信息不对称下的股权众筹互动与投资者让渡价值研究：基于心理契约理论

While equity-based crowdfunding provide a new financing channel, its development is still impeded by adverse selection and moral hazard caused by information asymmetry. How to alleviate the extent of information asymmetry has drawn great attention from academia and industry. Interaction is possible to reduce the degree of information asymmetry. Study on the interaction issues is still in in primary stage, especially lack of empirical research on the determinants and consequences of interactions and customers’ delivered value in the context of equity-based crowdfunding. The dearth of relevant studies indicates a great need for present research. It is not only a frontier academic problem, but also a critical practical issue to analyze the interactions in the context of equity-based crowdfunding. Based on Psychological Contract Theory as well as integrated methodologies such as field visits and questionnaire survey, this research focuses on the following four questions: ①What are the factors affecting the interaction in the context of equity-based crowdfunding? ②How does interactions affect investors’ delivered value? ③How does psychological contract moderate and mediate the relationship between interactions and investors’ delivered value? ④How does investors’ delivered value affect their emotional reactions and behavioral intention? Expected results will not only deepen and diversify the theoretical study in intersection between interaction and delivered value, but also offer decision making references to crowdfunding industry.

股权众筹在提供融资渠道创新的同时，其发展仍然受到因信息不对称引起的逆向选择和道德风险的制约，如何缓解股权众筹信息不对称已引起学界与业界的关注。互动提供了降低信息不对称的可能性，但目前学术界关于股权众筹互动的研究还处于起步阶段，尤其缺乏股权众筹互动对投资者让渡价值及其后续行为的相关研究。因此本研究既是一个前沿的学术问题，也是重要的实践问题。本项目基于顾客让渡价值与心理契约理论，构建众筹互动-让渡价值-后续行为循环模型，通过实地考察、问卷调研等方法，重点研究以下四个问题：①股权众筹互动形成的影响因素是什么？②股权众筹互动对投资者让渡价值的影响机理是什么？③心理契约对于股权众筹互动与投资者让渡价值的关系是否具有调节和中介作用？④投资者让渡价值对于股权众筹投资者情感反应和行为意向的影响机理是什么？预期成果不仅有助于深化和丰富互动与让渡价值交叉领域的理论研究，还可为众筹的业界实践提供决策参考。

股权众筹在提供融资渠道创新的同时，其发展仍然受到因信息不对称引起的逆向选择和道德风险的制约，如何缓解股权众筹信息不对称已引起学界与业界的关注。本项目将围绕“众筹互动→让渡价值→后续行为”这样的一个前后相续的闭环链条，基于顾客让渡价值与心理契约理论，从成因与结果两方面，致力于研究股权众筹互动和投资者让渡价值形成的影响因素及作用结果，本项目取得一系列研究成果，主要有以下几个方面：① 识别股权众筹互动影响因素、开发在股权众筹情境下的互动、心理契约、顾客让渡价值等的维度量表。② 从感知总价值、感知总成本角度揭示股权众筹互动对投资人让渡价值的影响机理。③ 研究心理契约对于股权众筹互动与投资人让渡价值的关系是否具有调节和中介效果。以上研究成果发表在European Journal of Operational Research、Industrial Management & Data Systems、Online Information Review等国际知名期刊上，较好的完成预定研究目标。预期成果不仅有助于深化和丰富互动与让渡价值交叉领域的理论研究，还可为众筹的业界实践提供决策参考。