实体店众筹投资者类型与投资行为的比较研究  

A Comparative Study of Investor Types and Investment Behaviors in Physical Store Crowdfunding

作　　者：曾江洪[1] 李佳威[1] 黄向荣 ZENG Jiang-hong;LI Jia-wei;HUANG Xiang-rong(School of Business,Central South University,Changsha 410083)

机构地区：[1]中南大学商学院,长沙410083

出　　处：《软科学》2020年第3期123-128,共6页Soft Science

基　　金：国家社会科学基金项目(14BJY008);湖南省社会科学基金重大项目(15ZDA04)。

摘　　要：基于“开始吧”众筹平台的回报类型对异质投资者进行分类,运用162个项目的27413笔交易数据探究了不同类型投资者投资行为的影响因素及行为特征。结果表明:抽奖型投资者的投资行为仅受到目标金额、项目状态等项目信息的影响,项目中消费型和权益型的当期筹资额随累计筹资额的增加而增加,即他人投资信息会对这两种类型投资者的投资行为产生影响。但是相比消费型投资者被动地模仿他人决策,权益型投资者能够识别更多的私有信息,呈现相对理性的羊群效应。Based on the return type of the Kaishiba crowdfunding platform,this paper classifies the investors into three types,like raffle investors,consumer investor,and equity investor.It analyzes the influencing factors and behavioral characteristics in investment decisions of different types of investors by collecting 27413 transaction data for 162 projects.Results show that the investment behavior of raffle investors is only affected by the target amount,project status and so on.The current investment amount of consumer investor and equity investor increases as the cumulative amount increase,which indicates that these two types of investors would observe the investment information of others.On the other hand,compared with consumer investors who passively imitate others decisions,equity investors can identify more private information and show a relatively rational herding effect.

关 键 词：实体店创业 众筹 投资者类型 投资行为 

分 类 号：F247.6[经济管理—劳动经济] F832.3[经济管理—国民经济]