无法验证信息披露有助于获得众筹项目投资者青睐吗?  

Does Unverifiable Disclosures Affect the Attention Degree of Crowd Funding?

作　　者：刘志洋[1] LIU Zhi-yang(School of Economics and Management, Northeast Normal University, Changchun Jilin 130117)

机构地区：[1]东北师范大学经济与管理学院

出　　处：《湖南财政经济学院学报》2019年第5期109-118,共10页Journal of Hunan University of Finance and Economics

基　　金：吉林省科技发展计划项目软科学研究项目“依托互联网金融发展吉林省普惠金融对策研究”(项目编号:20160418045FG);教育部人文社会科学研究青年基金项目“货币政策与宏观审慎监管协同机制及有效性检验”(项目编号:19YJC790088)

摘　　要：在众筹平台的项目介绍中,项目发起者会增加许多无法验证真伪的信息,以获得投资者的青睐。使用众筹网863个众筹项目的数据,通过实证分析表明:不可验证信息含量越多,越不利于项目发起者获得投资者的资金支持,越不利于吸引更多的投资者进行投资;不可验证信息整体上对人均投资额度影响不是非常显著。基于Tobit模型的稳健性检验也得出了一致的结论。说明不可验证信息不利于众筹平台项目发起者获得投资者青睐。In the project introduction of the crowdfunding platform, the project sponsor will add a lot of information that cannot be verified to win the favor of investors. This paper uses the data of 863 crowdfunding projects of zhongchou.com, and the empirical analysis shows that the more non-verifiable information, the more unfavorable it is for the project sponsor to obtain financial support from investors, and the more unfavorable it is to attract more investors for investment. The unverifiable information does not have a significant impact on the per capita investment amount as a whole. The robustness test based on Tobit model also reaches a consistent conclusion. This shows that non-verifiable information is not conducive to the crowdfunding platform project initiator to win the favor of investors.

关 键 词：无法验证信息 众筹平台 投资者决策 

分 类 号：F724.6[经济管理—产业经济] F832