基于众筹平台投资者投资行为影响因素研究

众筹平台的发展与投资者投资行为密切相关。本文基于众筹平台视角探讨了投资者投资行为的影响因素,并运用结构方程模型进行实证检验,结果表明:绩效期望、付出期望、社会影响对众筹平台投资者投资意图存在正向影响,感知风险对投资者投资意图存在负向影响,价值共创、促成条件、投资意图显著作用于投资行为。因此,众筹平台应加强对项目的审核与管理,注重对平台"调性"的塑造,充分利用平台的"社交属性",逐步完善信息披露、风险提示与监督机制,大力支持众筹社区建设,通过不断改善平台投资环境,以吸引更多投资者参与。

The development of crowdfunding platform is closely related to investment behavior of investors. Based on the perspective of crowdfunding platform, this paper discusses the factors that affect the investors＂ investment behavior. Using structural e- quation model to conduct an empirical research, the results show that performance expectancy, effort expectancy and social influence have a positive influence on the crowdfunding platform investors＂ investment intentions, while perceived risk has a negative influence. And value co-creation, facilitating conditions and investors＂ investment intentions have a significant effect on investment behavior. Therefore, the crowdfunding platform shall make the platform investment environment con- stantly improved to attract more investors by strengthening the verification and management of the project, paying attention to building the ＂tonality＂, making full use of the ＂social attribute＂ of platform, gradually improving the information disclo- sure, risk warning and supervision mechanism, and vigorously supporting the construction of crowdfunding community.