摘要
作为一种相对新颖且日益重要的资本来源形式,众筹能够为融资者提供融资渠道。已有研究表明,众筹的文本特征是影响众筹绩效的重要因素。本文从有限关注的视角,构建了文本信息含量指标,基于2018-2020年新浪微公益平台的众筹项目进行实证分析。研究结果显示,文本信息含量高的众筹项目有更好的众筹绩效表现。进一步的研究发现,相比医疗救助项目,非医疗救助项目的信息含量对众筹绩效有更为显著的正效应;文本长度会负向调节信息含量对众筹绩效的正效应。研究可以得出如下结论:新颖且精炼的众筹文本语言可以吸引项目投资者的注意力,从而提高众筹项目的绩效。
As a novel financial mode,crowdfunding can provide financing channels for financiers.A key factor determining crowdfunding performance is the linguistic characteristics of crowdfunding texts.From the perspective of resource limitation theory,we construct an information content index and conduct empirical analyses based on the crowdfunding projects of SINA micro public welfare platform from 2018 to 2020.The results show that crowdfunding projects with high text information content have better performance.Specifically,compared with medical assistance projects,the information content of non-medical assistance projects has a more significant positive effect on crowdfunding performance.Text length negatively moderates the positive effect of information content on crowdfunding performance.The results show that through the novel and refined crowdfunding text language,project sponsors can get the attention of project investors,thus improving the performance of crowdfunding projects.
作者
刘畅
陈守明
Liu Chang;Chen Shouming
出处
《投资研究》
CSSCI
北大核心
2022年第6期96-113,共18页
Review of Investment Studies
关键词
众筹项目
有限注意
文本信息含量
众筹绩效
Crowdfunding projects
Crowdfunding performance
Information content
Text similarity
作者简介
刘畅,博士研究生,同济大学经济与管理学院;陈守明,教授,博士生导师,同济大学经济与管理学院。
