夏雨 魏明侠 申聪 方磊

摘 要：互联网众筹在活跃金融系统的同时，也可能成为金融风险的“灰犀牛”，其中支持者感知风险是诱发点，但对此一直缺乏研究关注。因此，本文基于风险归因理论，从参与者行为的角度厘定影响众筹支持者感知风险的因素，构建支持者感知风险行为归因概念模型;进而，通过问卷调查采集不同类型众筹的用户数据进行实证分析。研究发现，参与者行为对众筹支持者的感知风险具有显著影响，但不同参与者行为影响的显著性水平有所差异;此外，众筹类型能够调节部分参与者行为对众筹支持者感知风险的影响。这些结论有望为互联网众筹风险管理提供理论依据。

关键词：风险归因;参与者行为;众筹支持者;感知风险;众筹类型

中图分类号：F832.39文献标识码：A文章编号：1003 5192（2021）04-0045-08doi：10.11847/fj.40.4.45

Abstract：The Internet crowdfunding can be “The Gray Rhino” of financial risks when it activates the financial system. Despite backers perceived risk is considered as a trigger point， there is still lack of in depth research. Therefore， based on the theory of risk attribution， this paper identifies the behavioral factors with different dimensions that influence the perceived risk of crowdfunding backers， and then constructs the conceptual model of attributional behavior of backers perceived risk. Furthermore， the data of different types of crowdfunding users are collected through questionnaire survey for empirical analysis. The results show that participants behavior has a significant impact on the perceived risk of crowdfunding backers， but its significance level is different. Moreover， the crowdfunding type can regulate the influence on participants perceived risk to some extent. The conclusions are expected to provide a theoretical basis for management of Internet crowdfunding risks.

Key words：risk attribution; participant behavior; crowdfunding backer; perceived risk; crowdfunding type

1 引言

互联网众筹（简称“众筹”）作为互联网金融的一种新型投融资模式，以其独有的低门槛、多样性和创意性等特点受到大众的青睐。现阶段，众筹虽然能够为创业者提供更好的融资渠道和更高的创业效率，但由于其发展尚处于探索期，相关风险问题仍较为凸显。从二手车众筹平台“金福在线”的失联到水滴筹的“骗捐”风波等一系列“黑料”事件的频发，严重損害了支持者的权益、加剧其感知风险，动摇了支持者对众筹行业的信心。然而，感知风险是影响消费者购买决策的重要因素[1]，众筹项目作为一种金融产品，同样也需要获得支持者的积极参与和支持才能成功。……