群眾募資是一種為產品、專案或個人創業投資籌集資金的新方式。發起人創建群眾募資專案不僅可以籌集資金，更能推廣產品以及與支持者建立聯繫。以往的研究主要集中在專案募資天數、目標資金金額等融資專案的特點上，而專案發起人的個人特點對於資金籌集也起著至關重要的作用。在現有文獻的基礎上，本研究以專案發起人的視角進行研究。我們建立了基於社會資本和文化資本理論的研究模型，以kickstarter.com網站中2017年發起的771個成功專案作為分析對象，探討發起人的社會資本與文化資本如何影響群眾募資成效，以及文化資本與社會資本之間的關係。
評論回覆和發起人自我介紹的可讀性分數代表了內含文化資本。專案介紹中圖片的數量、專案是否有介紹短片，專案網站的數量用來衡量具體文化資本。發起人建立的專案數量則用以衡量制度文化資本。結構社會資本以發起人的Facebook上好友數量作衡量。關係社會資本是衡量該發起人支持其他發起人專案的數量。而專案描述的長度則代表認知社會資本。
研究結果表明，文化資本與社會資本對於實際募得金額、超額募資金額和出資人數量皆有正向顯著影響。最重要的是，專案發起人的文化資本對於社會資本有正向顯著的影響。在控制變量之下，文化資本對實際募得金額及出資人數量的影響並不顯著，而是透過社會資本間接影響募資成效。
本研究為第一個建立文化資本及社會資本兩者理論結合的模型，並用專案發起人的角度來探討群眾募資成效的影響因素。本研究結果為群眾募資發起人提供了一個利用本身文化資本和社會資本力量的提升專案成效的重要途徑。發起人愈熟悉社會資本及文化資本創業學的概念，群眾募資專案的表現愈好。

Crowdfunding is a novel way to pledge money for a product, project or personal business venture. Creators launch crowdfunding projects for raising funds, promoting their products, and connecting with backers. Former studies focused on the characteristics of funding projects such as project duration and the amount of fund expected to raise, but the characteristics of project creator are also crucial to funding acquiring. With respect to the existing literature, this study focuses on the perspective of the project creator. Extending prior research, we developed a research model based on social capital and cultural capital theories. This research studies how creators' social and cultural capital affect crowdfunding performance and the relationship between cultural capital and social capital. 771 successful projects initiated in 2017 on kickstarter.com were analyzed.
The readability scores of comment replies and biography of the creator represent the embodied cultural capital. The number of pictures in the project description, whether the project has an introduction video, and the number of websites of the project is used to measure the objectified cultural capital. The number of projects which the creator had launched is measured as institutionalized cultural capital. The structural social capital refers to the number of Facebook friends. The relational social capital is measured as the number of other creator’s projects that the creator had backed. And the length of the project description represents the cognitive social capital.
Results indicate that the cultural capital and social capital had significant effects on the amount pledged, overfunding, and the number of backers. Most important of all, the creator’s cultural capital is positively associated with social capital. With control variables, the effect of cultural capital on crowdfunding performance is not found. But cultural capital indirectly affects performance through social capital.
This research provides crowdfunding creators with a crucial way to leverage the power of cultural capital and social capital. The more familiar concepts of social and cultural capital entrepreneur study, the better the crowdfunding project perform.

中文摘要 i
Abstract ii
Chapter 1 Introduction 1
1.1. Research background 1
1.2. Motivation 3
1.3. Research Purpose 6
Chapter 2 Literature Review 9
2.1. Crowdfunding 9
2.2. Cultural Capital 21
2.3. Social Capital 23
Chapter 3 Research Method 25
3.1. Research Model and hypotheses 25
3.1.1. Crowdfunding Performance 26
3.1.2. Cultural Capital 26
3.1.3. Social Capital 30
3.1.4. Interaction between cultural and social capital 33
3.2. Research Target 34
3.3. Data Collection 36
3.4. Data Preprocess 36
Chapter 4 Data Analysis and Results 38
4.1. Measures 38
4.2. Descriptive statistics 39
4.3. Empirical Results 42
4.3.1. Effects of cultural capital and social capital 42
4.3.2. Effects of all independent variables 45
4.3.3. Effects of cultural capital on social capital 50
4.4. Discussion 51
4.4.1. Discussions about cultural capital 51
4.4.2. Discussions about social capital 54
4.4.3. Discussions about interaction between cultural capital and social capital 55
Chapter 5 Conclusions 57
5.1. Implications for research 57
5.2. Implications for practice 57
5.3. Limitations and future research 58
Reference 60

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