摘要
产品众筹是一种以产品或服务为报酬返还给投资人的融资模式,在我国兴起后竞争愈加激烈。本文从支持者角度出发研究支持者投资决策的影响因素,构建了产品众筹支持者投资决策影响因素模型。结合展望理论、羊群行为、感知风险与感知价值,从"项目融资目标""项目关注度""项目质量信号""项目回报""项目发起人经验"5个维度对支持者投资决策的影响因素进行分析。本文采用"Logistic"回归对"追梦网"697个项目数据进行实证研究,实证结果表明,目标筹资金额和项目回报档数对支持者进行投资决策具有负向影响;支持人数、同类项目成功率和项目发起人积分对支持者进行投资决策具有正向影响。
Award-based crowdfunding is a financing mode that offering products or service as return to investors. The competition of award-based crowdfunding is becoming fierce in our country. This paper studies the influencing factors of the supporters' investment decisions from the supporters' point of view, and constructs model of factors that influence the investment decision-making. This paper combined with the prospect theory, herding behavior, perceived risk and perceived value analyzes the influencing factors of the investment decision from five dimensions, which are project financing target, project attention, project quality signal, return and project sponsor experience. This paper uses Logistic regression and data from "Dream" platform to do the empirical research. The empirical results show that: the target amount of financing and the grade of returns have negative impact on supporters' investment decisions; while support number, similar project success rate and platform points have positive effects on supporters of investment decision.
作者
赵丽莎
曹淑艳
ZHAO Lisha, CAO Shuyan(School of Information Management, University of International Business and Economics, Beijing 10002)
关键词
产品众筹
众筹支持者
投资者决策
Award-based Crowdfunding
Crowdfunding Supporter
Decision of Investor