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Data Analysis and Knowledge Discovery  2021, Vol. 5 Issue (4): 60-71    DOI: 10.11925/infotech.2096-3467.2020.0751
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Studying Investment Decisions of Rewarded Crowdfunding Users with Emotional Distance and Text Analysis
Chen Jun(),Liang Hao,Qian Chen
School of Information Management, Wuhan University, Wuhan 430072, China
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Abstract  

[Objective] This study explores the key factors that influence the investment decision-making behaviors of rewarded crowdfunding users. [Methods] First, we applied psychological distance theory to define text emotional distance and its three dimensions. Then, we developed a measurement index for the distance based on text analysis. Third, we constructed an econometric model to investigate the influence of text emotional distance on user’s investment decisions. Finally, we conducted an empirical analysis with 161,279 project-descriptions from Kickstarter. [Results] The positive emotional tendency, affinity and interactivity of the texts have significant positive impacts on the users’ investment decisions. Negative emotional tendency poses significant negative effects on investors. Influences of text emotional distance change with different project categories. [Limitations] Findings from our study may not be applied to other crowdfunding business. Also, the qualitative research on text language in psychology and sociology is limited due to technical issues. [Conclusions] The rewarded crowdfunding projects could improve their financing rates with positive emotional tendency and affinity in their descriptions.
Key words： Rewarded Crowdfunding      Investment Decision      Text Analysis      Emotional Distance     
Received: 31 July 2020      Published: 15 December 2020
ZTFLH:  分类号: G203  
Fund:National Natural Science Foundation of China(71871168);Social Science Foundation of Wuhan University
Corresponding Authors: Chen Jun     E-mail: christina_cj@whu.edu.cn
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Cite this article:

Chen Jun,Liang Hao,Qian Chen. Studying Investment Decisions of Rewarded Crowdfunding Users with Emotional Distance and Text Analysis. Data Analysis and Knowledge Discovery, 2021, 5(4): 60-71.

URL:

https://manu44.magtech.com.cn/Jwk_infotech_wk3/EN/10.11925/infotech.2096-3467.2020.0751     OR     https://manu44.magtech.com.cn/Jwk_infotech_wk3/EN/Y2021/V5/I4/60

Research Model
词性 r a v n
词条数量 5 580 30 002 25 047 146 312
SWN Key Lexical Statistics
项目类别 项目数量 成功项目
数量		 失败项目
数量		 项目
成功率
影视 54 322 23 614 30 708 43.4%
艺术 47 911 23 833 24 078 49.7%
设计与科技 51 389 17 107 34 282 33.2%
漫画与插图 10 460 6 111 4 349 58.4%
食品与手工 46 473 13 596 32 877 29.2%
游戏 27 358 12 364 14 994 45.1%
音乐 47 395 26 201 21 194 55.2%
出版 37 017 12 879 24 138 34.7%
总数量统计 322 325 135 705 186 620 42.1%
Project Category Statistics
变量 数据
类型		 平均值 标准差 非空
项目数		 中位数
筹资目标 数值型 45 107 1 135 032 322 325 5 000
图片数量 数值型 5.75 10.42 321 479 1
对外链接数量 数值型 1.92 4.44 321 479 0
文本长度 数值型 536.17 533.44 322 325 369
是否首次发起 布尔型 - - - -
是否含有视频 布尔型 - - - -
积极情感倾向 数值型 11.00 11.62 322 325 7.40
消极情感倾向 数值型 7.52 111.69 322 325 4.54
文本亲和性 数值型 2.10 2.32 322 325 1.36
文本交互性 数值型 1.47 1.46 322 325 1.13
Variable Mean and Standard Deviation Statistics
变量类型 变量名称 变量代号 变量含义
因变量 投资者人数 BC 项目的投资者数量
控制变量 筹资目标金额 GO 由发起人设立,平台规定实际筹资额不小于筹资目标时项目筹资成功
图片数量 PC 项目说明页面中的图片数量
对外链接数量 HC 项目说明页面中的外部链接数量
文本长度 DEL 项目说明页面描述文本长度
项目（发起人）是否首次发起 IFC 项目发起人是否是首次在平台上发起项目,若是,则值为1,否则值为0
是否含有视频 HV 项目说明页面中是否含有视频介绍,若是,则值为1,否则值为0
自变量 积极情感倾向 POS 文本描述中所代表的积极倾向值
消极情感倾向 NEG 文本描述中所代表的消极倾向值
文本亲和性 AFF 文本描述中的第一人称代词的词频
文本交互性 INT 文本描述中的第二人称代词的词频
Description of Variables
变量 被解释变量：投资者数量
模型1 模型2
系数 T值 系数 T值
筹资目标 0.060 5*** 27.511 0.058 9*** 26.922
图片数量 0.027 7*** 12.357 0.028 9*** 12.896
对外链接数量 0.072 9*** 33.118 0.069 6*** 31.719
是否首次发起 -0.827 2*** -186.729 -0.819 9*** -186.027
是否含有视频 0.385 5*** 84.802 0.368 3*** 81.165
文本长度 0.125 7*** 53.535 0.152 4*** 36.249
积极倾向情感 0.027 4*** 7.014
消极倾向情感 -0.058 4*** -17.118
文本亲和性 0.083 7*** 39.505
文本交互性 0.004 5** 2.132
截距项 0.200 8*** 44.677 0.207 7*** 46.458
F值 10 770*** 6 741***
R-squared 0.286 0.295
Results of Linear Regression
项目类别 积极情感 消极情感 文本亲和性 文本交互性
影视 0.020 6**
（2.212）		 -0.011 3
（-1.406）		 0.050 0***
（8.431）		 0.017 1**
（2.583）
艺术 -0.017 5**
（-1.909）		 -0.016 6**
（-1.939）		 0.116 5***
（20.290）		 -0.018 5***
（-3.220）
设计与科技 0.018 0**
（1.907）		 -0.016 1**
（-1.858）		 0.063 6***
（10.322）		 -0.011 6***
（-2.904）
漫画与插画 0.029 7
（1.075）		 0.008 4
（0.354）		 0.067 9***
（3.203）		 0.067 9***
（3.546）
食品与手工 8.616e-05
(0.010)		 0.017 7**
(2.147)		 0.065 5***
(15.810)		 -0.003 5
(-0.749)
游戏 0.064 8***
(4.492)		 -0.056 1***
(-5.958)		 0.016 2*
(1.841)		 -0.008 1
(-1.400)
音乐 0.081 1***
(7.028)		 -0.019 6*
(-1.691)		 0.060 7***
(13.574)		 0.057 5***
(10.139)
出版 0.020 8**
(2.130)		 -0.016 7**
(-1.989)		 0.096 8***
(13.527)		 0.001 1
(0.185)
Linear Regression Results for Main Effects of Categories
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