Crowdfunding Resistance and Adoption: Empirical Evidence from Startups in China Great Bay Area

국문 초록 (Abstract)

중국 대만구(大灣區) 지역은 홍콩과 마카오의 2개 특별 행정구와 광동성의 9개 도시로 구성되어 있다. 대만구 지역은 중국 전체 수출의 37%를 차지하고 있으며, 2018년 GDP는 1조5천억 달러였다. HSBC 글로벌 리서치에 따르면 현재 GBA의 총 소매가치는 한국과 베트남을 합친 시장 규모와 일본의 3 분의 1에 해당한다. 또한 중국에서 가장 초기에 성공한 경제 특구 중 하나인 심천은 중국 하이테크 수출의 22%를 담당하고 있다. 은행 및 금융 서비스의 경우 홍콩은 본토와의 금융 "슈퍼 커넥터"의 역할을 하고 있다. 또한 중국의 연간 해외직접투자의 약 60%가 홍콩에서 발생하고 있다. 반면 홍콩 및 심천과 같은 대만구의 주요 도시에서 핀테크는 비약적으로 발전하고 있지만 크라우드펀딩 산업은 아직 초기 단계에 있다. 크라우드펀딩은 전 세계적으로 자산관리 전반에 걸쳐 경쟁 패턴을 변화시키고 있다. 혁신적인 정보기술 도입은 자산관리 산업의 통합을 촉진하는 동시에 차별화된 경쟁 기회를 제공하고 있다. 본 논문은 혁신확산이론, 현상유지 편향이론 및 행동추론이론 등을 사용하여 대만구 지역의 스타트업에서 크라우드펀딩 서비스의 저항과 채택에 영향을 미치는 요인을 밝혀내는 것을 목표로 한다. 첨단 정보기술을 갖춘 경제 중심지인 대만구는 금융과 기술을 결합할 수 있는 이상적인 지역이다. 재무와 기술은 모두 대만구의 향후 개발에 결정적인 역할을 담당하기 때문에 매우 중요한 이슈라고 할 수 있다. 본 연구는 크라우드 펀딩 도입에 있어서의 장애요인의 전략적 의미를 탐구하고 이러한 장애요인을 극복하기 위한 방안을 크라우드펀딩 플랫폼 관리 관점에서 제안하고자 한다.

다국어 초록 (Multilingual Abstract)

The China Great Bay Area (GBA) is composed of the two Special Administrative Regions of Hong Kong and Macao, and nine cities in Guangdong province. It accounts for 37% of China’s total exports, and its GDP was USD1.5 trillion in 2018 (Sataista, 2019). According to HSBC Global Research, currently, the total retail value of GBA is equivalent to the combined market size of South Korea and Vietnam, and a third of Japan’s. Moreover, as one of China"s earliest and most successful special economic zones in China, Shenzhen produces 22% of China’s high-tech exports. As to banking and financial services, as to Hong Kong, it acts as the role of a financial “super-connector” with the mainland. About 60% of all China’s annual overseas direct investment comes from Hong Kong. On the flip side, although Fintech developments in main cities of the GBA such as Hong Kong and Shenzhen are phenomenal, crowdfunding industry still at an early stage here. Crowdfunding is changing competition patterns across asset management globally. The use of technology has facilitated the integration of the asset management industry, while also providing opportunities for differentiated competition. This paper aims to identify factors influencing on the resistance of crowdfunding services in startups in bay area by employing the innovation diffusion theory, status quo bias theory, and behavioral reasoning theory. As an economic center with advanced information technology, GBA is an ideal place to combine finance and technology. Finance and technology are critical working priorities for the bay area, because they all play decisive roles in GBA’s future development. This research will explore the strategic implications of the barriers of crowdfunding, and recommendations to overcome those barriers will be proposed as part of management of crowdfunding platforms.

목차 (Table of Contents)

• Abstract
• Ⅰ. INTRODUCTION
• Ⅱ. LITERATURE REVIEW
• Ⅲ. Research Model and Hypothesis
• Ⅳ. Research Methods
• Ⅴ. Data Analysis and Results
• Ⅵ. Discussion
• REFERENCES
• 국문요약

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