群眾募資 (Crowdfunding) 是近年企業籌得資金的常見方式，募資平台用戶可透過投資幫助企業募集資金，但如何提升用戶的投資意圖，成了值得探究的議題。有別於過去研究僅就理性分析評估或直覺追隨他人探討用戶投資募資平台專案產品意圖，本研究整合理性與非理性投資的架構，以資訊透明度與羊群效應進行討論，並根據募資平台特性，加入消費者賦權、情緒渲染、知覺風險與享樂型價值，進一步觀察募資平台特性間的直接與間接效果，以更全面掌握用戶投資募資專案之意圖。本研究採用問卷調查法，兩階段有效問卷總計回收 353份，以線性結構方程式進行研究假說之分析。本研究經由實證分析結果發現，資訊透明度對用戶投資意圖並無直接影響，而是必須透過消費者賦權與情緒渲染間接影響享樂型價值，以促進投資意圖。另一方面，羊群效應則可直接或間接提升用戶投資意圖，然而，若募資者可透過募資專案文案引發情緒渲染，可更大程度提高享樂型價值，最終顯著提升投資意圖，這代表募資平台用戶可能更重視的是能夠藉由瀏覽或投資所獲得的情感及體驗。此外，知覺風險不論在資訊驅使或群眾影響投資意圖間，皆不存在顯著效果，表示相較於其他情境，募資平台用戶存在更大的風險偏好程度。最後，本研究分別提供提升募資績效相關之學術發展、企業方針及主管機關政策制定作為參考。;Crowdfunding is a common way for companies to raised funds in recent years. Users of crowdfunding platforms can offer the companies funds by investing in the project. But the topic of how to enhance their investment intention is important. Unlike previous studies that only evaluated investments decision by rationally analyzing or intuitively following others, this study integrated the structure of rational and irrational investment decisions. We discussed the investment intention with information transparency and herding behavior, also with customer empowerment, emotional contagion, perceived risk, and hedonic value according to the characters of crowdfunding platforms. Additionally, this study will research the relationship between these characters to clarify the users’ investment intention. The research model was tested with data collected from 353 potential users, and using structural equation modeling (SEM) to validate the causal relationship between variables. The results of this study were summarized as follows. Information transparency has no direct effect on investment intention unless it positively affects the hedonic value by positively affecting customer empowerment and emotional contagion. Besides, herding behavior has direct and indirect effects on investment intention. However, the fundraiser can enhance the hedonic value more by triggering emotional contagion with project introduction and end up significantly promoting the users to invest. It represents that the users care more about their emotions and experience during browsing the crowdfunding platforms. Moreover, the perceived risk has no marked effect between investment intention and information transparency or herding behavior. It shows that the users of crowdfunding platforms have more risk preference than the users of any other online situation. The results of this study could provide a reference on academic, practical, and political aspects
