奖励型众筹中投资者存在羊群行为吗?——一个实证研究

Do Investors in Reward-Based Crowdfunding Have Herding Behavior?An Empirical Investigation

众筹融资日益成为理论界关注的重要研究主题。由于众筹活动中存在信息不对称,作为网民大众的投资者在非完全信息条件下进行投资,是否存在羊群行为就成为一个值得研究的问题。通过搜集国内最有影响力的众筹网站(众筹网)的样本数据,构建一个多元logit市场份额模型进行了实证研究,验证了奖励型众筹市场中投资者存在羊群行为,且羊群行为对投资的影响呈边际递减效应,还验证了剩余时间、评论数目和关注数目对投资者行为有显著影响。

Crowdfunding has increasingly become the important research topics of scholars. Due to there is an information asymmetry in crowdfunding. Therefore, as the public investors to invest under the condition of incomplete information, the existence of herding behavior has become a problem worth studying. In this paper, through collecting sample data from one of the most influential crowdfunding websites （zhongchou.com） in China, using a multinomial logit market-share model empirically investigates herding behavior in the reward-based crowdfunding, and it is diminishing marginal effect on investment, we also verified the remaining time, number of comments and attention has significant effect on investor behavior