| Product crowdfunding is an innovative financing method of Internet finance,which plays a positive role in promoting national economic development and stimulating domestic demand.Enterprises or individuals display their creative ideas of products and raise funds from the public through crowdfunding platforms,which not only broadens financing channels and solves the problem of financing difficulties,but also provides a new way to launch products.Since the introduction of crowdfunding in2011,China has experienced a decade of rapid growth.Crowdfunding projects and platforms have shifted from a stage of rapid growth to a stage of high-quality development,and the product crowdfunding model has become more mature.In the early stage of AON(All-or-nothing)product crowdfunding,after the project reaches the target amount of funding,the enterprise can get the funding to produce and deliver the product,otherwise All the funding will be returned to investors.This approach is better for companies,but for investors,there is a risk of not receiving the product because the product development may fail.However,the delivery time of enterprises is severely reduced by crowdfunding platforms.This paper investigated platforms such as Xiaomi crowdfunding and Jingdong crowdfunding,and found that enterprises are required to complete delivery within a week or even two days,which means that enterprises need a certain amount of inventory,so stocking strategy is crucial for crowdfunding enterprises.According to whether formal sales will be carried out after the crowdfunding,this paper constructs AON single-stage product crowdfunding model and "crowdfunding + formal sales" two-stage product crowdfunding model,aiming to provide decision support for the optimal stocking strategy in the product funding project.Under the AON single-stage product crowdfunding mode,the product will not be officially launched after the crowdfunding.Considering the raised platform common request product is not listed new innovation ideas,difficult to get the overall effective market demand information,this article can only grasp the scope of raise the market demand and average cases,part of the information by means of the criterion of minimum biggest regret the robust optimization method under the stock decision,get ready for the three different types of strategies.The results show that the robust inventory quantity of products is positively affected by the average market demand of crowdfunding and the success rate of crowdfunding.The lower the success rate of crowdfunding is,the more conservative the enterprise’s inventory decision is.With the increase of the ratio of unit production cost,the optimal robust inventory quantity will also decrease,that is,the higher the emergency production cost,the more the enterprise needs to inventory in advance.Formal sale "in" the raise + two-phase model,after the raise the product directly into the formal sale on the market,considering the spillover effects of the raise stage influence on formal sales stage demand function,further grasp the market demand mean and variance in part of the information,by means of the criterion of minimax stock points at great optimization method for the decision-making.The research shows that the higher the official sales price of the product,the lower the product cost,and the robust stock quantity of crowdfunding is linearly affected by the spillover effect,and the optimal stock quantity has nothing to do with the crowdfunding price of the product.Too low crowdfunding demand,too high variance,or too low success rate of crowdfunding will lead to enterprises not considering the demand status in the crowdfunding stage when preparing goods.When enterprises make stocking decisions considering the needs of the crowdfunding stage,the smaller the product cost,the larger the robust optimal stocking quantity.If the enterprise does not consider the needs of the crowdfunding stage,the product cost does not affect the optimal decision of the enterprise.Therefore,for crowdfunding projects with positive spillover effects,enterprises are encouraged to extend the life cycle of their products,so that they can be put into the market for formal sale after crowdfunding,and gain more profits. |
