Abstract: Word-of-mouth has been one of the most important marketing tools in the new economy of the internet plus era. Consumer generated advertising is a new combination of word-of-mouth and advertisement. This paper studies consumer generated advertising and its relationship between factors including reward level, privacy cost, and product type, based on the social exchange theory, the reciprocity theory, and the prospect theory. It proposes six hypotheses, adopts the between-subject design, and tests the hypotheses based on field experiment. It is found that the reward level, the privacy cost, and the product type have a significant impact on consumer generated advertising. The effect of reward level on consumer generated advertising is moderated by privacy cost and product type. There are significant differences regarding the impact of reward level on consumer generated advertising at different privacy costs or different product types, but there is no significant interacting effect among the three factors. For different product types, the effect of reward level and privacy cost on consumer generated advertising has no significant difference. The results will help firms rationally guide consumer generated advertising and enhance their capability of word-of-mouth marketing management.

Key words: consumer generated advertising, reward level, privacy cost, product category

摘要： 口碑营销已成为“互联网+”经济新形态下的主流营销渠道之一，消费者生成广告是口碑营销与广告结合而成的新型营销手段。以消费者生成广告为研究对象，基于社会交易理论、互惠理论和前景理论，对奖励水平、隐私代价、产品类型三者与消费者生成广告之间的影响关系提出假设。采用组间实验设计，通过现场实验探究不同消费场景下消费者生成广告的行为及其影响因素。研究结果表明：奖励水平、隐私代价和产品类型对消费者生成广告都存在显著影响；奖励水平对消费者生成广告的影响受到隐私代价和产品类型的调节作用，即在不同隐私代价或不同产品类型下，奖励水平对消费者生成广告的影响存在显著差异；但三者之间不存在显著交互效应，即奖励水平、隐私代价对消费者生成广告的影响对于不同产品类型的作用模式不存在显著差异。研究结果有助于企业合理引导消费者生成广告，增强企业的口碑营销管理能力。

关键词: 消费者生成广告, 奖励水平, 隐私代价, 产品类型