Pengaruh Biaya Sinyal Terhadap Kesuksesan Pendanaa Dengan Skema Bisnis Sebagai Variabel Moderasi Pada Platform Equity Crowdfunding Bizshare

Fabi Muhammad Yoesny Mubarrok, I Wayan Nuka Lantara, M.Si., Ph.D.

2023 | Skripsi | MANAJEMEN

Minimnya variasi pendanaan bagi UMKM di negara berkembang menjadi salah satu pemicu tumbuhnya trend micro-investing. Equity Crowdfunding merupakan salah satu dari empat jenis micro-investing yang tengah menjadi poros pendanaan baru bagi UMKM di Indonesia. Minimnya pengetahuan investor ritel sebagai sasaran utama dari mode investasi ini dapat menyebabkan tingginya asimetris informasi dalam market. Dalam menghadapi tingginya asimetris informasi dalam market, penerbit dan juga investor cenderung mengandalkan sinyal-sinyal untuk mencermikan kualitas suatu bisnis. Di tengah begitu tingginya jumlah bisnis baru yang sukses mendapatkan pendanaan, penelitian ini bertujuan untuk mengetahui faktor sinyal apa saja yang dilihat oleh investor dalam market equity crowdfunding terutama di Bizhare, Penelitian membagi sinyal menjadi dua jenis yaitu costly signal dan juga costless signal. Menggunakan 78 sampel urun dana di platform Bizhare selama tahun 2019 – 2023) didapatkan bahwa banyaknya ekuitas pendiri yang ditahan dalam pendanaan (retained equity) tidak berpengaruh signifikan pada kesuksesan pendanaan. Lalu, pada sinyal yang memiliki biaya tinggi seperti laba bersih usaha pada masa lampau, secara signifikan berpengaruh positif terhadap kesuksesan pendanaan usaha. Sedangkan, sinyal dengan biaya rendah seperti dividend yield yang dijanjikan tidak berpengaruh secara signifikan. Tidak terdapat adanya pengaruh moderasi oleh perbedaan skema pendanaan dalam investasi.

A little variation in MSE’s funding in developed countries has become the trigger for the growth of micro-investing. Equity Crowdfunding, one out of four micro-investing types, has successfully set the new trend for Indonesia MSE's alternative funding. The inability of individual investors to evaluate a business has been causing the potential information asymmetric in the market. In order to evaluate business quality, the investor needs to rely on the signals given by the business founders. Amidst the rise of successful new ventures in equity crowdfunding, this research aims to examine the what are signals that are valued by investors to reflect business quality, specifically in the Bizhare platform. The research assesses signals into 2 main characteristics which are costly and costless signals. Using 78 funded ventures from 2019-2023 as a sample, the research found the number of equity retained for the funding has no significant effect on the success of funding. Costly signal such as net income, the effect on the success of funding is positive, while in the costless signal as the amount of proposed dividend yield, the effect on the success of equity crowdfunding is not significant Keywords: Equity Crowdfunding, Signal Quality, Signal Cost, Asymmetric Information, Signalling.

A little variation in MSE’s funding in developed countries has become the trigger for the growth of micro-investing. Equity Crowdfunding, one out of four micro-investing types, has successfully set the new trend for Indonesia MSE's alternative funding. The inability of individual investors to evaluate a business has been causing the potential information asymmetric in the market. In order to evaluate business quality, the investor needs to rely on the signals given by the business founders. Amidst the rise of successful new ventures in equity crowdfunding, this research aims to examine the what are signals that are valued by investors to reflect business quality, specifically in the Bizhare platform. The research assesses signals into 2 main characteristics which are costly and costless signals. Using 78 funded ventures from 2019-2023 as a sample, the research found the number of equity retained for the funding has no significant effect on the success of funding. Costly signal such as net income, the effect on the success of funding is positive, while in the costless signal as the amount of proposed dividend yield, the effect on the success of equity crowdfunding is not significant

Kata Kunci : Equity Crowdfunding, Informasi Asimetris, Biaya Sinyal