IV 摘要 自 2012 年互联网金融的概念出现以来，互联网金融冲击了传统金融行业和 人民日常生活。基于人民可支配收入的不断提升以及互联网金融 监管环境的不断 改善，民众对于互联网金融投资的需求也随之增加，而互联网股票基金为低净值 用户提供了一种门槛较低、回报高的互联网理财模式。在可预见的巨大市场潜力 下，本文探索影响用户购买互联网股票基金产品的可能因素。本文借助技术接受 模型（TAM），结合互联网股票基金的产品特性以及用户的理财特性对技术接受 模型进行扩充，搭 建一个互联网股票基金的购买意愿影响因素模型。对相关研究 文献和基础理论进行了归纳分析，选取了本文的各个潜变量，构建了实证研究模 型。在借鉴前人的变量量表的基础 上，创新了一部分量表并设计了问卷，并对回 收的有效数据进行了实证分析。 通过对数据进行结构方程模型分析和拟合优化后，本文可以得出以下结论： 第一，行为态度、理财 性格对购买意愿有着显著的正向影响，且行为态度对购买 意愿的影响最强；第二，感知易用性、产品感知价值、理财知识水平对行为态度 有着显著的正向影响，但感知财务风险 有着显著的反向影响。其中，感知易用性 的影响最为显著，其次是感知财务风险。互联网金融产品与传统理财产品最主要 的一个差异就是利用互联网进行销售，因此网络平台的 易用性将会极大影响用户 的进一步操作；第三，基金公司形象、基金经理胜任能力对产品感知价值有着显 著的正向影响，且用户明显更为关注基金公司形象这个因素；第四，主 体规范在 理财性格和购买意愿中产生调节作用，且强主体规范会增强消极理财性格对购买 意愿的正向影响。 基于本文的研究结论，本文针对不同角度提出了相应的建议和举措， 包括以 下几点：第一、互联网基金公司应精准定位，挖掘更多的消费潜力；第二、互联 网基金公司应注重产品服务的提升，基金公司应与第三方平台搭建易用性高的平 台，并且 完善基金购买平台的且附加功能；第三、互联网基金公司应提升产品在 消费者眼里的价值，尤其需要提升互联网基金公司自身形象和从业人员的胜任能 力；第四、监管部门应当 进一步加强互联网金融理财环境，降低互联网理财用户 的感知风险；第五、互联网股票基金的消费者应当提升自我的理财知识水平。 关键词：互联网股票基金，购买意愿，结构 方程模型，Abstract V Abstract With the appearance of the concept of Internet Finance in 2012, the new mode of Internet has made a great difference in traditional financial industry and general life. On the basement of increasing disposable personal income and the improvement of internet financial supervision, the demand for internet financial investment of domestic people has been growing, and internet equity fund has provided a financial service with low threshold and high yield rate for the low net worth customers. Under the huge promising market potential, this thesis explores the possible factors affecting the customers to purchase the internet equity fund products. This paper combines the product characteristics of Internet equity fund with customers ’ financial features on the basis of TAM model, summarizes and analyzes related research thesis and basic theories to select all the latent variables and to build the research mode. Through the test of empirical analysis, this paper draws the following conclusions: （1）Behavior attitude and financial character have remarkable positive relationships with purchase intention. In addition, behavior attitude has the strongest affects to the purchase intention. （2）The factors including Perceived ease of use, product perceived benefits and financial management knowledge positively affect the behavior attitude, while perceived financial risk negatively affects the behavior attitude. The main difference between internet financial products and traditional financial products is whether sold on internet, therefore the ease use of internet platform will extremely influence the customers’ further operations. （3）Product perceived benefits are positively affected by fund company image and fund manager competency, and obviously customers put more attention on fund company image. （4） Close body forms play the role of regulating effect between financial character and purchase intention, and strong close body forms will strengthen the positive effect of negative financial character on purchase intention. On the basis of conclusion above, this thesis throws out related suggestions and efforts including below: （1）Internet fund company should position precisely to develop more consumption power. （2）Internet fund company should focus on the improvement of products’ services. Fund company should cooperate with third-party board to build the fund purchasing platform with high ease use and complete additional functions.（3）Internet fund company ought to focus on promoting their images and the competence of their employees, especially the fund managers, so that to increase the customers’ perceived value of products.（4）In order to decrease the customers’ perceived financial risk, supervision department should make more efforts to improve the internet financial environment. （5） Internet equity fund users should strengthen the financial management knowledge to avoid the Herd Effect. Keywords: Internet equity fund, Purchase intention, SEM model目录 VI 目录 1 绪论 ...............................................................................................................................................1 1.1 研究背景 .............................................................................................................................1 1.2 研究目的与意 义.................................................................................................................2 1.2.1 研究目 的..................................................................................................................2 1.2.2 研究意 义..................................................................................................................3 1.3 国内外研究现 状.................................................................................................................4 1.3.1 互联网理财产品研究综 述......................................................................................4 1.3.2 股票基金研究综 述..................................................................................................6 1.3.3 互联网理财产品购买意愿研究综 述......................................................................7 1.4 研究方法和研究内 容.........................................................................................................8 1.4.1 研究方 法..................................................................................................................8 1.4.2 研究内容和技术路 线..............................................................................................9 1.5 研究创新 点.......................................................................................................................10 2 相关概念界定及理论基 础..........................................................................................................11 2.1 相关概念界 定...................................................................................................................11 2.1.1 互联网股票基金理财产 品....................................................................................11 2.1.3 购买意 愿................................................................................................................11 2.2 理论基 础...........................................................................................................................12 2.2.1 消费者决策理 论....................................................................................................12 2.2.2 行为金融学理 论....................................................................................................13 2.2.3TAM 技术接受模型及其扩展模型 .......................................................................14 2.3 模型构建工 具...................................................................................................................15 2.3.1 假设检 验...............................................................................................................15 2.3.2 结构方程模型 （SEM）.......................................................................................15 3 互联网股票基金购买意愿基本假设与模型建 立......................................................................17 3.1 变量选取与基本假 设.......................................................................................................17 3.1.1 互联网股票基金购买意愿影响因 素....................................................................18 3.1.2 行为态度的影响因 素............................................................................................18 3.1.3 感知价值影响因 素................................................................................................20 3.1.4 调节变 量................................................................................................................20 3.2 模型建 立...........................................................................................................................21 4 原始数据收集与统计分 析..........................................................................................................22 4.1 问卷设计及与数据收 集...................................................................................................22 4.1.1 问卷对象与问卷内容设 计....................................................................................22 4.1.2 问卷发放与回收情 况............................................................................................23目录 VII 4.2 描述性统计分 析...............................................................................................................23 4.2.1 调查对象基本信 息................................................................................................23 4.2.2 调查对象购买互联网股票基金情 况....................................................................25 4.3 问卷信效度分 析...............................................................................................................26 4.3.1 信度分 析................................................................................................................26 4.3.2 效度分 析................................................................................................................28 5 互联网股票基金购买意愿实证分 析..........................................................................................33 5.1.3 模型修正和拟合检 验............................................................................................33 5.1 模型分析和假设检 验.......................................................................................................33 5.1.1 拟合分 析................................................................................................................33 5.1.2 路径分 析................................................................................................................33 5.1.4 调节作 用................................................................................................................34 5.2 实证结果讨 论...................................................................................................................36 5.3 建 议...................................................................................................................................37 6 结论 .............................................................................................................................................40 6.1 研究结 果...........................................................................................................................40 6.2 不足与展 望.......................................................................................................................42。。。。。。以下内容略