中国式众筹的信任如何构建和演化?——基于水木客众筹行为的案例研究

How Trust Is Built and Evolves in the Context of Chinese Crowdfunding?A Case Study of Shui Mu Ke's Crowdfunding

通过对北京水木客科技有限公司的众筹案例进行深入分析,本研究探讨了在众筹前,投资者的初始信任如何产生;在众筹后,项目绩效以及筹资者和投资者的互动策略如何影响不同身份导向下投资者信任的变化。研究发现,筹资者关系网动员、第三方保障以及媒体报导三种机制分别导致了不同类型的投资者对筹资者初始信任的产生,使得信任由强关系的小圈子逐渐扩散至陌生的公众。项目绩效和筹资者与投资者的互动策略影响投资者信任的变化,身份导向在其中起调节作用。项目绩效不佳,对个人导向的投资者信任有消极影响,对关系/集体导向的投资者信任没有影响;互动策略对关系/集体导向的投资者信任有积极影响,对个人导向的投资者信任没有影响。

This research employs a qualitative approach to perform an in-depth analysis of Shui Mu Ke＇s crowdfunding. We explore how the initial trust of investors is built before the crowdfunding. In addition,we analyze how project performance and the interaction strategy of fund raisers influence the evolution of trust after the crowdfunding. The results show that fund raisers＇ social network mobilization,third-party guarantee and media coverage all help to build the initial trust of investors,extending the scope of investors from a small circle of social connections to the general public. Investor＇s identity orientation moderates the relationship between project performance/interaction strategy and investor＇s trust. Poor project performance has negative impact on the trust of investors with personal orientation but no impact on the trust of investors with relational/collective orientation. Interaction strategy has positive impact on the trust of investors with relational/collective orientation but no impact on investors with personal orientation.