在线投资行为的本地偏好:基于在线融资市场的实证研究  

An Empirical Study of Home Bias in Online Investments:Evidence from Online Financing Market

作　　者：郭丽环[1,2] 郭东强 GUO Lihuan;GUO Dong-qiang(College of Business Administration,Huaqiao University,Quanzhou 362021,China;Tan Siu Lin School of Business,Quanzhou Normal University,Quanzhou 362000,China)

机构地区：[1]华侨大学工商管理学院,福建泉州362021 [2]泉州师范学院陈守仁商学院,福建泉州362000

出　　处：《中国管理科学》2020年第5期25-38,共14页Chinese Journal of Management Science

基　　金：国家自然科学基金资助项目(71601082,71771177);福建省自然科学基金项目(2017J01132);华侨大学高层次人才科研启动项目资助(16SKBS102);华侨大学教师教学发展改革项目(17JF-JXGZ17)。

摘　　要：传统的市场交易存在本地偏好,交易双方的地理位置趋同。然而,在线众筹平台打破了空间局限,地理位置的影响理应比传统市场小得多。为此提出三个问题:(1)众筹投资行为是否存在本地偏好?以及不同层次本地偏好有何差异?(2)本地偏好对投资行为和项目融资效果的影响;(3)对投资者的本地偏好进行机理分析和理论解释。以Kickstarter为研究对象,从国家级、区域级以及微观三个层次,分别构建了本地偏好模型以分析用户投资行为。研究表明,众筹项目的投资行为存在本地偏好,投资者偏好投资距离较近的项目,并且三个层次的本地偏好呈现不同模式。戏剧类项目的投资意愿受本地偏好的影响最强烈,其次是食品类,影响最弱的是游戏类。对于投融双方的距离来说,戏剧类项目的平均距离最小,为1474公里;而游戏类项目的平均距离最大,达到4624公里。众筹投资的本地偏好具有叠加效用,即融资者在异地进行融资的话,可以获得更高的融资成功率。最后,从信息传递理论、心理学、行为学等角度解释了本地偏好存在的原因以及影响。本文丰富了互联网金融研究以及用户行为模式研究,从投资行为角度为众筹项目研究和实践提供了新视角。The rise of online financing has contributed to the prosperity of crowdfunding market.Investors’participation in a crowdfunding project is influenced not only by economic factors,but also by psychological factors.Among these factors,home bias is one of the factors.Investors’preference for local resources has been proven to be widespread in many other industries,but there is a lack of in-depth discussion in the area of crowdfunding filed.Home bias is often found in traditional transactions,leading the locations of buyers and sellers to converge.However,as the informationpresentation and the investment of crowdfunding campaigns are usually accomplished online,the crowdfunding theoreticallybreaks the limitation of geographical space,and home bias may not be significantly.To verify the home bias in online financing,we proposed the following three questions:(1)Is there any home bias in the crowdfunding market?And what is the difference between home bias at different levels?(2)The impact of home bias on investment behavior and pledge results;(2)How to explain the home bias of investors?We investigate Kickstarter by empirical models,we established the models of home bias incountry-level,regional-level and microlevel respectively.The key equations,such as c=sin(LatA)*sin(LatB)*cos(LonA-LonB)+cos(LatA)*cos(LatB)and Distance=Arccos(c)*R*Pi/180 are employed to calculated the distance between the fundraisers and the backers.At the meantime,dyadic analysis model is employed to estimate the economic impact of home bias on the pledged results,and the main model is prob(Investori backs Founderj)=β*SamePlaceij+f(InvestorInfoi,FounderInfoj,ProjectInfo)+εij.The following process is followed to solve the problem:first,whether there is conclusive evidence of home bias in crowdsourcing investment behavior is examined;then,if there is home bias unequivocally,what is the impact of hoe bias on crowdfunding financing results?Will home bias promote financing success or vice versa?Finally,the home bias in online financing for the psyc

关 键 词：众筹 本地偏好 融资绩效 投资意愿 Kickstarter 

分 类 号：TN948.61[电子电信—信号与信息处理]