成果推介丨浙江工商大学校长王永贵教授在Journal of Electronic Commerce Research发表文章

Prior studies of the effects of lotteries in crowdfunding have reported mixed findings. We contribute to the debate by asking how early lottery participation influences continued investment and peer investment in a subsequent stage, seeking to identify tactics that project creators can apply to optimally leverage the role of early lottery participation. Drawing on engagement theory, we develop and test a model using data from 424 projects collected from a Chinese crowdfunding platform. Results demonstrate that early lottery participation has a significant effect on continued investment (i.e., the investment of early lottery participants), but a nonsignificant effect on peer investment (i.e., the investment of non-early participants). Dynamic interaction between project creators and backers enhances the effects of early lottery participation on continued investment and peer investment.

以往关于抽奖在众筹中作用的研究报告结果不一。鉴于此，该研究通过探究早期抽奖参与如何影响后续阶段的持续投资和同行投资，以此找出项目创建者可用于优化提升早期抽奖参与作用的策略。基于参与理论，研究从中国众筹平台收集了424 个项目数据，构建并检验了相关理论模型。研究结果表明，早期抽奖参与对持续投资（即早期抽奖参与者的投资）有显著影响，但对同行投资（即非早期参与者的投资）没有显著影响。项目创建者和支持者之间的动态互动增强了早期抽奖参与对持续投资和同行投资的影响。

关键词

Early lottery participation; Peer investment; Information asymmetry; Engagement theory; Crowdfunding

早期抽奖参与；同行投资; 信息不对称; 参与理论; 众筹

作者介绍