CAJ | 학술논문

融资绩效是产品众筹领域的关键问题。基于ELM理论构建模型,以我国知名众筹平台点名时间网的数据为样本,实证分析众筹项目融资绩效的影响因素。结果表明：（1）发起人的信用记录越好,项目融资绩效越高;（2）发起人在众筹社区中积累的结构型社会资本会提高项目融资绩效;（3）发起人在项目融资期间与他人互动而形成的关系型社会资本越高,项目融资绩效越高。
융자적효시산품음주영역적관건문제。기우ELM이론구건모형,이아국지명음주평태점명시간망적수거위양본,실증분석음주항목융자적효적영향인소。결과표명：（1）발기인적신용기록월호,항목융자적효월고;（2）발기인재음주사구중적루적결구형사회자본회제고항목융자적효;（3）발기인재항목융자기간여타인호동이형성적관계형사회자본월고,항목융자적효월고。
Funding performance is an important issue in the area of award-based crowdfunding. To investigate the factors affecting crowdfunding performance, we develop a research model based on elaboration likelihood model（ELM）. Using the data from Demohour, one of the famous crowdfunding platforms in China, the research hypotheses are tested. The results indicate that：（1） The crowdfunding entrepreneurs with higher credit level would get better crowdfunding performance;（2） Entrepreneur＇s structural social capital accumulated in the community of crowdfunding platform could increase project funding performance;（3） Entrepreneur＇s relational social capital generated from interaction with others during the crowdfunding period is helpful for improving funding performance.