User entrepreneurs' multiple identities and crowdfunding performance: Effects through product innovativeness, perceived passion, and need similarity

用户创业者多重身份与众筹绩效：通过产品创新性、被感知激情和需求相似度起作用

作者：

Pyayt P. Oo a, Thomas H. Allison b, Arvin Sahaym b, Sakdipon Juasrikul c

a Department of Entrepreneurship, College of Business Administration, Central Michigan University, Mt. Pleasant, MI 48859, United States

b Department of Management, Information Systems, and Entrepreneurship, Carson College of Business, Washington State University, Pullman, WA 99164, United States

c School of Business and College of Entrepreneurship, University of the Thai Chamber of Commerce, Din Daeng Bangkok, 10400, Thailand

摘要：

本文考察了用户创业者通过众筹获取财务资源的绩效（译者注：用户创业指个体创造了新产品或者服务首先是基于自己使用需求，随后通过创建企业将这种创新商业化）。人们认为用户创业者比非用户创业者有更好的表现，但是这些差异的理论基础尚不清楚。我们提出了一个基线假设，即用户创业的主张可以作为对潜在支持者的能力和承诺的信号。另外，基于用户创业者的三个不同身份，本文认为用户创业者的被感知到的热情、产品创新性以及与潜在支持者的相似需求在用户创业与众筹绩效之间的关系中起到中介作用。我们使用众筹企业样本进行的田野研究结果支持了这些观点。我们使用调查和实验方法来验证这些结果和措施。这是为用户创业开发多理论框架的和为用户创业出色众筹绩效提供基础理论解释的首批研究成果之一。

This study examines the performance of user entrepreneurs in acquiring financial resources via crowdfunding. User entrepreneurs are thought to have better performance than non-user entrepreneurs, but the theoretical underpinnings of these differences are unclear. We propose a baseline hypothesis that claims of user entrepreneurship serve as a signal of capability and commitment to potential backers. In addition, building on three distinct identities of user entrepreneurs, we argue that user entrepreneurs' perceived passion, product innovativeness, and need similarity with potential backers mediate the relationship between user entrepreneurship and crowdfunding performance. Our results from a field study using a sample of crowdfunded ventures support these assertions. We validate these results and measures using both survey and experimental methods. This is one of the first studies to develop a multi-theoretical framework for user entrepreneurship, and the first to provide an underlying theoretical explanation for the superior crowdfunding performance of user entrepreneurs.

Infrastructure investments and entrepreneurial dynamism in the U.S.

美国的基础设施投资和创业动力

作者：

Daniel L. Bennett1

Baugh Center for Entrepreneurship & Free Enterprise, Baylor University, One Bear Place #98011, Waco, TX 76798, United States of America

摘要：

在物理基础设施上的投资会引发环境变化，这些变化既会起到促进作用也会起到阻碍作用，并可能同时触发新企业的建立和某些在位企业的退出。新企业的创建创造了以前不存在的新工作。同样，关闭在位企业也会导致永久性的工作机会流失。本文开发了一个描述这一外部促进/阻碍过程的理论模型，并使用1993-2015年期间的年度州级数据对模型预测能力进行了实证检验。动态面板系统GMM估计的结果表明，公共和私人基础设施投资对创业动力产生了相反的影响。私人基础设施投资与创造新商业和就业机会有积极显着的相关性，而公共基础设施投资与新商业和就业机会的破坏具有相关性。这些结果表明私人基础设施投资服务主要扮演创业推动者角色，公共基础设施投资扮演创业阻碍者角色。

Investments in physical infrastructure induce environmental changes that serve both an enabling and disabling function, potentially acting to simultaneously stimulate new business establishment and provoke exit by some incumbent establishments. The opening of a new establishment results in the creation of jobs that did not previously exist. Similarly, the closing of an establishment results in the permanent loss of jobs. I develop a theoretical model that depicts this external enabler/disabler process and test the model's predictions empirically tested using annual state-level data spanning the period 1993–2015. The results from dynamic panel system GMM estimation suggest that public and private infrastructure investments exert opposite effects on dynamism. Whereas private infrastructure investment is positively and significantly associated with the creation of businesses and jobs, public infrastructure investments are associated with the destruction of businesses and jobs. These results point to private infrastructure investment serving primarily an entrepreneurial enabler role and public infrastructure investment an entrepreneurial disabler role.

Entrepreneurs meet financiers Evidence from the business angel

创业者遇见融资者：来自商业天使投资的证据

作者：

Angela Cipollonea, Paolo E. Giordanib,

a CeLEG (Center for Labor and Economic Growth), LUISS “Guido Carli” University, Viale Romania 32, Roma 00197, Italy

b LUISS “Guido Carli” University, Department of Economics and Finance, Viale Romania 32, Roma 00197, Italy

摘要：

本文函数化和估计了商业天使（BA）市场中创业者与投资家之间的搜索和匹配过程。本文的理论模型将创业融资市场描述为一个公平的市场，双方可以在市场上进行双边会晤，并将粗糙的创意转变为真正的创业公司。本文基于17个国家的商业天使市场上收集了1996-2014年的数据集，估计了总匹配函数——该函数将交易数量表示为提交的创业项目和商业天使数量的函数。经验发现证实了理论文献中假定的技术特征：两个输入变量具有正的且边际递减的收益（踩脚指效应）、技术互补性（稠密市场效应）和规模收益不变特征。本文讨论了研究发现的理论和政策含义。

This paper formalizes and estimates the process of search and matching between entrepreneurs and financiers in the business angel (BA) market. Our theoretical model describes the market for entrepreneurial finance as a fair in which the two sides of the market can meet bilaterally and transform a rough entrepreneurial idea into a real start-up firm. We then collect a new dataset from the BA markets of 17 developed countries for the period 1996–2014, and we estimate the aggregate matching function expressing the number of deals as a function of the number of submitted entrepreneurial projects and of business angels. Empirical findings confirm the technological features assumed in the theoretical literature: positive and decreasing marginal returns to both inputs (stepping on toes effect), technological complementarity across the two inputs (thick market effect) and constant returns to scale. We discuss the theoretical and policy implications of these findings.

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刘志阳，教授，博士生导师，上海财经大学商学院副院长、创业学院执行副院长、中国社会创业研究中心主任，教育部创新创业教指委委员

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