报告摘要：
众筹往往能筹集到超募资金，需要一种新颖的理论视角来理解为什么资助者在支持某些股权众筹活动方面表现出非凡的热情，而这些活动远远超出了筹资者的最初预期。在现有关于传染效应的文献基础上，我们构建了一个研究模型，将竞争性的信心线索所产生的传染效应作为过度融资成功的关键驱动因素。该研究在两个互补的实证研究中得到了验证。在研究1中，我们在一个对照实验中操纵了信心线索，以验证在个人层面上信心传染的发生。分析结果表明，个人资助者可以从竞争材料中嵌入的自信线索中感知自信特征，并通过自发的社会评价机制吸收募捐者的自信。反过来，信心蔓延会促使投资者聚集起来，投资于一场运动。在研究2中，我们分析了从领先的股权众筹平台收集的二级数据集，以了解信心传染如何在集体层面上推动过度融资。通过将融资活动建模为hawkes过程，我们得出了控制资金激增的出现和规模的三个关键指标。这项研究的结果可以为理清超募现象背后的个体和集体机制之间的相互依赖关系提供理论支持，同时从超额资金中受益的募捐者可以利用本研究的见解制定竞争策略。同样，众筹平台可以利用我们的调查结果预测过度融资的程度，并相应地向募捐者提供建议。
嘉宾简介：
chee-wee tan is a professor at the department of digitalization in copenhagen business school (cbs), an honorary professor of business analytics and digitalization at the nottingham university business school china in the university of nottingham ningbo china (unnc), an adjunct professor at the school of business in monash university, a distinguished research scholar at the faculty of business in lingnan university (lnu), a guest professor at the school of management in the university of science and technology of china (ustc), and a visiting professorial fellow at the school of information systems and technology management in university of new south wales (unsw). he received his ph.d. in management information systems from the university of british columbia. his research interests focus on design and innovation issues related to digital services. his work has been published in leading peer-reviewed journals such as mis quarterly (misq), journal of operations management (jom), information systems research (isr), journal of management information systems (jmis), journal of the association for information systems (jais), european journal of information systems (ejis), and decision support systems (dss), among others. apart from his current appointment as a senior editor for misq, chee-wee has served or is currently serving on the editorial boards for acm distributed ledger technologies: research and practice (dlt), dss, ejis, industrial management & data systems (imds), ieee transactions on engineering management (ieee-tem), information & management (i&m), information systems journal (isj), internet research (intr), journal for the association of information systems (jais), journal of computer information systems (jcis), journal of management analytics (jma), and jmis. finally, chee-wee is the co-director of the joint research center between cbs and the antai college of economics and management (acem) in shanghai jiao tong university (sjtu) as well as the vice president of publications for the association for information systems (ais).
