投资者动机对众筹投资决策的影响

基于慈善理论,投资者动机分为内源动机、外源动机和提升声誉动机,这些动机既能影响众筹投资者的投资决策,也会相互影响。本文借助"众筹网"的投资数据,对投资者进行分类,考察投资者动机对众筹决策的影响。研究结果显示外源动机投资者、提升声誉动机投资者的投资金额更高;进一步探究内源动机与声誉动机的相互影响,结果显示二者负相关,内源动机投资者更关注内心满足,而对声誉需求较少。该研究可以辅助筹资者设置项目内容吸引不同动机投资者,并帮助众筹平台优化服务,从而提高项目融资效率和成功率。

The Influence of Investor Motivation on Crowdfunding Investment Decision

Based on the theory of charity, the investor motivations are divided into endogenous motivation, exogenous motivation and reputation-promotion motivation. These motivations could affect the crowdfunding investors’ investment decisions and also affect each other. Based on the investment data of "Crowdfunding Network", the authors of this paper classify the investors and investigate the influence of investor motivation on crowdfunding decision. The results of the paper show that the investment amount from exogenous motivation investors and reputation-promotion motivation investors is greater;the further exploration, shows that the interaction between endogenous motivation and reputation-promotion motivation are negatively related, and endogenous motivation investors are more concerned with inner satisfaction, and less with reputation.