缺少資金與在傳統籌資管道籌資不易，一直是新創企業發展上的痛點。由於群眾募資(crowdfunding)的集資方便性與較低的進入門檻，愈來愈多新創企業透過群眾募資平台進行募資，也使群募平台上的專案競爭日益提升。本研究以臺灣最大的群眾募資平台flyingV為研究對象，以Python程式語言抓取2012至2021年間已結束募資之科技設計類提案共837筆資料，並專注於平台所提供之功能要素，探討影響臺灣群眾募資成功率與募資效率的因素，試圖建議提案者在有限的版面上如何發揮，方能從眾多募資專案中脫穎而出，獲得贊助者青睞與信任。本研究不但為新創企業提供了實務上的操作參考建議，同時也補足了在學術上群募研究在地化不足的缺口。

透過羅吉斯迴歸與一般線性迴歸分析，本研究發現，在推式策略下之代理因素(agency factor)中，當贊助方案數量選項愈多，早鳥優惠率價差愈高，愈能夠提升群募專案的成功率與募資效率，而回饋限量與否僅能增加募資專案的成功率，卻無助於募資效率。在拉式策略下之結構因素(structural factor)中，常見問答、進度更新及留言功能，能適時提供資訊與互動的因素，對於募資專案的成功率與效率皆有正向影響，此外，若有設立專案的facebook專頁，也將對募資專案有正向影響。

Startups have been facing the challenge of a shortage of funding, which can be overcome by crowdfunding. Crowdfunding is gaining favor with ones in financial difficulties owing to its accessibility and its low entry barrier. However, the competition nowadays among crowdfunding projects becomes more and more fierce. The study is based on the data scrawled by Python, including 837 crowdfunding projects in the design category launched between April 2012 and May 2021 on the major Taiwanese crowdfunding platform, flyingV. This study aims to explore the factors that affect the success rate and funding efficiency of reward-based crowdfunding projects.The findings are of practical relevance to startups seeking funding through reward-based crowdfunding platforms, also fill up the lack of relative crowdfunding research in Taiwan.

From the perspective of the push strategy, sponsorship options and early bird discounts can increase both the success rate and funding efficiency of crowdfunding effectively; on the other hand, reward limits only contribute to the success rate, but has no effect on the funding efficiency.

In contrast, pull strategy maintains factors that can provide prompt information and interaction between founders and backers, including FAQ, progress-updating, and comments, is related positively to the success rate and funding efficiency of crowdfunding. For instance, if a project offers its Facebook fanpage, there will be a beneficial impact on the project.

Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.

Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism. In Uncertainty in economics (pp. 235-251). Academic Press.

Barbi, M., & Bigelli, M. (2017). Crowdfunding practices in and outside the US. Research in International Business and Finance, 42, 208-223.

Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585-609.

Bi, S., Liu, Z., & Usman, K. (2017). The influence of online information on investing decisions of reward-based crowdfunding. Journal of Business Research, 71, 10-18.

Borst, I., Moser, C., & Ferguson, J. (2018). From friendfunding to crowdfunding: Relevance of relationships, social media, and platform activities to crowdfunding performance. New Media & Society, 20(4), 1396-1414.

Brocato, D. (2010). Push and pull marketing strategies. Wiley International Encyclopedia of Marketing.

Brown, T. E., Boon, E., & Pitt, L. F. (2017). Seeking funding in order to sell: Crowdfunding as a marketing tool. Business Horizons, 60(2), 189-195.

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.

Chakraborty, S., & Swinney, R. (2021). Signaling to the crowd: Private quality information and rewards-based crowdfunding. Manufacturing & Service Operations Management, 23(1), 155-169.

Chan, C. R., Park, H. D., Patel, P., & Gomulya, D. (2018). Reward-based crowdfunding success: decomposition of the project, product category, entrepreneur, and location effects. Venture Capital, 20(3), 285-307.

Colombo, M. G., Franzoni, C., & Rossi–Lamastra, C. (2015). Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory and Practice, 39(1), 75-100.

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67.

Courtney, C., Dutta, S., & Li, Y. (2017). Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory and Practice, 41(2), 265-290.

Dakouan, C., Benabdelouahed, R., & Anabir, H. (2019). Inbound marketing vs. outbound marketing: independent or complementary strategies. Expert Journal of Marketing, 7(1).

de Larrea, G. L., Altin, M., & Singh, D. (2019). Determinants of success of restaurant crowdfunding. International Journal of Hospitality Management, 78, 150-158.

de Witt, N. (2012). A Kickstarter’s guide to Kickstarter: How to successfully you’re your creative project. Retrieved from http://kickstarterguide.com/files/2012/07/AKickstarters-Guide.pdf

Frydrych, D., Bock, A. J., Kinder, T., & Koeck, B. (2014). Exploring entrepreneurial legitimacy in reward-based crowdfunding. Venture Capital, 16(3), 247-269.

Gerber, E. M., Hui, J. S., & Kuo, P. Y. (2012, February). Crowdfunding: Why people are motivated to post and fund projects on crowdfunding platforms. In Proceedings of the international workshop on design, influence, and social technologies: techniques, impacts and ethics (Vol. 2, No. 11, p. 10).

Grönholm, T. (2012). Marketing concepts in practise: case study: Company X. Retrived from https://www.coursehero.com/file/31618687/Gronholm-Tarupdf/

Grundström, C. (2015). Push/pull marketing strategy. Wiley Encyclopedia of Management, 1-1.

Išoraitė, M. (2016). Marketing mix theoretical aspects. International Journal of Research-Granthaalayah, 4(6), 25-37.

Janney, J., & Folta, T. (2003). Signaling through private equity placements on the signaling value of private equity placements. Journal of Business Venturing, 18, 161-380.

Kang, L., Jiang, Q., & Tan, C.-H. (2017). Remarkable advocates: An investigation of geographic distance and social capital for crowdfunding. Information & Management, 54(3), 336-348.

Karasek III, R., & Bryant, P. (2012). Signaling theory: Past, present, and future. Academy of Strategic Management Journal, 11(1), 91.

Koch, J.-A., & Siering, M. (2019). The recipe of successful crowdfunding campaigns. Electronic Markets, 29(4), 661-679.

Kotler, P., & Armstrong, G. (1998). Consumer markets and consumer buyer behavior. Principles of Marketing, 8.

Kotler, P., Keller, K. L., Brady, M., Goodman, M., & Hansen, T. (2009). Marketing Management 13/e. Pearson Education

Kromidha, E., & Robson, P. (2016). Social identity and signalling success factors in online crowdfunding. Entrepreneurship & Regional Development, 28(9-10), 605-629.

Kunz, M. M., Bretschneider, U., Erler, M., & Leimeister, J. M. (2017). An empirical investigation of signaling in reward-based crowdfunding. Electronic Commerce Research, 17(3), 425-461.

Kuppuswamy, V., & Bayus, B. L. (2018). Crowdfunding creative ideas: The dynamics of project backers. In The economics of crowdfunding (pp. 151-182). Palgrave Macmillan, Cham.

Lagazio, C., & Querci, F. (2018). Exploring the multi-sided nature of crowdfunding campaign success. Journal of Business Research, 90, 318-324.

Laurell, C., Sandström, C., & Suseno, Y. (2019). Assessing the interplay between crowdfunding and sustainability in social media. Technological Forecasting and Social Change, 141, 117-127.

Liang, T. P., Wu, S. P. J., & Huang, C. c. (2019). Why funders invest in crowdfunding projects: Role of trust from the dual-process perspective. Information & Management, 56(1), 70-84.

Liang, X., Hu, X., & Jiang, J. (2020). Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—the perspective of information communication. Sustainability, 12(2), 650.

Massolution. (2015). 2015CF: The Crowdfunding Industry Report. Massolution.
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1-16.

Mollick, E. R., & Kuppuswamy, V. (2014). After the campaign: Outcomes of crowdfunding. UNC Kenan-Flagler Research Paper, (2376997).

Morduch, J. (1999). The microfinance promise. Journal of Economic Literature, 37(4), 1569-1614.

Moysidou, K., & Hausberg, J. P. (2020). In crowdfunding we trust: A trust-building model in lending crowdfunding. Journal of Small Business Management, 58(3), 511-543.

Patrutiu-Baltes, L. (2016). Inbound Marketing-the most important digital marketing strategy. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 9(2), 61.

Poetz, M. K., & Schreier, M. (2012). The value of crowdsourcing: can users really compete with professionals in generating new product ideas? Journal of Product Innovation Management, 29(2), 245-256.

Posegga, O., Zylka, M. P., & Fischbach, K. (2015, January). Collective dynamics of crowdfunding networks. In 2015 48th Hawaii International Conference on System Sciences (pp. 3258-3267). IEEE.

Riaz, W., & Tanveer, A. (2012). Marketing mix, not branding. Asian Journal of Business and Management Sciences, 1(11), 43-52.

Sahney, S. (2011). Module-5 Consumer Behavior. Vinod Gupta School of Management Indian Institute of Technology Kharagpur, India, 1-17.
Shneor, R., & Vik, A. A. (2020). Crowdfunding success: a systematic literature review 2010–2017. Baltic Journal of Management.

Singh, M. (2012). Marketing mix of 4P’s for competitive advantage. IOSR Journal of Business and Management, 3(6), 40-45.

Slater, D. (2014). Content Marketing: Recycling & Reuse: How your best online content can attract and engage new customers. i30 Media Corporation.

Solomon, M. R., & Behavior, C. (1994). Buying, having and being. London: Prenticle Hall.

Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281-306): Academic Press.

Spence, M. (2002). Signaling in retrospect and the informational structure of markets. American Economic Review, 92(3), 434-459.

Stigler, G. J. (1961). The economics of information. Journal of Political Economy, 69(3), 213-225.

Stiglitz, J. E. (2002). Information and the Change in the Paradigm in Economics. American Economic Review, 92(3), 460-501.

Stock, A., & Balachander, S. (2005). The making of a “hot product”: A signaling explanation of marketers’ scarcity strategy. Management Science, 51(8), 1181-1192.

Tan, S. J. (1999). Strategies for reducing consumers’ risk aversion in Internet shopping. Journal of Consumer Marketing.

Teo, T. S., & Yu, Y. (2005). Online buying behavior: a transaction cost economics perspective. Omega, 33(5), 451-465.

Vulkan, N., Åstebro, T., & Sierra, M. F. (2016). Equity crowdfunding: A new phenomena. Journal of Business Venturing Insights, 5, 37-49.

Wang, N., Liang, H., Xue, Y., & Ge, S. (2021). Mitigating Information Asymmetry to Achieve Crowdfunding Success: Signaling and Online Communication. Journal of the Association for Information Systems, 22(3), 4.

Williamson, O. E. (1981). The economics of organization: The transaction cost approach. American Journal of Sociology, 87(3), 548-577.

Yang, L., Wang, Z., & Hahn, J. (2020). Scarcity strategy in crowdfunding: An empirical exploration of reward limits. Information Systems Research, 31(4), 1107-1131.

Yeh, T.-L., Chen, T.-Y., & Lee, C.-C. (2019). Investigating the funding success factors affecting reward-based crowdfunding projects. Innovation, 21(3), 466-486.

Zhang, H., & Chen, W. (2019). Crowdfunding technological innovations: Interaction between consumer benefits and rewards. Technovation, 84, 11-20.

Zhou, M. J., Lu, B., Fan, W. P., & Wang, G. A. (2018). Project description and crowdfunding success: an exploratory study. Information Systems Frontiers, 20(2), 259-274.

朱文儀, & 林亭佑. (2016). 群眾募資專案成效之影響因素—台灣 flyingV 群眾募資平台之實證研究. 台灣管理學刊, 16(2), 53-73.

刘晓峰, & 顾领. (2019). AON众筹模式下产品线设计与信息发布策略研究. 中国管理科学, 7.

吴聪, 赵宇翔, & 朱庆华. (2017). 基于任务展示示能性的众筹项目视频分析——以众筹网为例. 数据分析与知识发现, 1(10), 64-76.

孟韬, & 王维. (2017). 社会网络视角下的虚拟社区研究综述. 情报科学, 35(3), 171-176.

范秉航. (2020). 台灣新創投資趨勢解析. 臺灣經濟研究月刊, 43(11), 14-22.

陳毓峰. (2016). 群眾募資,文創產業發展與政府角色. 臺北大學財政學系學位論文, 1-59.

張嘉玲. (2016). 資金活水 (一) 群眾募資挺創新-傳統的顛覆與科幻的實踐. 臺灣經濟研究月刊, 39(11), 70-79.

張嘉玲. (2016). 案以群分: 大數據解析回饋型群眾募資成功關鍵要素. 臺灣經濟研究月刊, 39(2), 27-37.

楊瑞欣,&董芳武. (2019). 探討贊助回饋型群眾集資專案意願之研究以環保議題專案為例. 工業設計, (140), 25-30.

榮泰生. (2015). 消費者行為. 五南圖書出版股份有限公司.