【摘要】 优惠券是企业常用的营销工具，已有研究一般隐含着低外在风险的常态市场环境设定，鲜有探究在高外在风险下优惠券对消费决策的影响。新冠疫情对经济发展和居民消费都产生了深刻影响，为激发消费活力，中国很多企业都推出优惠券活动，但在新冠疫情这一高外在风险背景下，优惠券究竟如何影响消费者决策值得进一步探索。基于信任理论，探索在新冠疫情下消费者对企业优惠券的兑换意愿，并探究消费者对企业的能力信任和善意信任的中介作用，引入信任线索作为调节变量，考察企业应该如何影响消费者对优惠券的感知和态度。通过新冠疫情期间真实的企业优惠券发放和兑换数据，初步检验消费者在新冠疫情期间的优惠券使用情况，结合情景实验明确新冠疫情风险对优惠券兑换意愿的影响机制以及信任线索的调节作用。运用Spss进行方差分析，采用bootstraping法进行中介效应检验，以验证研究假设。研究结果表明，新冠疫情风险会影响消费者对企业优惠券活动的信任水平和优惠券的兑换意愿。研究1a通过二手数据为新冠疫情风险负面影响优惠券兑换率提供了初步证据；研究1b结合情景实验再次发现，在新冠疫情风险下消费者对企业优惠券的信任水平和兑换意愿下降，能力信任和善意信任在这一关系中起中介作用。研究2对企业优惠券的语义线索进行设计，结果表明在高新冠疫情风险下，增加信任线索可以提升优惠券的兑换意愿，其中善意信任线索的作用要优于能力信任线索。研究发现高外在风险情景下消费者对潜在的风险损失更为敏感，担心企业优惠券的真实意图和利益保障能力，降低对企业优惠券的信任水平和兑换意愿。研究结果为优惠券的相关研究提供了新的视角，为企业优惠券在风险情景下的发放策略提供了建议，也为在不确定性环境下如何恢复和刺激消费提供了一些思路。更多还原

【Abstract】 Coupons are frequently utilized as a marketing tactic by enterprises. Existing studies on coupons primarily assume a typical market environment with low external risk, whereas little attention has been paid to how coupons affect consumers′ purchasing decisions in situations with high external hazards. The unexpected threat of the COVID-19 epidemic has had a significant impact on both economic growth and residential consumption, and many companies have launched coupon campaigns to encourage consumption, but it is important to learn more about how coupons influence consumer decisions in this high extrinsic risk environment.On the basis of trust theory, we examine consumers′ willingness to use coupons issued by enterprises in the context of the COVID-19 pandemic, investigate the mediating effects of consumers′ competence trust and goodwill trust in corporations, introduce trust cues as moderating variables, and consider how corporations can affect consumers′ perceptions and attitudes toward coupons. Initially, the willingness of consumers to use coupons during the epidemic risk period was examined using data from an actual enterprise′s coupon issue and redemption. Scenario experiments were also conducted to clarify the mediating role of perceived trust and the moderating role of trust cues. This study used ANOVA and bootstrap mediator analysis in Spss to test hypotheses.According to the findings, extrinsic risk conditions can influence customers′ trust in coupon promotions as well as their propensity to use coupons. Based on secondary data, study 1a provided preliminary evidence that epidemic risk had a negative impact on coupon redemption rates. In study 1b′s scenario experiment, it was discovered that consumers′ perceived trust and willingness to use coupons dropped in situations of high epidemic risk, with competence trust and goodwill trust serving as the mediators of this association between external risk situations and coupon usage intention. Study 2 developed semantic cues for coupons and showed that, in high epidemic risk scenarios, offering trust cues can enhance coupon redemption intentions, with goodwill trust cues outpacing competence trust cues.The study found that consumers were more sensitive to potential risk losses in high external risk scenarios, concerned the true intentions and interest protection capabilities of corporate coupons, and reduced the level of trust and willingness to honor corporate coupons.The findings imply that in high extrinsic risk situations, consumers were more sensitive to potential risk loss, which leads them to be concerned about the authenticity intentions and benefit-securing capabilities of coupons issued by enterprises,thereby lowering their perceived trust in coupon promotions and willingness to redeem coupons. This study presents a fresh viewpoint on coupon-related research, discusses approaches for enterprises to issue coupons in risky situations, and offers some suggestions on how to repair and boost consumption in an uncertain environment.更多还原