科研管理

科研管理 ›› 2017, Vol. 38 ›› Issue (12): 78-88.

• 论文 • 上一篇    下一篇

股权众筹投资者动机研究

夏恩君，李森，赵轩维   

  1. 北京理工大学 管理与经济学院，北京100081
  • 收稿日期:2015-10-08 修回日期:2017-03-16 出版日期:2017-12-20 发布日期:2017-12-19
  • 通讯作者: 李森
  • 基金资助:

    国家自然科学基金项目“企业开放式创新社区网络演化研究”（71172170，2012-2015）；国家自然科学基金项目“开放式创新网络众包模式的运行机理及行为管理研究”（71572012，2016-2019）；北京市社会科学基金项目基于创新驱动的小微企业股权众筹融资模式运行机理及风险监控研究（15JDJGB022，2016-2017）。

A study of the investor motivation of equity crowdfunding

Xia Enjun, Li Sen, Zhao Xuanwei   

  1. School of Management and Economics, Beijing Institute of Technology, Beijing 100081, China
  • Received:2015-10-08 Revised:2017-03-16 Online:2017-12-20 Published:2017-12-19

摘要： 基于自我决定理论，构建了以内在动机为解释变量，外在动机为调节变量，投资意愿为被解释变量的股权众筹投资者动机模型。运用探索性因子分析和二分类Logit模型对560位股权众筹投资者的问卷调查数据进行实证检验，研究发现：（1）助人动机和信任动机荷载于一个共同因子，命名为基于信任的助人动机；（2）内在动机中基于信任的助人动机、社交动机对股权众筹投资意愿有正向影响，而支持动机的作用不显著；（3）外在动机中获取奖励的动机对股权众筹投资意愿有负向影响，而经济收益动机的作用不显著；（4）外在动机中的经济收益动机和获取奖励动机均对基于信任的助人动机与投资意愿之间、社交动机与投资意愿之间有显著的正向调节作用。

关键词: Logit模型, 股权众筹, 内在动机, 外在动机, 调节效应

Abstract: Based on self-determination theory，this study establishes equity crowdfunding investors motivation model with intrinsic motivation as independent variable, extrinsic motivation as moderating variable, and decision to pledge as dependent variable. This study carries out exploratory factor analysis and binary logit regression analysis on the questionnaire data of a survey from 560 equity crowdfunding investors. The results indicate that: (1) Help motivation and trust motivation load in a common factor, name trust-based help motivation; (2) regarding to intrinsic motivation, trust-based help motivation and community motivation all have significant positive influence on the decision to pledge, expect for support motivation; (3) regarding to extrinsic motivation, rewards motivation has significant negative influence on the decision to pledge but the effect of economic returns is not significant; (4) economic returns and rewards motivation all have significant moderating effect on the relationship of trust-based help motivation and the decision to pledge, as well as on the relationship of community motivation and the decision to pledge.

Key words: Logit model, equity crowdfunding, intrinsic motivation, extrinsic motivation, moderating effect