商业研究

商业研究

• 商经理论 • 上一篇    下一篇

回报众筹中社会认同对投资者决策的作用 ——基于群体情绪及效能路径的分析

陈艳艳1,2，王 娟2，张亚娜2   

  1. 1.深圳大学 管理学院，广东 深圳 518060；2.中南大学 商学院，长沙 410083
  • 收稿日期:2016-11-13 出版日期:2017-03-19
  • 作者简介:陈艳艳（1975-），女，辽宁辽阳人，深圳大学管理学院副教授，中南大学商学院兼职副教授，管理学博士，研究方向：创新管理、互联网金融、商业模式；王娟（1992-），女，江苏南通人，中南大学商学院研究生，研究方向：互联网金融；张亚娜（1991-），女，吉林延边人，中南大学商学院研究生，研究方向：互联网金融。
  • 基金资助:
    国家社会科学基金项目，项目编号：14BJY008；广东软科学项目，项目编号：2014A070703061；湖南省哲学社会科学基金项目，项目编号：12JD75。

The Effects of Multiple Social Identities on Investors′ Decision-making Process in Reward- based Crowd- Funding：An Analysis based on Group Emotion and Efficiency Paths

CHEN Yan-yan1,2,WANG Juan2,ZHANG Ya-na2   

  1. 1.College of Management, Shenzhen University, Shenzhen 518060，China; 2.Business School, Central South University, Changsha 410083, China
  • Received:2016-11-13 Online:2017-03-19

摘要： 本文分别以两个众筹项目为背景蓝本，实证研究多元社会认同如何通过群体情绪、自我和群体效能影响众筹投资者决策。研究发现：与众筹项目内容相关的认同通过情绪路径或效能路径影响投资者行为，与众筹项目发起者相关的认同则只通过效能路径影响投资者行为，并且两类社会认同对各路径的作用是一种调节关系；投资者中就业和非就业群体的决策过程不同，群体情绪主要对非就业投资者有显著影响，效能对非就业和就业投资者均有显著影响，这证实了不同类型众筹投资者决策的“理性、感性”异质性。本研究揭示了社会认同在投资者决策过程中的影响机制，为众筹行业提供了针对不同类型投资者凸显社会认同从而提高融资成功率的新视角。

关键词: 回报众筹, 投资者决策, 社会认同, 群体情绪, 效能

Abstract: Based on the background of the two crowd- funding projects, this paper empirically studies how multiple social identities influence investors′ decision-making process through the group-based emotion, self and group efficiency. The research finds that the identification related with crowd-funding project content affects investors′ behavior by emotion path or efficiency path, and the identification related with project sponsors affects investors′ behavior by only efficiency path, furthermore, the above effects are both moderated by social identities; different investors, non- employment and employment investors have different decision-making processes, the group-based emotion has a significant impact on non- employment investors, and the efficiency has a significant impact on both non- employment and employment investors, confirming the heterogeneity of “reason and sensibility” in different types of investors. The research reveals the influence mechanism of the social identity in the decision-making process, and provides a new perspective to highlight social identities in terms of different investors so as to improve the success rate of the crowd-funding.

Key words: reward-based crowd funding, investors′ decision-making process, social identity, group-based emotion, efficiency