众筹平台中出资人信息隐藏行为的实证研究

已有研究证实了众筹平台中出资人的信息隐藏行为会对筹资额产生不利影响，但是如何化解这种不利影响尚缺乏探索。围绕出资人信息隐藏行为，研究了出资人信息隐藏行为的不利影响，并从众筹项目发起人在线互动行为出发，研究其在项目评论区和项目更新区的两类在线互动行为对出资人信息隐藏行为影响的调节作用。利用Indiegogo众筹平台上3 918个项目，共212 753个样本的非均衡面板数据进行了实证研究。结果表明：众筹项目出资人隐藏身份信息会导致筹资额的减少，但是隐藏出资信息不会影响筹资额；发起人的评论行为会强化出资人身份信息隐藏行为的不利影响，而发起人的更新行为能够有效弱化出资人身份信息隐藏行为的不利影响。

Negative Impacts of Information Hiding Behaviors of Backers in Crowdfunding: Moderating Effect of Online Interaction Behavior of Creators

Past studies have confirmed that the information hiding behavior of backers will have a negative effect on crowdfunding performance. However, little is known about how to mitigate the negative effect. Focusing on the information hiding behavior of backers, this paper examines the negative effect on the pledge of the campaigns, and investigates whether online interaction (e.g., comments and updates) can alleviate the negative effect of the information hiding behavior of investors on the success of the campaign. The unbalanced panel data which consist of the information of 3918 campaigns, adding up to 212753 observations, are constructed and analyzed. The results indicate that the information hiding behavior of investors does decrease the campaign balance. Moreover, the comments of founders will strengthen the negative effect of the information hiding behavior of investors, while the updates of founders will weaken the negative effect of the information hiding behavior of investors.