金錢獎勵與地位對投資社群中資訊分享之影響

Abstract

線上投資社群愈漸受關注，也成一股改變市場的力量，然而在網路上提供有價值的資訊之分享者，其背後的動機不禁使人深思。本研究針對物質的金錢獎勵與非物質的社會地位探討，旨在找出投資資訊社群分享行為之驅動因子，故建構一實證型研究，在台灣的投資資訊分享社群媒體中尋找證據。我們發現金錢獎勵無法預測作者文章的品質或數量，作者的社會地位則是文章客觀品質與數量的預測依據；另一方面，金錢獎勵與社會地位的交互作用，對文章的客觀品質以及主觀品質均有正面影響。我們的研究結果，除對投資社群中分享行為有了更深入的了解，也將社會交換理論的應用拓展至陌生人之間的互動關係，同時，在訊號理論的脈絡下說明了多元訊號在訊號解讀時的可靠性。

In recent years, there has been an increasing amount of people finding stock opinions on social media worth listening. Some might ask why people are sharing valuable investing information online. This study aimed to find out the factors of content contribution behavior, and is empirically developed to probe the connection between social status, monetary rewards received and content contribution of contributors. We find that monetary incentive cannot predict one’s article’s quality or quantity, while author’s status can be a predictor of article’s subjective quality and quantity. On the other hand, the interaction of economic and social benefits has positive impact both on objective and subject quality. Our findings provide insight of contributing behavior in investing communities. We also apply Social Exchange Theory in the relationships between strangers, and suggest that diverse signals should be considered when screening quality in the context of Signaling Theory.