管理评论 ›› 2020, Vol. 32 ›› Issue (10): 95-105.

• 经济与金融管理 • 上一篇    

互联网非公开股权融资平台评估模型

郝雨1, 卢珊2, 徐小磊3, 吴震3   

  1. 1. 香港科技大学理学院, 香港 999077;
    2. 中央财经大学统计与数学学院, 北京 102206;
    3. 国家计算机网络应急技术处理协调中心, 北京 100029
  • 收稿日期:2017-10-12 发布日期:2020-11-07
  • 通讯作者: 徐小磊(通讯作者),国家计算机网络应急技术处理协调中心中级经济师,硕士
  • 作者简介:郝雨,香港科技大学理学院硕士研究生;卢珊,中央财经大学统计与数学学院讲师,博士;吴震,国家计算机网络应急技术处理协调中心正高级工程师,博士。
  • 基金资助:
    国家自然科学基金项目(71420107025;72001222)。

An Evaluation Model towards Internet Non-public Financing Platforms

Hao Yu1, Lu Shan2, Xu Xiaolei3, Wu Zhen3   

  1. 1. School of Science, HKUST, Hong Kong 999077;
    2. School of Statistics and Mathematics, Central University of Finance and Economics, Beijing 102206;
    3. National Internet Emergency Center, Beijing 100029
  • Received:2017-10-12 Published:2020-11-07

摘要: 近年来,互联网非公开股权融资正在有力地促进我国的创新创业。为系统研究互联网非公开股权融资行业的主要特征,设计了互联网非公开股权融资平台的评估指标体系,并建立了动态综合评估模型,用于对平台的综合能力的评价。在建模中,采用CRITIC赋权法与主观赋权法相结合的方法进行静态赋权,接着通过时间度法对时间赋予不等值的权向量,并利用理想点法建立动态综合评价模型。作为实证研究,通过采集国内30家互联网非公开股权融资平台在2016年1月—2017年3月股权融资项目的“融资金额”“跟投人数”等数据,运用动态综合评估模型对平台综合能力进行了排序,结果表明,该模型具有较强的可操作性,且模型评价结果具有合理性,可以为监管部门和投融资者提供有价值的决策建议。

关键词: 动态综合评价, 互联网金融, 非公开股权融资平台

Abstract: Recently, Internet Non-public financing has stimulated the innovation and entrepreneurship in China. In order to systematically investigate internet non-public financing, this paper designs an evaluation index system towards platforms based on their characters, and builds a dynamic comprehensive evaluation model to dynamically evaluate platforms' comprehensive performance. In modeling, CRITIC method and subjective weight model are combined to weight indices statically. Different periods of time are given different weights by time degree and the dynamic evaluation model is built by ideal point method finally. This paper collects 30 Chinese internet non-public financing platforms' data of five seasons-from January, 2016 to March, 2017, covering 642 crowdfunding projects and involving "amount of financing", "number of followers", and other six indicators. After conducting an evaluation study with collected data, this paper ranks the 30 platforms by their comprehensive performance. The result shows that this evaluation model has favorable maneuverability and rationality, which can offer suggestions for regulatory authorities, investors and financers to make relevant decisions.

Key words: dynamic comprehensive method, Internet finance, non-public financing platforms