股权众筹投资者动机研究

A study of the investor motivation of equity crowdfunding

基于自我决定理论,构建了以内在动机为解释变量,外在动机为调节变量,投资意愿为被解释变量的股权众筹投资者动机模型。运用探索性因子分析和二分类Logit模型对560位股权众筹投资者的问卷调查数据进行实证检验,研究发现:(1)助人动机和信任动机荷载于一个共同因子,命名为基于信任的助人动机;(2)内在动机中基于信任的助人动机、社交动机对股权众筹投资意愿有正向影响,而支持动机的作用不显著;(3)外在动机中获取奖励的动机对股权众筹投资意愿有负向影响,而经济收益动机的作用不显著;(4)外在动机中的经济收益动机和获取奖励动机均对基于信任的助人动机与投资意愿之间、社交动机与投资意愿之间有显著的正向调节作用。

Based on self-determination theory,this paper establishes the equity crowdfunding investors motivation model with intrinsic motivation as an independent variable,extrinsic motivation as a moderating variable,and decision to pledge as a dependent variable. This study carries out exploratory factor analysis and binary logit regression analysis on the questionnaire data of a survey from 560 equity crowdfunding investors. The results indicate that（ 1） Help motivation and trust motivation load in a common factor,name trust-based help motivation;（ 2） regarding to intrinsic motivation,trust-based help motivation and community motivation all have significant positive influence on the decision to pledge,expect for support motivation;（ 3） regarding to extrinsic motivation,rewards motivation has significant negative influence on the decision to pledge but the effect of economic returns is not significant; and（ 4） economic returns and rewards motivation all have significant moderating effect on the relationship of trust-based help motivation and the decision to pledge,as well as on the relationship of community motivation and the decision to pledge.