Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
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A Study on Participation Intention and Herd Behavior on Domestic Securities Type Crowdfunding Investors: Focusing on the Theory of Planned Behavior

국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구: 계획된 행동이론을 중심으로

  • 황낙진 (호서대학교 벤처대학원 정보경영학과) ;
  • 이소영 (호서대학교 벤처대학원 정보경영학과)
  • Received : 2020.01.10
  • Accepted : 2020.04.06
  • Published : 2020.04.30
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Abstract

This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.

본 연구는 계획된 행동이론을 바탕으로 증권형 크라우드펀딩 투자자의 참여의도에 영향을 미치는 주요 변인들의 영향력을 확인하고, 참여 의도와 지각된 행동통제가 투자자의 무리행동에 미치는 영향을 간접효과 분석을 포함하여 살펴보고자 하였다. 본 연구의 궁극적인 목적은 연구 결과를 통해 증권형 크라우드펀딩 투자자들의 투자 행태를 이해하고 관계 당사자들에게 동 제도 활성화 및 투자자 보호를 위한 각종 정책 및 사업계획 수립에 도움을 주기 위함이다. 본 연구 수행을 위해 증권형 크라우드펀딩에 투자한 경험이 있거나 관심이 있는 잠재 투자자들을 대상으로 온라인 설문조사를 실시하여 총 276부의 응답지를 받았다. 이 중 부적합 응답을 제외한 총 261명의 설문이 최종 분석에 사용되었다. 자료 분석은 SPSS 22.0 및 Amos 22.0 통계 패키지를 통한 구조방정식 모형 분석을 실시하였다. 연구 결과 계획된 행동이론의 주요변인 중 태도와 주관적 규범은 증권형 크라우드펀딩 투자자의 참여의도에 정(+)의 영향을 미치는 것으로 확인되었다. 그리고 간접효과 분석 결과 참여의도는 태도, 주관적 규범과 무리행동 사이에서 매개적 역할을 하는 것으로 확인되었다. 그러나 계획된 행동이론에서 행동의도의 주요 변인으로 제시된 지각된 행동통제는 참여의도에 미치는 영향이 통계적으로 비유의적인 것으로 나타났다. 대신 무리행동에는 직접적으로 정(+)의 영향을 미치는 것으로 확인되었다. 이는 투자자들이 증권형 크라우드펀딩에 쉽게 참여할 수 있다고 지각하고 있더라도 증권형 크라우드펀딩은 손실위험이 큰 초기창업기업에 대한 투자행위이기 때문에 참여의도에는 유의적인 영향을 미치지 않는 것으로 보인다. 한편 국내 증권형 크라우드펀딩 투자자는 실제 투자행동을 할 때 플랫폼에서 제공되는 펀딩 진행정보를 일종의 신호로 보고 다수의 다른 투자자를 모방하여 무리행동을 한다는 것을 실증적으로 확인하였다는 점에서 그 의미가 크다고 본다. 본 연구를 통해 국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 영향을 미치는 주요 변인들을 실증적으로 확인함으로써 향후 크라우드펀딩 감독기관의 정책 수립이나 크라우드펀딩 플랫폼 사업자의 사업계획 및 활성화 방안 수립 등에 유의미한 연구 결과로 활용될 수 있을 것이다.

Keywords

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