广义虚拟经济视角下投资者对捐赠型众筹参与意愿细分与虚拟价值提升策略

Segmentation and Virtual Value Promotion Strategies of Investors' Willingness to Participate in Donatedcrowd funding under the contex to fgeneralized virtual economy

广义虚拟经济是一种以心理需求为导向、并产生虚拟价值的经济形式,捐赠型众筹就属于其中一种。投资者在外部影响和内心慈善心理感知下做出决策,这体现了广义虚拟经济中的虚拟价值。为了探究投资者参与意愿的关键决定因素,项目发起者和平台需要了解投资者的参与意愿;然而投资者具有潜在的不可观测的异质性,因此可以通过细分将他们区别开来。本文选取了268位经验丰富的投资者参与了本次研究,结果表明,慈善与促进条件对参与意愿有显著影响,年龄在30岁、月收入为3000元/月为潜分类的分界点。有趣的是,感知风险被认为与初始信任正相关,这挑战了对感知风险对信任产生负向影响的传统观点。本研究不仅表明了投资者投资意愿的关键决定因素与细分,而且提出了提高参与捐赠型众筹虚拟价值的意见。

The generalized virtual economy is a kind of economic form which takes the psychological demand as the guidance and produces the virtual value, and the donated crowdfunding belongs to this form. Investors are pushed by the external impact and inner charity psychological perception to make decisions, which reflects the virtual value of the generalized virtual economy. In order to explore the key determinants of investor willingness for participation, project sponsors and platforms need to understand their willingness to participate; however, investors have potentially unobservable heterogeneity, so they can be distinguished by the segmentation. 268 experienced investors are selected to participate in this study. The results show that charity and facilitating conditions have significant impacts on the participating willingness; moreover, aged 30 years old, monthly income of 3,000 yuan/month are the demarcation point of latent classes. Interestingly, perceived risk is considered to be positively related to initial trust, which challenges the traditional view of perceived risk that has a negative impact on trust.This study not only demonstrates the key determinants and segmentation of investor willingness to invest,but also suggests how to raise the virtual value to participate in the donated crowdfunding.