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研究生： 黄顯競
Calvin Calvin
論文名稱： 新創公司創辦人的剩餘索取權和社會資本對股權眾籌成功的影響：訊號理論視角
The Impact of Startup Founder's Residual Claim and Social Capital on Equity-Based Crowdfunding Success: A Signaling Theory Perspective
指導教授： 葉峻賓
Chun-Ping Yeh
口試委員: 莊育娟
Yvonne Chuang
蕭義棋
Hsiao
學位類別： 碩士
Master
系所名稱： 管理學院 - 管理學院MBA
School of Management International (MBA)
論文出版年： 2023
畢業學年度： 112
語文別： 英文
論文頁數： 43
中文關鍵詞： 股權眾籌 、股權保留 、社會資本 、訊號理論 、眾籌
外文關鍵詞： Equity Crowdfunding, Equity Retention, Social Capital, Signaling Theory, Crowdfunding
相關次數： 點閱：31  下載：2 
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    • As equity crowdfunding gains popularity, we delve deeper into its intricacies and examine the connections between founder equity retention, social capital quantity, and quality, utilizing LinkedIn data and Crowdcube platform and a signaling theory perspective. The empirical findings reveal that founder equity retention and social capital quality significantly impact equity crowdfunding success. Therefore, founders seeking funding through equity crowdfunding should carefully consider the amount of equity offered to investors. Our research indicates that the likelihood of crowdfunding success increases with equity retention up to a certain point, beyond which further equity dilution does not yield additional benefits. Additionally, social capital quality plays a crucial role. The quality of a founder's social capital, particularly their social media engagement (shares), enhances the likelihood of equity crowdfunding success. A higher number of shares on a founder's LinkedIn posts translates to a higher probability of successful equity crowdfunding.

    Keywords: Equity Crowdfunding, Equity Retention, Social Capital, Signaling Theory, Crowdfunding Success.

    Table of Content Abstract......................................................................................................................................... 2 Acknowledgment...........................................................................................................................3 Table of Content............................................................................................................................4 List of Table...................................................................................................................................6 List of Figure................................................................................................................................. 7 Chapter I Introduction.................................................................................................................7 1.1 Background of the Study....................................................................................................7 1.2 Purpose of Study................................................................................................................ 8 1.3 Thesis Structure..................................................................................................................9 Chapter II Literature Review and Theoretical Background..................................................10 2.1 Crowdfunding.................................................................................................................. 10 2.1.1 Equity Crowdfunding............................................................................................. 11 2.1.2 Equity Retention..................................................................................................... 11 2.2 Social Capital................................................................................................................... 12 2.2.1 Individual Social Capital in Quantity..................................................................... 12 2.2.2 Individual Social Capital in Quality....................................................................... 12 2.2.3 The Role of Social Media Platforms for the Individual’s Social Capital............... 13 2.2.3.1 Social Capital Theory....................................................................................13 2.2.3.2 Determining Individual Social Capital from the Quantity and Quality Perspective of their Social Media Platform Connections and Followers..................14 2.3 Signaling Theory..............................................................................................................15 Chapter III Hypothesis Development....................................................................................... 16 3.1 The Relationship between Founder’s Equity Retention and Crowdfunding Success......16 3.2 The Relationship between Social Capital and Crowdfunding Success............................17 3.3 The Moderating Effect of Social Capital on Founder’s Equity Retention.......................18 Chapter IV Research Methodology.......................................................................................... 20 4.1 Sample & Data................................................................................................................. 20 4.1.1 Crowdcube platform............................................................................................... 20 4.1.1.1 Crowdfunding Campaign..............................................................................21 4.1.2 Measuring Founder’s Social Capital through the LinkedIn Platform.................... 21 4.1.2.1 Founder’s LinkedIn Profile...........................................................................22 4.1.3 Determining equity crowdfunding campaign industry based on Crunchbase........22 4.2 Variables...........................................................................................................................22 4.3 Descriptive Analysis........................................................................................................ 25 Chapter V Results.......................................................................................................................26 5.1 Logit Analysis.................................................................................................................. 28 Chapter VI Conclusion...............................................................................................................35 6.1 Limitations....................................................................................................................... 36 6.2 Directions for Future Research........................................................................................ 37 References....................................................................................................................................38

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