| The emerging financial model spawned by Fintech and platform revolution –social trading platform is favored by the market with its unique “financial + social” model.However,the functions of various platforms are uneven.In the fierce homogenization competition,most of the platforms failed to build a good user experience value,which led to the loss of users and tragic withdrawal.Therefore,effectively improving user value and increasing user retention rate is critical to the sustainability of such platforms.However,most of the existing research on social trading platforms focus on the impact of user behavior on stock market performance or platform performance.There are relatively few studies focusing on user value,and few literatures examine user performance from a dual perspective of social value and economic value.Therefore,based on the perspective of social capital,this thesis selects the typical domestic social trading platform,Snowball,to analyze the effects of structural,relational and cognitive social capital on the value of user's portfolio and the boundary conditions of the effect mechanism in the context of social trading platforms.By using Stata 14.0 to analyze the information of 566 users and 2398 portfolios crawled from Snowball,the following conclusions are drawn:(1)Social capital and its three dimensions have significant positive effects on the social value of the portfolio;(2)The social value of portfolio has a mediation effect in the relationship between social capital and the economic value of portfolio,making social capital positively affect its economic value by positively affecting its social value;(3)Identity authentication has a significant negative moderating effect on the positive impact of structural social capital(social network ties)on the social value of the portfolio;Meanwhile,identity authentication positively moderates the negative impact of cognitive social capital(shared values),making it weakens the negative impact on the social value of portfolio. |
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