“众筹养老”正成为近年来中国养老模式的热点议题，如何提升人们的投 资意愿是个有待深入研究的问题。人们经常被众筹项目叙述“裹挟”着，各种 话语介质，比如众筹项目文本、项目评论等，特别是项目文本，扮演了重要的 话语建构角色，是投资者决策的依据之一，也是筹资者利用众筹平台选择性地 披露和“表演”以获取资金并进行情感表达的空间。那么这种情感类的话语是 如何建构投资者的感知从而“制造”出投资者的投资意愿？此外，情感倾向是 言语研究中的一个热点问题，学者们纷纷对其进行研究。然而，情感倾向在众 筹领域的作用机制尚未进行充分的实证检验。因此，从文本情感的话语建构出 发，通过实证深入探讨文本情感倾向对投资者投资意愿的影响机制，对于众筹 项目的成功落地，有较强的理论与现实意义。 以社会建构理论和社会交换理论为基础，希望通过研究文本情感倾向对投 资意愿的作用机制，可以探明以下几个问题：（1）文本情感倾向是否对感知价 值、投资意愿有影响，以及哪种文本情感倾向对感知价值、投资意愿产生更大 的影响作用；（2）感知价值是否在文本情感倾向与投资意愿关系中起中介作用； （3）投资者的利他主义是否可以对感知价值与投资意愿的关系产生影响。 采用定性分析与定量分析，围绕“文本情感倾向如何影响投资者投资意愿” 展开研究。通过文献梳理及逻辑推理，基于社会建构理论和社会交换理论，引 入感知价值为中介变量及利他主义为调节变量，构建文本情感倾向对投资意愿 影响的概念模型，并提出研究假设。为了验证模型，利用 NLPIR 大数据搜索与 挖掘平台对众筹网站筛选获取的 100 个众筹养老项目文本进行情感倾向测量； 根据 100 个众筹养老项目编制问卷随机发放，每套问卷保证有 4-5 个人填写，经 过整理后，共获得 386 份问卷；最终配对数据并采用 Mplus7 软件进行统计分析。 研究结果表明：（1）众筹项目的文本情感积极性与情感消极性对投资意愿 产生正向影响，但文本情感积极性的影响比较强；（2）众筹项目的文本情感积 极性对投资者体验价值和经济价值产生正向显著影响，而众筹项目的文本情感 消极性对投资者体验价值产生正向影响但不显著，对经济价值产生负向影响但 不显著；（3）投资者体验价值和经济价值对投资意愿产生正向显著影响；（4）II 投资者体验价值和经济价值在众筹项目的文本情感积极性与投资意愿起完全中 介作用；（5）投资者利他主义在体验价值与投资意愿的关系中起调节作用。研 究结论拓展了社会建构理论在众筹领域的应用，也进一步丰富了众筹项目中投 资者投资意愿的研究。最后提出提高众筹意愿的策略，也阐述关于本研究的不 足以及未来的展望。 关键词：情感倾向 社会建构 感知价值 投资意愿 利他主义III Abstract In recent years, crowdfunding for elderly care has become a hot topic in Chinese pension model. How to improve people's willingness to invest is an issue that needs to be further studied. People are often held hostage by crowdsourcing projects. Various discourse media, such as crowdfunding project texts, project reviews and so on, especially project texts, play an important role in discourse construction. They are one of the basis for investors'decision-making, and also the space for fund-raisers to selectively disclose and perform to obtain funds and express their emotions through crowdsourcing platforms. So how does this kind of emotional discourse construct investors'perception so as to create investors' investment willingnessIn addition, emotion tendency is a hot topic in speech research, which has attracted much attention from scholars. However, its effectiveness and mechanism of crowdfunding have not been fully tested. Therefore, from the perspective of discourse construction of text emotion tendency, this paper explores the influence mechanism of text emotion tendency on investor's willingness to invest through empirical research, which has strong theoretical and practical significance for the successful landing of crowdsourcing projects. Based on the theory of social construction and social exchange, this paper studies the mechanism of text emotion tendency on investment willingness, hoping to find out the following questions: (1) Whether emotion tendency has an impact on perceived value and investment willingness, and which emotional tendency has a greater impact on perceived value and investment willingness; (2) Whether perceived value plays an intermediary role in the relationship between emotion tendency and investment willingness; (3) Whether investors'altruism can influence the relationship between perceived value and investment willingness. Using qualitative analysis and quantitative analysis, this paper focuses on the issue of how emotion tendency affects investors'investment willingness. Through literature review and logical reasoning, based on social construction theory and social exchangeIV theory, introducing perceived value as intermediary variable and altruism as moderator variable, this paper constructs a conceptual model of the impact of emotion tendency on investment intention, and puts forward research hypothesis. In order to verify the model, the NLPIR big data semantic intelligent analysis platform was used to conduct text sentiment analysis and measurement on 100 crowdfunding projects selected from crowdfunding websites.100 sets of questionnaires were randomly distributed according to 100 crowdfunding projects, each set of questionnaires guaranteed 4-5 individuals filled out, after finishing, a total of 386 questionnaires were obtained.the final pairing data was analyzed by Mplus7 software. The results show that: (1) The emotional positivity and emotional negativity of the crowdfunding project have a positive impact on the willingness to invest, but the influence of the emotional positivity of the text is stronger than the negative impact of the text.(2) The emotional positivity of the crowdfunding project has a positive and significant impact on investor experience value and economic value, while the emotional negativity of crowdfunding projects has a positive impact on investor experience value but is not significant, and has a negative impact on economic value but is not significant.(3) Investor experience value and economic value can have a positive and significant impact on investment willingness.(4) Investor experience value and economic value play a full intermediary role in the emotional positivity of the crowdfunding project text and the investor's willingness to invest.(5) Investor altruism plays a regulatory role in the relationship between experience value and investment willingness. The research conclusion expands the application of social construction theory in the field of crowdfunding, and further enriches the research of investors'investment willingness in crowdfunding projects. At the end of the paper, the suggestions for raising the willingness of crowdfunding are put forward, and the shortcomings of this research and the future research direction are pointed out. Key Words: Emotion tendency Social construction Perceived value Investment intention AltruismV 目录 第 1 章 绪论...............................................................................................................1 1.1 选题背景...........................................................................................................1 1.1.1 现实背景....................................................................................................1 1.1.2 理论背景....................................................................................................3 1.2 研究意义...........................................................................................................5 1.2.1 理论意义....................................................................................................5 1.2.2 实践意义....................................................................................................5 1.3 研究方法与技术路线图...................................................................................6 1.3.1 研究方法....................................................................................................6 1.3.2 技术路线图................................................................................................7 1.4 研究内容...........................................................................................................8 1.5 研究创新点.......................................................................................................9 1.6 本章小结........................................................................................................ 10 第 2 章 理论基础与文献综述................................................................................ 11 2.1 理论基础........................................................................................................ 11 2.1.1 社会建构理论......................................................................................... 11 2.1.2 社会交换理论......................................................................................... 13 2.2 文献综述........................................................................................................ 14 2.2.1 情感倾向................................................................................................. 14 2.2.2 感知价值................................................................................................. 18 2.2.3 投资意愿................................................................................................. 23 2.2.4 利他主义................................................................................................. 26 2.3 本章小结........................................................................................................ 28 第 3 章 研究模型与假设........................................................................................ 31 3.1 研究模型........................................................................................................ 31 3.2 研究假设........................................................................................................ 32 3.2.1 文本情感倾向与投资者投资意愿......................................................... 32VI 3.2.2 文本情感倾向与投资者感知价值......................................................... 33 3.2.3 投资者感知价值与投资意愿................................................................. 34 3.2.4 投资者感知价值的中介作用................................................................. 35 3.2.5 利他主义在感知价值与投资意愿之间的调节作用............................. 37 3.3 研究假设汇总................................................................................................ 38 3.4 本章小结........................................................................................................ 39 第 4 章 问卷设计及预调研.................................................................................... 41 4.1 调查问卷的设计............................................................................................ 41 4.1.1 问卷设计的思路..................................................................................... 41 4.1.2 问卷的量表构成..................................................................................... 42 4.2 预调研问卷收集与分析................................................................................ 43 4.2.1 预调研样本特征..................................................................................... 43 4.2.2 预调研数据分析..................................................................................... 45 4.3 正式调研问卷内容汇总................................................................................ 50 4.4 本章小结........................................................................................................ 51 第 5 章 数据分析与假设检验................................................................................ 52 5.1 研究工具与研究方法.................................................................................... 52 5.1.1 研究工具................................................................................................. 52 5.1.2 研究方法................................................................................................. 52 5.2 问卷的发放和回收........................................................................................ 53 5.3 描述性统计分析............................................................................................ 53 5.3.1 样本的描述性统计................................................................................. 53 5.3.2 变量测量项目的描述性统计................................................................. 55 5.4 共同方法偏差检验........................................................................................ 56 5.5 信度和效度检验............................................................................................ 57 5.6 各变量相关性分析........................................................................................ 59 5.7 研究的假设检验............................................................................................ 60 5.7.1 文本情感倾向对投资者投资意愿影响的关系检验............................. 61 5.7.2 文本情感倾向对投资者感知价值影响的关系检验............................. 61 5.7.3 投资者感知价值对投资意愿影响的关系检验..................................... 61VII 5.7.4 投资者感知价值的中介效应检验......................................................... 62 5.7.5 投资者利他主义的调节效应检验......................................................... 64 5.8 假设检验结果分析与汇总............................................................................ 66 5.8.1 假设检验结果分析................................................................................. 66 5.8.2 假设检验结果汇总................................................................................. 67 5.9 本章小结........................................................................................................ 68 第 6 章 研究结论与展望........................................................................................ 70 6.1 讨论与结论.................................................................................................... 70 6.1.1 研究讨论................................................................................................. 71 6.1.2 研究结论................................................................................................. 75 6.2 管理启示........................................................................................................ 75 6.3 研究的局限与展望........................................................................................ 77 6.3.1 现有的研究局限..................................................................................... 77 6.3.2 未来的研究展望..................................................................................... 78