中文摘要：

本文研究了众筹平台与企业家的声誉对预售众筹与股权众筹这两种众筹模式选择的影响及其经济机理,在发现众筹平台和企业家声誉对发起预售众筹与股权众筹的正向促进作用基础上,比较并提出了两种众筹模式的选择条件：（1）当产品质量较好而股权众筹投资者却并不偏好产品时,无论众筹平台声誉如何,预售众筹均占优,而企业家声誉有助于进一步加强预售众筹的优势;（2）当股权众筹投资者偏好产品而启动资金需求小时,若平台声誉弱,起投门槛低的股权众筹占优,若平台声誉高,则预售众筹占优;（3）当股权众筹投资者偏好产品而启动资金需求大时,无论众筹平台与企业家声誉如何,起投门槛低的股权众筹均占优;（4）当股权众筹投资者偏好产品而启动资金需求适中时,若企业家声誉较弱且平台声誉较弱,股权众筹占优;若企业家声誉较弱且平台声誉较强,预售众筹占优;若企业家声誉较强时,无论平台声誉如何变化,股权众筹均占优。

英文摘要：

This paper extends Belleflamme et al. （2014） and Kumar et al. （2016） by incorporating the roles of reputations of the crowdfunding platform and entrepreneur as a novel angle to study how they influence the entrepreneur＇s choice between the pre-sale crowdfunding and equity crowdfunding and its economic mechanism. Based on our first finding of the positive impact of reputations on the launch of pre-sale crowdfunding and equity crowdfunding, we further propose the choice criteria between two crowdfunding patterns ： （ 1 ） when the product quality is high but the equity crowdfunding investors do not prefer the product itself, the pre-sale crowdfunding will be a dominant strategy regardless of the crowdfunding platform＇s reputation, and the entrepreneur＇s reputation will strengthen this dominance; （2） when the equity crowdfunding investors prefer the product itself and the initial start-up capital requirement is relatively smaller, the entrepreneur＇s choice will be influenced by platform reputation, i.e. , equity crewdfunding with low barrier to entry dominates when platform＇s reputation is weaker; otherwise, pre-sale crowdfunding dominates; （3） when the equity erowdfunding investors prefer the product itself but the initial start-up capital requirement is relatively larger, equity crowdfunding with low barrier to entry will always dominate regardless of the reputations; （4） when the equity crowdfunding investors prefer the product itself and the initial start-up capital requirement is moderate, equity crowdfunding with low barrier to entry will dominate either if both platform＇s reputation and entrepreneur＇s reputation are weaker or if entrepreneur＇s reputation is stronger despite the platform＇s reputation, while pre-sale crowdfunding will dominate if entrepreneur＇s reputation is weaker but platform＇s reputation is stronger.