考虑模仿竞争的奖励型众筹产品定价与广告策略研究

doi:10.16381/j.cnki.issn1003-207x.2023.1576

摘要/Abstract

摘要：

奖励型众筹已成为中小微企业新产品研发的重要融资方式。为提高众筹成功率，项目发起者通常需要投放广告以提高消费者意识，而这种广告投放行为也为模仿者进入市场提供了便利。针对独立广告与合作广告两种广告模式，本文通过构建两阶段动态博弈模型，对存在模仿者竞争下奖励型众筹项目的产品定价与广告策略展开研究。研究发现，当项目发起者采取独立广告模式时，与模仿者的竞争将迫使发起者降低众筹产品价格与广告投放规模，以应对市场竞争。合作广告模式下，若众筹社区福利或模仿品相似度较低，竞争会促使众筹平台扩大广告投放规模，且当广告有效性较高时，合作广告将可能同时增加发起者的总利润、众筹平台利润和模仿者利润，实现三方共赢。

关键词: 奖励型众筹, 广告策略, 模仿竞争, 众筹平台, 合作广告

Abstract:

Through theoretical analysis， some significant conclusions are obtained. First， the presence of imitative competition will reduce the crowdfunding price and advertisement level under the independent advertising mode， but interestingly， it may increase the creator’s crowdfunding amount. Second， the cooperative advertising mode will induce the crowdfunding platform to increase the advertising level when the community benefit or the similarity of imitation product is relatively low. Moreover， when the platform’s advertisement is effective， cooperative advertising will simultaneously increase the creator’s crowdfunding amount and profit， the platform’s profit as well as the imitator’s profit. Under the cooperative advertising mode， crowdfunding platforms should set commission levels reasonably and improve the effectiveness of advertising actively to alleviate market competition and achieve win-win results for all parties.With the emergence of Kickstarter， Indiegogo and other crowdfunding platforms， reward-based crowdfunding has become an important form of fundraising that allows new set-ups and small firms to raise money for new product development. To improve the success rate of crowdfunding， creators usually invest in advertising to convey product information and raise consumer awareness， but such investment often inadvertently attract imitators to enter the market. Therefore， in the face of imitative competition， effective allocation of limited initial funds and the choice of advertising mode （independent advertising vs. cooperative advertising） are crucial decisions for crowdfunding creators. It focuses on the pricing and advertising strategies for reward-based crowdfunding projects in the face of imitative competition. An innovative enterprise is considered with limited initial funds that raises money through reward-based crowdfunding for the development of a new product. To improve the success rate of crowdfunding， the creator invests a certain proportion of initial funds for advertising at the beginning of the crowdfunding campaign. If the crowdfunding campaign succeeds， the imitator will also enter the regular market to compete with the creator. By developing a two-stage dynamic game model， the optimal pricing and advertising decisions under the two advertising modes （independent advertising vs. cooperative advertising） are analyzed， respectively. Through comparative analysis， the impacts of imitative competition on crowdfunding decisions are obtained， and the optimal advertising strategies under various situations are derived.

Key words: reward-based crowdfunding, advertising, imitative competition, crowdfunding platform, cooperative advertising

中图分类号:

C931

孙燕红,林晓霞,韩小花. 考虑模仿竞争的奖励型众筹产品定价与广告策略研究[J]. 中国管理科学, 2026, 34(5): 332-341.

Yanhong Sun,Xiaoxia Lin,Xiaohua Han. Pricing and Advertising Strategies for Reward-based Crowdfunding with Imitative Competition[J]. Chinese Journal of Management Science, 2026, 34(5): 332-341.

图/表 5

表1

参数定义"

符号	含义
$i$	市场类型， $i = M, C$ 分别表示垄断和模仿者竞争市场
$j$	产品销售阶段， $j = 1, 2$ 分别表示众筹和常规销售阶段
$S$	众筹项目发起者的新产品研发成本
$I$	众筹项目发起者的初始资金, $0 < I < S$
$Γ$	众筹项目发起者的融资目标
$v$	消费者对众筹产品的估值， $v ~ U 0,1$
$θ$	消费者所获得的众筹社区福利价值系数， $θ > 0$
$ϕ$	众筹平台的佣金比例， $ϕ ∈ 0,1$
$β$	合作广告时众筹平台的广告成本分摊比例， $β ∈ 0,1$
$δ$	模仿品与众筹产品的相似度， $δ ∈ 0,1$
$p j i$ , $d j i$ , $π j i$	采取独立广告模式时众筹产品第 $j$ 阶段的价格、需求和利润， $i = M, C$
$p j i T$ , $d j i T$ , $π j i T$	采取合作广告模式时众筹产品第 $j$ 阶段的价格、需求和利润， $i = M, C$
$p c C$ , $d c C$ , $π c C$	竞争情形下，采取独立广告模式时模仿品价格、需求、模仿者利润
$p c C T$ , $d c C T$ , $π c C T$	竞争情形下，采取合作广告模式时模仿品价格、需求、模仿者利润
$α i$ ( $α i T$ )	独立广告（合作广告）时众筹项目的广告投放规模， $i = M, C$
$π m i$ ( $π m i T$ )	独立广告（合作广告）时项目发起者的总利润， $i = M, C$
$π t i$ ( $π t i T$ )	独立广告（合作广告）时众筹平台总利润， $i = M, C$

表1

图1

表2

合作广告模式下的最优决策"

市场类型

最优解

垄断

$p 1 M T * = 2 θ 1 + θ 1 - ϕ 1 + 4 θ - 2 ϕ - 4 θ ϕ$ ， $p 2 M T * = θ 1 - ϕ 1 + 4 θ - 2 ϕ - 4 θ ϕ$ ，

$α M T * = m i n k 2 θ 2 1 + θ 2 1 - ϕ 2 ϕ 2 2 θ 1 - ϕ - ϕ 2 I β 2 1 + 4 θ 1 - ϕ - 2 ϕ 4, 1 1 - β$

竞争

$p 1 C T * = θ 2 1 + θ - δ 2 + θ 1 - ϕ 1 + 4 θ 1 - ϕ - 2 ϕ - δ 1 + 2 θ 1 - ϕ - 2 ϕ$ ，

$α C T * = m i n k 2 θ 2 δ 2 + θ - 2 1 + θ 2 1 - ϕ 2 ϕ 2 2 - δ θ 1 - ϕ - 1 - δ ϕ 2 4 I β 2 1 + 4 θ 1 - ϕ - 2 ϕ + δ 2 ϕ - 2 θ 1 - ϕ - 1 4, 1 1 - β$

$p 2 C T * = θ 1 - ϕ 1 - δ 1 + 4 θ 1 - ϕ - 2 ϕ - δ 1 + 2 θ 1 - ϕ - 2 ϕ$

$p c C T * = δ θ 1 - ϕ 1 - δ 2 1 + 4 θ 1 - ϕ - 2 ϕ - δ 1 + 2 θ 1 - ϕ - 2 ϕ$

表2

图2

图3

参考文献 41

[1]	Belleflamme P， Lambert T， Schwienbacher A. Crowdfunding： Tapping the right crowd［J］. Journal of Business Venturing， 2014， 29（5）： 585-609.
[2]	Bradford C S. The New Federal crowdfunding exemption： Promise unfulfilled ［J］. Securities Regulation Law Journal， 2012， 40（3）： 195-249.
[3]	搜狐网.一季度全球 VR 销量高增，全球海风投资2030年将增至千亿——全球产业趋势跟踪周报［EB/OL］.（2022-07-05）［2023-06-15］..
	SohuNet. Global VR sales increased in Q 1， and global offshore wind investment will increase to 100 billion by 2030 - global industry trend tracking weekly［EB/OL］. （2022-07-05）［2023-06-15］..
[4]	Kickstarter. Statistical information［EB/OL］.（2024-04-17）［2024-04-17］..
[5]	网易. 十年众筹，六年小米，如今发展成中国最大的众筹平台之一［EB/OL］.（2021-07-21）［2024-04-17］..
	NetEase. Ten years of crowdfunding， six years of Xiaomi， and now it has developed into one of the largest crowdfunding platforms in China［EB/OL］.（2021-07-21）［2024-04-17］..
[6]	凤凰网. 2025年中国众筹市场规模或达500亿美元，潜力无限［EB/OL］.（2014-05-23）［2024-04-17］..
	PhoenixNet. China’s crowdfunding market could reach $50 billion by 2025， with unlimited potential［EB/OL］.（2014-05-23）［2024-04-17］..
[7]	Mollick E. The dynamics of crowdfunding： An exploratory study［J］. Journal of Business Venturing， 2014， 29（1）： 1-16.
[8]	Lu C T， Xie S， Kong X， et al. Inferring the impacts of social media on crowdfunding［C］//Proceedings of the 7th ACM International Conference on Web Search and Data Mining，New York，USA，February 24-28， ACM， 2014： 573-582.
[9]	Gao Q， Guo X， Yang F， et al. Commitment or not？ Creator’s quality strategies with uncertain market in reward-based crowdfunding［J］. International Journal of Production Research， 2022， 60（17）： 5307-5331.
[10]	薛巍立，王杰，申飞阳. 竞争环境下众筹产品的定价策略研究［J］. 管理工程学报， 2017， 31（4）： 209-219.
	Xue W L， Wang J， Shen F Y. Pricing strategy of crowdfunding products in competitive environment［J］. Journal of Industrial Engineering and Engineering Management， 2017， 31（4）： 209-219.
[11]	Shen F， Xu X， Xue W， et al. Signaling production quality for reward-based crowdfunding under competition［J］. SSRN Electronic Journal， 2020，DOI：10.2139/ssrn.3683574 .
[12]	纪颖，祝剑利，屈绍建. 考虑模仿竞争的奖励型众筹合同设计［J］. 工业工程， 2022， 25（5）： 65-72.
	Ji Y， Zhu J L， Qu S J. A design of reward-based crowdfunding contract considering imitative competition［J］. Industrial Engineering Journal， 2022， 25（5）： 65-72.
[13]	Zhao H. Raising awareness and signaling quality to uninformed consumers： A price-advertising model［J］. Marketing Science， 2000， 19（4）： 390-396.
[14]	Bagwell K. Signalling and entry deterrence： A multidimensional analysis［J］. The RAND Journal of Economics， 2007， 38（3）： 670-697.
[15]	Hu M， Li X， Shi M. Product and pricing decisions in crowdfunding［J］. Marketing Science， 2015， 34（3）： 331-345.
[16]	刘征驰，马滔，周莎，等. 极客经济、社群生态与互联网众筹产品定价［J］. 中国管理科学， 2017， 25（9）： 107-115.
	Liu Z C， Ma T， Zhou S， et al. Geek economy， community ecology and pricing decision in crowdfunding［J］. Chinese Journal of Management Science， 2017， 25（9）： 107-115.
[17]	Du S， Peng J， Nie T， et al. Pricing strategies and mechanism choice in reward-based crowdfunding［J］. European Journal of Operational Research， 2020， 284（3）： 951-966.
[18]	Sun Y， Sheng Y， Yan S， et al. Pricing strategies in reward-based crowdfunding： Whether to introduce price guarantee？［J］. Transportation Research Part E： Logistics and Transportation Review， 2023， 170： 103024.
[19]	Xu L， Wu Q， Du P， et al. Financing target and resale pricing in reward-based crowdfunding［J］. Sustainability， 2018， 10（4）： 1297.
[20]	毕功兵，杨云绅，梁樑. 策略延迟下众筹项目的定价和激励决策［J］. 中国管理科学， 2019， 27（11）： 1-10.
	Bi G B， Yang Y S， Liang L. Pricing and incentive decision of crowdfunding projects under strategic delay［J］. Chinese Journal of Management Science， 2019， 27（11）： 1-10.
[21]	Strausz R. A theory of crowdfunding： A mechanism design approach with demand uncertainty and moral hazard［J］. American Economic Review， 2017， 107（6）： 1430-1476.
[22]	Belavina E， Marinesi S， Tsoukalas G. Rethinking crowdfunding platform design： Mechanisms to deter misconduct and improve efficiency［J］. Management Science， 2020， 66（11）： 4980-4997.
[23]	Chemla G， Tinn K. Learning through crowdfunding［J］. Management Science， 2019， 66（5）： 1783-1801.
[24]	Xu L， Li D， Chiu C H， et al. Implications of warm-glow effect and risk aversion in reward-based crowdfunding［J］. Transportation Research Part E： Logistics and Transportation Review， 2022， 160： 102681.
[25]	Zhou Y W， Cao B， Zhong Y， et al. Optimal advertising/ordering policy and finance mode selection for a capital-constrained retailer with stochastic demand［J］. Journal of the Operational Research Society， 2017， 68（12）： 1620-1632.
[26]	Pun H， DeYong G D. Competing with copycats when customers are strategic［J］. Manufacturing & Service Operations Management， 2017， 19（3）： 403-418.
[27]	Hao C， Yang L. Platform advertising and targeted promotion： Paid or free？［J］. Electronic Commerce Research and Applications， 2022， 55： 101178.
[28]	Kang L， Jiang Q， Tan C H. Remarkable advocates： An investigation of geographic distance and social capital for crowdfunding［J］. Information & Management， 2017， 54（3）： 336-348.
[29]	屈绍建，卢艳玲，纪颖. 社交网络推送下的众筹融资机制分析［J］. 中国管理科学， 2019， 27（3）： 1-10.
	Qu S J， Lu Y L， Ji Y. The analysis of crowdfunding financing mechanism based on social network［J］. Chinese Journal of Management Science， 2019， 27（3）： 1-10.
[30]	Guan X， Deng W J， Jiang Z Z， et al. Pricing and advertising for reward-based crowdfunding products in E-commerce［J］. Decision Support Systems， 2020， 131： 113231.
[31]	Zhang J， Huang J. Deceptive advertising in a crowdfunding market［J］. Transportation Research Part E： Logistics and Transportation Review， 2020， 135： 101892.
[32]	Kumar P， Langberg N， Zvilichovsky D. Crowdfunding， financing constraints， and real effects［J］. Management Science， 2020， 66（8）： 3561-3580.
[33]	边展，张红艳. 考虑资金约束的制造商双渠道供应链融资策略［J］. 中国管理科学， 2025， 33（2）： 292-299.
	Bian Z， Zhang H Y. Manufacturer’s dual channel supply chain financing strategy considering capital constraints［J］. Chinese Journal of Management Science， 2025， 33（2）： 292-299.
[34]	Simon J L， Arndt J. The shape of the advertising response function［J］. Journal of Advertising Research， 1980， 20（4）： 11-28.
[35]	Karray S， Zaccour G. Could co-op advertising be a manufacturer’s counterstrategy to store brands？［J］. Journal of Business Research， 2006， 59（9）： 1008-1015.
[36]	Xie J， Wei J C. Coordinating advertising and pricing in a manufacturer-retailer channel［J］. European Journal of Operational Research， 2009， 197（2）： 785-791.
[37]	Gao S Y， Lim W S， Tang C. The impact of the potential entry of copycats： Entry conditions， consumer welfare， and social welfare［J］. Decision Sciences， 2017， 48（4）： 594-624.
[38]	夏良杰，黄迎，冯锦茹，等. 面向策略型消费者的过度自信零售商产品定价与订货决策研究［J］. 中国管理科学，2024，DOI：10.16381/j.cnki.issn1003-207x.2023.0067 .
	Xia L J， Huang Y， Feng J R， et al. Pricing and ordering policies of overconfident retailers considering strategic consumers［J］. Chinese Journal of Management Science， 2024，DOI： 10.16381/j.cnki.issn1003-207x.2023.0067 .
[39]	中国日报. 又一爆款，摩点如何助力漫威首款创意互动解谜书大卖780万？［EB/OL］.（2019-06-28）［2023-11-16］..
	Chinadaliy.com.cn. Another blockbuster project， how did Modian.com help Marvel’s first interactive puzzle book sell 7.8 million yuan？［EB/OL］.（2019-06-28）［2023-11-16］..
[40]	Hong X， Zhou M， Gong Y， et al. Quality information disclosure and advertising strategy in a supply chain［J］. International Journal of Production Research， 2023， 61（19）： 6291-6307.
[41]	凤凰网. 众筹第一股加入微博生态，社交如何让众筹走向大众？［EB/OL］.（2018-03-31）［2023-11-16］..
	PhoenixNet. The first share of crowdfunding joins the Weibo ecosystem， how does social networking make crowdfunding go to the public？［EB/OL］.（2018-03-31）［2023-11-16］..