【摘要】 在中国股权众筹监管细则尚未落地的背景下,以大众投资参与视角为出发点,基于前人对众筹成功影响因素的分析,利用众筹平台"人人投"所披露的质量信息为样本,研究融资方和众筹平台披露的质量信息与投资人的参与意愿之间的相互关系。基于ELM理论,将众筹平台披露的质量信息归结为中央路径和边缘路径。运用多元回归方法构建模型,实证结果表明:文字介绍完整度、视频时长和点赞数量对众筹项目投资人的参与热情有正向影响。整体来看,投资者对众筹平台提供的边缘路径信息更加敏感,其投资行为存在一定的羊群效应。更多还原

【Abstract】 Under the background that the regulation of equity crowdfunds in our country has not yet landed,this article takes the perspective of public participation as a starting point. Based on the analysis of predecessors’ impact on the success of crowdfunding,using the disclosed quality of "Everyone Casts" in our crowdfunding platform,the information is a sample of the research that examines how the quality information disclosed by the financier and the crowdfunding platform correlates with the investor’s willingness to participate. Based on the ELM theory,this article attributed the quality information disclosed by the crowdfunding platform to the central path and the marginal path. Multiple regression method was used to construct the model,and the empirical results showed that the completeness of text introduction,video duration and thumb up quantity have positive effects on the participation enthusiasm of investors in crowdfunding projects. On the whole,investors are more sensitive to the edge path information provided by the crowdfunding platform,and their investment behaviors have a certain herding effect.更多还原