中文摘要：

本文分别以两个众筹项目为背景蓝本,实证研究多元社会认同如何通过群体情绪、自我和群体效能影响众筹投资者决策。研究发现：与众筹项目内容相关的认同通过情绪路径或效能路径影响投资者行为,与众筹项目发起者相关的认同则只通过效能路径影响投资者行为,并且两类社会认同对各路径的作用是一种调节关系;投资者中就业和非就业群体的决策过程不同,群体情绪主要对非就业投资者有显著影响,效能对非就业和就业投资者均有显著影响,这证实了不同类型众筹投资者决策的＂理性、感性＂异质性。本研究揭示了社会认同在投资者决策过程中的影响机制,为众筹行业提供了针对不同类型投资者凸显社会认同从而提高融资成功率的新视角。

英文摘要：

Based on the background of the two crowd- funding projects, this paper empirically studies how multiple social identities influence investors＇ deeision-making process through the group-based emotion, self and group efficiency. The research finds that the identification related with crowd-funding project content affects investors＇ behavior by emotion path or efficiency path, and the identification related with project sponsors affects investors＇ behavior by only efficiency path, furthermore, the above effects are both moderated by social identities; different investors, nonemployment and employment investors have different decision-making processes, the group-based emotion has a significant impact on non - employment investors, and the efficiency has a significant impact on both nonemployment and employment investors, confirming the heterogeneity of ＂reason and sensibility＂ in different types of investors. The research reveals the influence mechanism of the social identity in the decision-making process, and provides a new perspective to highlight social identities in terms of different investors so as to improve the success rate of the crowd-funding.