创业众筹投资者项目选择的影响因素分析

发布时间：2018-03-20 02:36

本文选题：创业众筹　切入点：投资行为　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着信息时代的飞速发展,以互联网为媒介的金融市场也发生了翻天覆地的变化,网络模式削弱了投融资双反方信息不对称的情况,许多新兴的投融资方式也应运而生。众筹模式作为互联网金融模式的一种,是依托于互联网平台发展的新型投融资方式。众筹,顾名思义就是向大众募集资金,完成创业者创业项目融资的方式。如何能够吸引投资者的资金,是众筹创业者以及网络众筹平台要考虑的问题。因此,本文从投资者的视角出发,探索投资者在选择创业众筹项目进行投资时会受到哪些因素的影响,从宏观、微观两方面出发提供相关建议优化众筹的发展。本文在众筹相关文献研究的基础之上,从投资者的角度出发,探究感知有用性、感知易用性、感知风险、感知信任、预期收益、促进条件等六个维度自变量因素与投资意愿中介变量因素对投资者选择创业众筹项目的影响。本文对问卷数据运用SPSS19.0软件进行信度与效度检验以及回归分析,对本文假设进行检验。本文的主要研究结果如下:(1)感知有用性、投资意愿对投资行为显著正相关,感知风险对投资行为显著负相关;感知易用性、感知信任、预期收益、促进条件与投资行为呈正相关关系,但不显著。感知有用性、感知信任、预期收益对投资信任显著正相关,感知风险对投资意愿显著负相关;感知易用性对投资意愿呈正相关关系,但不显著。(2)感知风险、感知有用性、投资意愿对投资行为有显著的直接因果关系;感知信任、感知有用性、期望收益、感知风险对投资意愿有显著的直接因果关系,感知信任、期望收益通过投资意愿对投资行为产生了间接的影响。感知有用性、感知风险对投资行为的影响,因投资意愿的中介作用的影响,有一定的削弱作用。论文提出建议:对项目发起人,应改善项目结构,强化项目信息公开;对网络众筹平台,发展全面专业平台;对投资者,加强相关法律法规学习。
[Abstract]:With the rapid development of the information age, the financial market with the Internet as the medium has also undergone earth-shaking changes, and the network model has weakened the asymmetric information between the investment and financing parties. Many new investment and financing methods have also emerged. As one of the Internet finance models, crowdfunding mode is a new type of investment and financing mode based on the development of Internet platform. Crowdfunding, as its name implies, is to raise funds from the public. How to attract investors' funds is a problem to be considered by crowdfunding entrepreneurs and online crowdfunding platforms. Therefore, this paper starts from the perspective of investors. This paper explores the factors that affect investors' choice of entrepreneurial crowdfunding projects and provides relevant suggestions from macro and micro aspects to optimize the development of crowdfunding. From the perspective of investors, explore perceived usefulness, perceived usability, perceived risk, perceived trust, expected benefits, The influence of six dimensional independent variables such as promotion conditions and intermediary variables of investment intention on investors' choice of entrepreneurial crowdfunding projects. This paper uses SPSS19.0 software to test the reliability, validity and regression analysis of the questionnaire data. The main results of this study are as follows: 1) perceived usefulness, significant positive correlation between investment intention and investment behavior, significant negative correlation between perceived risk and investment behavior, perceived ease of use, perceived trust, expected return. Positive correlation was found between promotion conditions and investment behavior, but not significant. Perceived usefulness, perceived trust and expected income were significantly positively correlated with investment trust, while perceived risk was negatively correlated with investment intention. Perceived usability is positively related to investment intention, but not significant. 2) perceived risk, perceived usefulness, and willingness to invest have a significant direct causal relationship with investment behavior, perceived trust, perceived usefulness, and expected return. Perceived risk has a significant direct causal relationship with investment intention, perceived trust, expected return has an indirect impact on investment behavior through investment intention. Because of the influence of the intermediary role of investment will, it has a certain weakening effect. The paper puts forward some suggestions: to the project sponsors, to improve the project structure, to strengthen the project information disclosure, to the network crowdfunding platform, to develop the overall professional platform, to the investor, Strengthen the study of relevant laws and regulations.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832

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