中文摘要：

以中国互联网金融产品众筹为研究对象,从众筹项目选择、项目成果转化和回报以及项目空间分布三个方面分析了中国主流众筹模式的运行现状与特征。研究结果表明,众筹模式的项目选择机制与传统金融模式具有差异性,网络环境下的质量信号显示对于众筹项目选择的成功率具有显著影响。同时,大多数融资成功的项目最终可以实现预期成果,但对投资者的实际回报时间滞后于预期承诺时间。研究还显示,现阶段中国众筹项目的发起范围受到区域经济发展水平与产业结构的影响,呈现出显著的空间聚集现象。

英文摘要：

This paper, based on the crowdfunding in China, explores the operation situation and nature of current mainstream crowd- funding mode from the selection, distribution and late progress of the crowdfunding projects. The result shows that the project selection mechanism between crowdfunding and traditional financing mode is different. Moreover, most of the financing projects achieved expec- ted results in the end. However, the time of actual returns to investors often later than expected. The study also shows that the quality of signals under network environment has significant impact on the success rate of project selection ; the distribution of crowdfunding pro- jects is influenced by the regional economy and industrial structure and presents obvious spatial clustering.