AI 中文总结
该研究以日本股权众筹平台 Fundinno 的数据为基础，发现在线投资仍存在地理集中性，同一 prefecture 投资者对非东京都会区项目的投资概率显著更高，且该溢价难以用单纯的信息发现解释。
AI 中文摘要
数字投资平台降低了搜索成本，但已实现的投资仍可能呈现地理集中性。仅这种集中性无法区分本地投资反映的是初始显著性、与邻近性相关的信息、先前的联系，还是诸如支持家乡 prefecture 企业之类的非金钱动机。我们使用日本主流股权众筹平台 Fundinno 的用户-项目记录，该记录将项目曝光度、项目页面浏览量和投资行为与用户居住地及发行方位置关联起来。对于东京都会区（TMA）以外的项目，同一 prefecture 的用户在浏览项目页面后投资的可能性比其他 prefecture 的投资率高出 6.7 个百分点，而其他 prefecture 的投资率约为 10%。对应的相邻 prefecture 差异仅为 0.9 个百分点，且东京都会区内项目的同一 prefecture 溢价很小。因此，该溢价在观察到项目页面访问后仍然存在，远大于相邻 prefecture 的差异，且集中在都会区核心以外。这些发现表明，在线访问并未使投资需求在地理上保持中立：对于区域性发行方而言，即使在项目页面访问后，同一 prefecture 的投资者仍占不成比例的重要地位。数据未确定潜在动机，但该模式难以仅用发现或平滑邻近性来解释。
英文摘要
Digital investment platforms reduce search costs, yet realized investments can remain geographically concentrated. Such concentration alone cannot distinguish whether local investment reflects initial salience, proximity-related information, prior ties, or nonpecuniary motives such as support for firms in one's home prefecture. We use user-campaign records from Fundinno, Japan's dominant equity-based crowdfunding platform, which link listing exposure, campaign-page views, and investments to user residence and issuer location. For campaigns outside the Tokyo metropolitan area (non-TMA), same-prefecture users are 6.7 percentage points more likely to invest after viewing a campaign page, relative to an other-prefecture investment rate of roughly 10 percent. The corresponding adjacent-prefecture difference is only 0.9 percentage points, and the same-prefecture premium is small for campaigns inside the Tokyo metropolitan area. The premium therefore remains after observed campaign-page access, is much larger than the adjacent-prefecture difference, and is concentrated outside the metropolitan core. These findings show that online access does not make investment demand geographically neutral: for regional issuers, same-prefecture investors remain disproportionately important even after campaign-page access. The data do not identify the underlying motive, but the pattern is difficult to explain by discovery alone or by smooth proximity.
