【摘要】 基于期望理论,从期望、媒介及效价知觉三方面,研究奖励型众筹不同阶段,投资者感知的激励强度对融资绩效的影响。结果表明,期望知觉、媒介知觉及效价知觉均对融资绩效有显著影响:项目融资进程越接近融资目标、任务难度越低的项目融资比例越高;项目层面和发起人层面违约风险低的项目能取得更好融资绩效;实物价值、享乐价值能促进众筹项目融资绩效的提升。项目行业类型在投资者激励强度对融资绩效的影响中发挥调节作用。更多还原

【Abstract】 Based on expectancy theory, this paper studies the impact of motivation intensity perceived by investors on the performance of reward-based crowdfunding at different stages from three aspects: expectancy perception, instrumentality perception and valence perception. The results show that the expectancy perception, the instrumentality perception and valence perception have a significant impact on crowdfunding performance, the closer the financing process approaches to the financing goal, the lower the task difficulty, the higher the proportion of project financing; and projects with lower default risk at project level and sponsor level can achieve better financing performance; and the physical value and hedonic value can improve the financing performance of the project. The industry type of the projects plays a moderating role in the impact of investors’ incentive intensity on financing performance.更多还原