本研究探討在股權型群眾募資專案當中，文本敘事風格對募資成效帶來的影響。關於群眾募資的研究，股權型的研究遠小於回報型的研究。而當進行股權型募資決策時，投資人面對的一大挑戰是，要如何評估企業的潛在價值。在資訊不對稱的狀況下，如何評估價值，是股權型募資的一大重要議題。本研究與先前研究不同之處在於，相較於先前研究著重於企業的保留股權、人力資本、企業的社群關係、設立的募資目標金額大小等反應企業價值的因素。本研究提出募資專案的文本敘事風格是否能作為一種反應企業價值並影響投資人投資之有效信號？文本敘事風格如何影響股權型群眾募資專案成效？文本敘事風格有眾多面向，本研究著重於探討主觀性敘事、連結性敘事與正向情緒敘事對募資成效帶來的影響。並採用英國市場領頭股權型募資平台SEEDRS作為研究對象，進行實證研究。

This research focus on how narrative style of funding project affects on the success of equity crowdfunding project? Investors of equity-based crowdfunding project expect the increase of firm value in the future to make profit and view factors implying firm being valuable as a signal to invest. Prior research focus on firm’s retained equity, human resource, social network, funding goal as factors affecting success of equity funding project, but a discussion on narrative style of equity funding project is lacking. Does narrative style of funding project an effective factor to affect the success of project? The main research question is “How narrative style of funding project affects on the success of equity crowdfunding project,” and we suppose that subjective narration, connective narration and positive-emotional narration would positively influence the success of equity-based crowdfunding project. The empirical research is based on data from SEEDRS – one of the leaders in equity-based crowdfunding platform market in the UK.

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