【摘要】 在慈善众筹平台中支持者匿名资助有何直接和间接影响？文章通过联立方程模型实证分析，识别平台匿名机制对支持者自身以及后来支持者带来的资助影响。研究发现，支持者匿名资助选择与自身的资助金额之间存在互相正向的影响。虽然已有支持者的匿名资助会激励后来支持者同样选择匿名，但会负向影响后来支持者的贡献金额。匿名资助不利于后来支持者进行信息推断并建立对项目的信心。此外，已有支持者的匿名资助甚至会负向调节已有贡献金额对后来支持者资助金额的正向信号作用。慈善项目支持者在出资决策中存在观察性学习而非直接盲从。研究结果有助于众筹平台深入理解匿名机制的影响路径，并优化匿名机制设计。更多还原

【Abstract】 What are the direct and indirect impacts of backers’ anonymous funding in donation-based crowdfunding platforms?Through the empirical analysis of the simultaneous equations model, this paper identifies the funding impact of the platform’s anonymity mechanism on the supporters themselves and later supporters. The results find that there is a positive mutual influence between the anonymous funding choices of the supporters and their funding amount. Although the anonymous funding of existing supporters will encourage later supporters to choose anonymity, it will negatively affect the contribution amount of later supporters. Anonymity is not good for later proponents to infer information and build confidence in the project. In addition, the anonymous funding of existing backers will even negatively adjust the positive signal effect of the existing contribution amount on the funding amount of later supporters.Philanthropy project supporters have observational learning rather than direct obedience in funding decisions. The research results help crowdfunding platforms to deeply understand the influence path of the anonymous funding mechanism and optimize the design of this mechanism.更多还原