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中国管理科学

中国管理科学 ›› 2025, Vol. 33 ›› Issue (7): 68-78.doi: 10.16381/j.cnki.issn1003-207x.2022.0988

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基于两期定价策略同质产品众筹融资方式决策优化研究

王雪1, 魏航2, 项寅3()   

  1. 1.温州大学商学院，浙江 温州 325035
    2.上海财经大学商学院，上海 200433
    3.苏州科技大学商学院，江苏 苏州 215009
  • 收稿日期:2022-05-07 修回日期:2024-07-20 出版日期:2025-07-25 发布日期:2025-08-06
  • 通讯作者: 项寅 E-mail:xiangyin@usts.edu.cn
  • 基金资助:
    国家自然科学基金项目(72104170);教育部人文社会科学基金项目(21YJC630141);浙江省哲学社会科学规划课题一般项目(25NDJC104YB)

Research on Finding Strategy of Homogeneous Products Based on Intertemporal Pricing Policy in Reward-based Crowdfunding

Xue Wang1, Hang Wei2, Yin Xiang3()   

  1. 1.School of Business，Wenzhou University，Wenzhou 325035，China
    2.School of Business，Shanghai University of Finance & Economics，Shanghai 200433，China
    3.School of Business，Suzhou University of Science and Technology，Suzhou 215009，China
  • Received:2022-05-07 Revised:2024-07-20 Online:2025-07-25 Published:2025-08-06
  • Contact: Yin Xiang E-mail:xiangyin@usts.edu.cn

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摘要：

在产品众筹路演活动中，同质双产品的融资项目越来越流行，因此，本文讨论全有或全无（all-or-nothing，AoN）的机制下双产品分开众筹或捆绑众筹问题，基于两期定价策略讨论同质双产品的最优融资方式，采用两阶段模型分析独立性产品、替代品和互补品三种情况下的最优融资策略选择。研究结果表明：如果两产品是独立关系，建议采用捆绑融资。如果产品间存在较强的依赖关系（强替代性和强互补性），最优融资策略的决策主要取决于产品间依赖关系值，强替代产品采用分开融资，强互补产品采用捆绑融资。然而，如果产品间存在较弱的依赖关系，最优融资策略的决策主要取决于支持者间估值差距和支持者估值分布情况。此外，对互补品进行捆绑融资时，建议采用折扣型两期定价策略。这些结论能为企业在双产品定价和融资策略方面提供指导和建议。

关键词: 产品众筹, 同质产品, 两期定价策略, 融资策略

Abstract:

In the current global economic environment， crowdfunding has rapidly developed into an important means for innovative enterprises and startups to obtain financing. However， despite crowdfunding becoming a key method for bringing innovative products to market， there are still significant differences in success rates， particularly between platforms that adopt different financing strategies. The two-phase pricing strategy is a common pricing method in crowdfunding， where companies often attract consumers by offering products in different models and colors to achieve their financing goals. However， whether to adopt separate or bundled financing for crowdfunding products， especially when using a two-phase pricing strategy， has become a critical focus for both crowdfunding projects and academic research.It focuses on how to optimize the financing strategy for two homogeneous products under the all-or-nothing （AoN） mechanism when adopting a two-period pricing strategy， specifically whether to choose separate crowdfunding or bundled crowdfunding. In particular， a two-stage model is constructed to explore the impact of the independence， substitutability， and complementarity of homogeneous products on the optimal financing strategy during crowdfunding. It also analyzes what differences in backers’ valuations and the distribution of those valuations under different market conditions determine the choice between separate crowdfunding or bundled crowdfunding.The research findings suggest that for independent products， bundled financing is usually the optimal choice； for products with strong substitutability or complementarity， the optimal financing strategy depends on the degree of interdependence between the products. Strongly substitutable products should adopt separate financing， while strongly complementary products are better suited for bundled financing. When the interdependence between products is weak， differences in backers’ valuations and their distribution become the deciding factors. Additionally， for complementary products， a discounted two-phase pricing strategy performs well in bundled financing. The study results provide practical guidance for companies in selecting pricing and financing strategies for dual products， especially in crowdfunding markets where tailored pricing strategies based on backers’ valuation differences can help improve both the success rate of financing and the total amount raised.

Key words: reward-based crowdfunding, homogeneous products, intertemporal pricing policy, finding strategy

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