When crowdfunding meets bank financing: Substitute or supplement?

IF 9.8 1区 工程技术 Q1 ENGINEERING, INDUSTRIAL International Journal of Production Economics Pub Date : 2024-08-22 DOI:10.1016/j.ijpe.2024.109374
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Abstract

Crowdfunding is a new financing method that is widely utilized by startup firms to substitute or complement bank loans. We consider the optimal financing problem for a profit-maximizing startup firm, given that both the crowdfunding demand and retail market demand are uncertain and correlated. We find four types of financing strategies: single-source (crowdfunding only) and dual-source (crowdfunding and bank loan) financing, with prudent or aggressive goal-setting in crowdfunding. The four strategies each can be optimal for a specific parameter range with respect to the uncertainty ratio of crowdfunding and retail markets and the cost of crowdfunding. Upon deriving optimal strategies, we analyze comparative statics for the strategies and optimal profits. We show that, among other interesting results, market expansion (through either crowdfunding or the retail market) always calls for a higher crowdfunding goal but may raise or reduce the optimal bank loan depending on which market expands, and market expansion generally increases optimal profit except when the crowdfunding market grows too large which intensifies the overfinancing risk. Moreover, a high correlation between crowdfunding and the retail market does not necessarily favor the use of crowdfunding capital, nor does it always increase profits, and the impacts must be co-examined with the underfinancing and overfinancing risks.

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当众筹遇到银行融资:替代还是补充?
众筹是一种新的融资方式,被初创企业广泛用于替代或补充银行贷款。在众筹需求和零售市场需求都不确定且相互关联的情况下,我们考虑了利润最大化的初创企业的最优融资问题。我们发现了四种融资策略:单一来源(仅众筹)和双重来源(众筹和银行贷款)融资,以及在众筹中谨慎或激进的目标设定。在众筹和零售市场的不确定性比率以及众筹成本的特定参数范围内,这四种策略均可达到最优。在得出最优策略后,我们分析了策略的比较静态和最优利润。我们发现,除其他有趣的结果外,市场扩张(通过众筹或零售市场)总是要求更高的众筹目标,但可能会提高或降低最优银行贷款,这取决于哪个市场的扩张,而且市场扩张通常会增加最优利润,除非众筹市场规模过大,从而加剧了过度融资风险。此外,众筹与零售市场的高度相关性并不一定有利于众筹资本的使用,也不一定会增加利润,其影响必须与融资不足和过度融资风险共同考量。
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来源期刊
International Journal of Production Economics
International Journal of Production Economics 管理科学-工程:工业
CiteScore
21.40
自引率
7.50%
发文量
266
审稿时长
52 days
期刊介绍: The International Journal of Production Economics focuses on the interface between engineering and management. It covers all aspects of manufacturing and process industries, as well as production in general. The journal is interdisciplinary, considering activities throughout the product life cycle and material flow cycle. It aims to disseminate knowledge for improving industrial practice and strengthening the theoretical base for decision making. The journal serves as a forum for exchanging ideas and presenting new developments in theory and application, combining academic standards with practical value for industrial applications.
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