心理距离视角下的奖励式众筹投资者决策行为研究-基于项目文本和多媒体信息分析

Reward-based crowdfunding platforms offer a great opportunity for small or newly established enterprises to raise money. Project features appeared on the platform may give great impact on investor’s decision-making. However, the essential features are not well investigated, and how these features influence investor’s decision-making process is not well studied. Therefore, in this research project, we plan to mine the essential features from the crowdfunding project and systematically study the influence mechanism of project features on investor’s decision-making process by using the psychological distance perspective. Specifically, we will extract the quality signal features and affective expression features from the project textual and multi-media information first. Secondly, build on construal level theory and psychological distance, a research model for investor’s decision-making process will be developed. We will give a definition of the psychological distance between the crowdfunding investor and the funder, and measure five dimensions of this psychological distance (time distance, space distance, social distance, affective distance and experiential distance) by using the essential features of the projects. Thirdly, by using the econometric model, the effect of psychological distance on investor’s decision-making behavior will be investigated from one dimension and multi-dimension perspectives. The research finding from this proposal will guide the reward-based crowdfunding platform and the funder to effectively organize the project related content in order to achieve higher funding performance.

奖励式众筹平台是帮助小微及初创企业解决融资问题的重要途径，众筹项目特征是影响投资者决策的关键因素。但目前关键项目特征识别不全，其对投资者决策的影响机制尚不清楚。因此，本项目使用数据挖掘等方法分析和提取众筹项目中的关键特征要素，并从心理距离视角系统地考察众筹项目特征要素对投资者决策行为的影响机理。 具体内容如下：（1）针对众筹项目的文本内容和多媒体信息提取影响投资者决策行为的质量信号特征要素和情感表达特征要素；（2）基于解释水平理论和心理距离构建投资者决策研究模型，根据项目特征要素识别、测度投资者与项目发起人之间的5种心理距离维度（时间距离、空间距离、社会距离、情感距离和体验距离）；（3）使用计量经济模型考察单维度及多维度心理距离对投资者决策的影响。本课题的研究成果将对奖励式众筹平台以及项目发起人如何有效组织项目内容以提高融资绩效提供有力的理论和实践支持。