连续众筹项目发起人如何构建持续融资优势 --基于评论挖掘的投资者感知价值量化研究  

How the Initiators of Continuous Crowdfunding Projects Build Sustainable Financing Advantages:A Quantitative Research on Investor Perceived Value Based on Comment Mining

作　　者：李思思 庞建刚[2] Li Sisi;Pang Jiangang(School of Economics and Management,Huazhong Agricultural University,Wuhan 430070,China;School of Economics and Management,Southwest University of Science and Technology,Mianyang 621000,China)

机构地区：[1]华中农业大学经济管理学院,湖北武汉430070 [2]西南科技大学经济管理学院,四川绵阳621000

出　　处：《科技进步与对策》2025年第7期44-55,共12页Science & Technology Progress and Policy

基　　金：四川省科技厅软科学项目(23RKX0757);四川省哲社规划重大项目(SC20EZD059);四川信息管理与服务研究中心重点项目(SCXX2022HZ01)。

摘　　要：在线评论能为消费者和投资者购买行为及投资决策提供参考依据,同时也是销售方和筹资方获取反馈信息的重要来源。基于摩点网众筹平台的301581条众筹项目评论,采用TF-IDF算法、Word2Vec词向量模型和SO-PMI情感倾向点互信息法构建众筹领域情感词典,对众筹项目评论进行打分,结合LDA主题模型构建众筹投资者感知价值模型,研究前期项目投资者感知价值对连续众筹项目融资绩效的影响,在ABC态度理论的基础上分析其影响机制。研究发现:①前期项目投资者的总感知价值与连续众筹项目融资绩效显著正相关,并受到投资者情感中介效应和项目竞争强度的负向调节作用,主要作用于服务、形象价值两个分维度;②在前一项目尚未结束前,同时发起连续众筹项目不利于前期项目投资者感知价值延续和优势转化,但在前期项目结束后,众筹项目发起者应尽快发起连续众筹项目。据此,提出与投资者积极交流、增加前后期项目之间联动性、优化个性设计、强化售后服务等建议,可为项目发起者制定更有效的运营策略和产品改进计划提供科学依据。Online reviews can provide an important reference for consumers and investors to make purchasing and investment decisions.For crowdfunding project initiators,by analyzing project reviews,they can understand the needs and expectations of users,effectively maintain early project resources,and have a good understanding of products or projects.Optimizing services is an important means to improve the competitiveness of crowdfunding projects and investor loyalty.This study takes the successful crowdfunding projects on the domestic creative crowdfunding platform"Modian.com"as the research object,and quantitatively analyzes the emotional dimensions implicit in the comments using the text sentiment analysis method.It constructs an investor perceived value model,and studies the impact of investors'perceived value on the financing performance of sequential crowdfunding projects.First,the study uses the"Octopus"collector to collect the project characteristic indicator data and comment texts of all successful crowdfunding projects on the Modian.com crowdfunding platform as of September 8,2022.The project's characteristic indicators include the amount raised and the target amount,etc.Then,it carries out short sentence deletion,word segmentation and stop word processing on the collected data,and uses the TF-IDF algorithm,Word2Vec word vector method and SO-PMI model to build an emotional dictionary in the field of crowdfunding based on the integration of general emotional dictionaries.Third,the LDA topic model is used to extract the review topics based on the emotional scoring of the review text,and an investor perceived value model is constructed to quantify the sub-dimensions of investors'perceived value.Finally,it extracts the continuous crowdfunding samples from all samples,correlates the projects initiated by the continuous crowdfunding initiators in the early stage with the consecutive projects launched in the current period,and combines the ABC attitude theory to study the investor's perceived value of the projects initia

关 键 词：连续众筹 评论挖掘 感知价值 情感词典 

分 类 号：F062.4[经济管理—政治经济学]