摘要：随着互联网金融的快速发展，众筹引起了学者的研究兴趣，研究的主题包括项目成功的影响因素和出资人行为等。为了进一步了解众筹过程中的出资人行为，本文关注出资人的信息隐藏行为这一尚未进行深入研究的问题，并分析其对后续出资人出资行为的影响。本文基于信息控制和社会规范理论提出了研究假设，通过Datascraper抓取了Indiegogo网站上的数据，一共获得了3918个众筹项目的相关信息，最终形成包括212753个样本的面板数据。通过研究分析，本文发现，若项目之前出现了出资人信息隐藏，则接下来的出资人很有可能会继续选择隐藏，并且项目当天获得的实际筹资额也会减少。此外，目标筹资额越高，项目当天获得的实际筹资额就会越少；筹资期越长，项目当天获得的实际筹资额也会越少。本文的研究结果对众筹项目的发起人成功筹集资金具有一定的指导意义，对众筹平台更好的运营项目也具有一定的指导意义，对众筹项目的出资人具有一定的借鉴和参考。

关键词：众筹；信息隐藏；社会规范；面板数据

Backer’s Information Hiding Behavior and its Influence in the Process of  Crowdfunding

Abstract：With the rapid development of the internet financial, the crowdfunding aroused the interest of scholars. The research topics include the influential factors of the success of crowdfunding and investors’ behavior. In order to understand the behavior of investors in the process of crowdfunding further, this paper focuses on the information hiding behavior of the investors, which has not yet been studied in depth, and analyzes its impact on the contribution of the followers. Based on the theory of information control and social norm, this paper puts forward three hypotheses. This paper used Datascraper to scrape the data on the Indiegogo website, receiving a total of 3918 related campaign information, and eventually formed 212,753 samples of panel data. Through the analysis, this paper found that if the previous investors hide their information, then the next investor is more likely to choose to hide their information, and the actual funding amount of the campaign the day will be reduced. In addition, the higher the target is, the less the actual financing amount will be made the day; the longer the period is, the less the actual funding amount will be the day. The results of this paper have a certain guiding significance for the success of campaigns, and also have some guiding significance for the better operation of the platform, and have some reference for the investors.

Keywords: Crowdfunding; Information Hide; Social Norm; Panel Data

目录

1.绪论 1

1.1研究背景与意义 1

1.1.1研究背景 1

1.1.2研究意义 2

1.2国内外研究现状综述 3

1.3研究目的和内容 5

1.3.1研究目的 5

1.3.2研究内容 6

1.4研究方法 7

1.5研究思路和章节安排 9

1.5.1研究思路 9

1.5.2章节安排 10

2.理论概述 12

2.1众筹 12

2.2社会规范 15

2.3信息控制 16

2.4面板数据模型 17

3.研究假设